A total of 65 real estate projects in Mysuru had been approved by Real Estate Regulatory Authority (RERA), which had been set up last year to regulate real estate sector.
Sunil Kumar, secretary of RERA, Karnataka, told The Hindu that applications had been submitted for 109 projects in Mysuru. “While 65 projects had been approved, the remaining 44 were under process. No projects had been rejected so far,” he said.
Similarly, a total of 44 real estate agents in Mysuru had applied for registration with RERA. Of them, 22 had been approved while seven were under process, he added.
All residential and commercial real estate projects, which come up on a plot more than 500 sq metres or projects having more than 8 units, will have to be mandatorily registered with RERA. Similarly, all real estate agents too have to mandatorily register themselves with RERA.
With a view to sensitising real estate developers, promoters and agents in Mysuru, RERA, Karnataka, in association with CREDAI, Mysuru, organised a workshop at the zilla panchayat premises here.
‘No plan deviations’
Kapil Mohan, Interim Chairman of RERA, Karnataka, who spoke on the occasion, said the authority seeks to ensure that there are no plan deviations, construction without clearances, construction delays, etc. RERA also ensures that all assurances given in the brochure are fulfilled and the interests of the consumers and home buyers are protected.
Conceived with an idea to bring about transparency in the real estate sector, RERA also has an adjudicating mechanism for speedy dispute redressal mechanism.
A developer can begin marketing his project only after receiving approval from RERA and has to deposit the advance amount collected from the buyers in a separate account so that the deposits are used only for the project.
While a majority of the 2,000 applications received under RERA Karnataka were from Bengaluru, the 109 projects in Mysuru included apartments, layouts as well as row houses.
The approval for these projects will be given by RERA if all the documents relating to revenue records, town planning approvals, and financial records were in place, said K.G. Satyanarayana, RERA’s Assistant Executive Engineer.
Workshop delayed
The RERA workshop in Mysuru was scheduled to be held a couple of months ago, but was delayed due to various reasons. After Bengaluru City and Bengaluru Rural, it was Mysuru that boasts of a vibrant real estate sector, he added.
According to records available with the Stamps and Registration Department, which gives an insight into the transactions in the real estate sector, Bengaluru City and Bengaluru Rural account for almost 75% of the transactions in the State. Next comes Mysuru.
While Bengaluru City and Bengaluru Rural had a target of ₹9,000 crore this fiscal, Mysuru has a target of ₹410 crore. By the end of January 2018, Mysuru had realized ₹247.22 crore, he said.
Mr. Satyanarayana said there was no need for real estate developers, builders or agents to fear RERA. “Only, violators should fear. The real estate sector will be streamlined with RERA,” he added. He called upon builders to give up the practice of having a construction plan, which is different from the sanctioned plan. “Or else, the project will suffer,” he cautioned.
Ms. Shantala, undersecretary, RERA, said the approval for projects will be given as soon as all the documents are uploaded by the developers.
