Karnataka clears RERA rules, excludes realty projects that are complete 60%

karnataka

By Accommodation Times Bureau

The state cabinet on Wednesday cleared the long-awaited Real Estate(Regulation and Development) Rules, framed under the Real Estate Regulation and Development Act. The rules provide for creation of a real estate regulator.

The Cabinet also decided to exclude realty projects that are complete 60% or more. All other real estate projects come under the rule’s purview, and the rules are expected to be notified in the next couple of days.

Law minister TB Jayachandra said further details like the cut-off date will be clarified when the rules are notified. He also said the guidance value will be taken as the cost of the project.





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