Karnataka Real Estate Regulatory Authority has issued 477 notices to those promoters whose projects are not registered with the regulator and are under investigation.
As per the Real Estate (Regulation and Development) Act, 2016 any ongoing or new real estate project (residential, commercial, plotted development/layout, villa or mixed development) with more than 8 units or above 500 sq.mt of the land area need to be registered under RERA.
The Karnataka RERA has also warned the buyers who are dealing with these projects. “Public is hereby informed that these projects are not registered with RERA and are under investigation. The Public is warned that dealing with these projects is at their own risk as these are not registered with RERA,” the website said.
Till now, the authority has received 948 Real Estate Agents application form which 735 applications is been approved by the regulator.