Kerala Real Estate Regulatory Authority (K-RERA), formed to ensure transparency in the real estate sector and protect consumer interests, is functional and has begun accepting complaints, K-RERA chairman P.H. Kurian has said.
K-RERA will be formally launched on January 1. It will also set a three-month period for realtors to register all ongoing and upcoming projects. The period is likely to be from January 1 to March 31. (All projects where the completion certificate has not been issued fall within the ambit of ‘ongoing project’.)
The Real Estate (Regulation and Development) Act, 2016, makes it compulsory for builders to register every project with the State-level RERA. Real estate agents also should be registered with the authority. The condition is that only projects that are in sync with existing laws and regulations can be registered. Builders are also prevented from advertising or marketing unregistered projects. The ads should stick to project specifics submitted during the registration, Mr. Kurian says.
RERA registration is applicable to all projects where the land to be developed is 500 square metres or more and the number of apartments is eight or more inclusive of all phases.
“At present, complaints pertaining to the sector are handled by the courts, which essentially is a curative exercise. RERA’s activities are designed to be preventive in nature,” Mr. Kurien says. “The thrust is on three ‘T’s - transparency, trust and timely delivery. The builders also can file complaints with the authority,” he adds. The authority is also empowered to register cases suo motu, Mr. Kurian says.
The Real Estate Act makes it compulsory for the State-level RERAs to design web portal for registration and filing of complaints within one year of its formation. In Kerala, the authority hopes to have it ready in six months. Until then, complaints and the registration process will be handled physically, K-RERA member Preetha Menon says.
Appellate authority, adjudicating officer and conciliation forums
At present, K-RERA is made up of Mr. Kurien, the chairman, and Preetha Menon, a member. By January end, the authority will appoint an adjudicating officer who will handle compensation claims. The officer will be a retired district judge. The authority will also form conciliation forums for grievance redressal through dialogue. There will also be an appellate tribunal for handling appeals on K-RERA decisions.
The authority is also planning a series of awareness programmes on RERA. On Monday, sessions were held for realtors and members of the public.
The Union Government had passed the Real Estate (Regulation and Development) Act in 2016 making it mandatory for all States to form RERAs. The Kerala Real Estate (Regulation and Development) Rules were issued in 2018.
