Real estate promoters in Kerala issued a ‘final warning’

The Kerala Real Estate Regulatory Authority (K-RERA) has issued a ‘final warning’ to promoters stating that failure to prominently display the K-RERA registration number and K-RERA website address in publicity materials related to real estate projects could attract a stiff penalty.

The authority had come out with three separate orders on this issue in the past, but noted in a July 22 order that many promoters continue to violate this condition laid down in the Real Estate (Regulation and Development) Act, 2016. Failure to do so can attract a penalty extending up to 5% of the estimated cost of the project, the authority noted.

For buyers’ benefit

The Act stipulates that all real estate projects be registered with K-RERA, and their details uploaded on the authority’s website so that buyers can easily look them up.

In March this year, the authority had directed all developers to ensure that the K-RERA registration number of the project and K-RERA website address get prominent display in publicity materials such as advertisements and prospectus/brochures related to their projects. The font size should be equal to or larger than the font used to present the contact details and address of the project in the brochure or advertisements.

Many complaints

Earlier, the authority had received several complaints that real estate projects were being advertised for sale without the mandatory K-RERA registration. The authority had sent show-cause notices to promoters. In September 2020, it noted that many plot developments were progressing in the State without obtaining the registration.

Earlier this month, the authority had also advised buyers to make sure that real estate projects are registered with K-RERA before they enter into purchase agreements.

Portal’s contents

The web portal of K-RERA provides details of all registered projects, their construction status, permits and land-related documents. Developers are required to update on it the status of projects every three months. Around 582 projects are currently registered with K-RERA.

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Printable version | Sep 23, 2021 12:32:19 PM |

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