Mandatory Project Registration: Builders and developers must register their projects with K-RERA before advertising or selling any units. This ensures that only approved projects reach buyers, reducing the risk of investing in unauthorized or fraudulent projects.
Transparency: K-RERA mandates developers to provide detailed information about projects, including layout plans, approvals, timelines, and financial details. This transparency empowers buyers to make informed decisions.
Standardized Documentation: The authority standardizes the sale agreement and ensures that it includes all necessary clauses, protecting the interests of both buyers and developers.
Timely Project Delivery: K-RERA holds developers accountable for project completion within the stipulated timelines, reducing delays and ensuring timely
possession to buyers.
Escrow Account Utilization: Developers are required to deposit a certain percentage of the project’s funds into a dedicated escrow account. This measure prevents the diversion of funds and ensures that resources are used for the specific project.
Karnataka RERA offers several protections to homebuyers:
Advance Payments: Buyers are protected from paying excessive amounts as advance before the project registration or without proper documentation.
Information Access: Detailed project information, such as approvals, timelines, and financial details, must be provided by developers, ensuring transparency.
Legal Recourse: Homebuyers have the right to approach the regulatory authority for grievances or disputes with developers, promoting swift conflict
RERA Registration Number: Before investing, ensure that the project is registered under Karnataka RERA. The registration number and details are typically displayed in project advertisements and brochures.
Agreement Clauses: Carefully review the sale agreement to ensure that it complies with K-RERA norms and safeguards your interests as a buyer.
Project Delays and Track Record: Research the developer’s track record regarding project deliveries to assess their reliability in completing projects within stipulated timelines.
Karnataka RERA plays a pivotal role in ensuring transparency, accountability, and protection for homebuyers. It empowers buyers by providing them with
comprehensive information, standardizing processes, and offering a platform for dispute resolution. Before investing in real estate in Karnataka, it’s crucial for homebuyers to acquaint themselves with Karnataka RERA’s guidelines and use them as a safeguard while making property-related decisions. Remember, being well-informed is the key to making a secure and wise investment in the ever- evolving real estate market of Karnataka.
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