The Real Estate (Regulation and Development) Act, 2016 (RERA) was enacted to bring transparency, accountability, and efficiency to India’s real estate sector. In Bangalore, RERA ensures that homebuyers are protected from project delays, fraudulent activities, and unfair practices by builders. The Karnataka Real Estate Regulatory Authority (K-RERA) oversees real estate transactions in the state, ensuring compliance with the law.
Objectives of RERA
✔ Protect homebuyers’ interests by regulating builders and developers.
✔ Ensure timely project completion and prevent delays.
✔ Increase transparency in property transactions.
✔ Mandate fair pricing to eliminate hidden charges.
✔ Establish dispute resolution mechanisms for homebuyers.
Key Features of RERA in Bangalore
1. Mandatory Registration of Real Estate Projects
- Builders must register all projects (above 500 sq. meters or 8 units) with K-RERA before launching sales.
- Failure to register can lead to penalties.
2. Standardization of Sale Agreements
- Builders cannot modify the agreement terms unfairly.
- Compensation is mandated for project delays.
3. Builder’s Accountability & Financial Discipline
- 70% of project funds must be kept in an escrow account for construction purposes.
- Developers cannot divert funds to other projects.
4. Timely Project Completion
- Projects must be completed within the promised timeframe.
- Homebuyers can claim compensation for delays.
5. Dispute Resolution via RERA Tribunal
- Buyers can file complaints against builders for fraud, delay, or misrepresentation.
- The RERA tribunal ensures swift resolution within 60 days.
How to Check RERA-Registered Projects in Bangalore?
- Visit K-RERA official website.
- Click on “Registered Projects” or “Registered Agents” section.
- Search using project name, builder name, or registration number.
Filing a Complaint under RERA in Bangalore
- Visit the K-RERA website and download the complaint form.
- Fill in property details, builder information, and nature of the complaint.
- Pay the required fee (usually ₹1,000 for individuals).
- Submit the complaint online or at the K-RERA office in Bangalore.
Benefits of RERA for Homebuyers in Bangalore
🏠 Transparency – No misleading advertisements or false promises.
🏠 Security – Builders must deposit 70% of funds in an escrow account.
🏠 Fair Pricing – No hidden costs; clear pricing structure.
🏠 Dispute Resolution – Faster resolution of complaints.
🏠 Compensation for Delays – Buyers are entitled to refunds or interest.
Conclusion
RERA has revolutionized Bangalore’s real estate sector, ensuring fair dealings between builders and buyers. If you’re planning to buy property in Bangalore, always check RERA registration to avoid legal complications. In case of disputes, filing a complaint with K-RERA can help resolve issues efficiently.
