By Accommodation Times Bureau
Bangalore: The Real Estate Regulatory Authority (RERA) has initiated its activity in Bengaluru, and has now started accepting registration of projects, agents and complaints.
The State Government notified the RERA rules, after the Authority constituted last month. “The regulatory authority has begun functioning, and the principal secretary is heading it for the time being. The government will soon appoint a regular chairman,” Housing Minister M.Krishnappa told. The authority, he added, is clearing doubts both online and offline, and is now ready to help home buyers.
The consumers need to register their projects using the Authority’s website. Since the launch of the portal, many promoters and agents have submitted their registration requests and paid the fee online, the government, RERA officials said at an interaction with the media on July 27.The officials also encouraged the developers of ongoing projects as well as those ready for launch to register with the Authority.
Credai Bangalore president J.C.Sharma termed RERA as “it is better than never.” His own company, Sobha Developers registered one project on July 26 and many others are in the pipeline. He, however, requested the regulator for a 90-day window from the date of notification of RERA rules for developers and real estate agents to get themselves registered.
“RERA is going to put both fear and pressure among project developers, and make them customer friendly. This will hopefully stop any diversion of funds by developers from the project for which the money is collected,” said Damla Mathew, MD of Damden Properties, a developer of homes.
He, however, has a doubt about how this is going to affect in terms of sales. “From demonitisation to GST to RERA have psychologically weakened the spirit of the real estate industry. The timing of RERA, I think, is wrong.”