The Real estate buyers and realtors in Karnataka are facing dilemma caused due to the delay in notifying the Real Estate (Regulation & development) Act by the state government.
As per the officials of the RERA Karnataka committee, the state is all set to implement the rules and waiting for the nod of the CM.
To get a clear view of the matter, we talked with one of the prominent realtors of the state who said that the path is still foggy and we are waiting for the sun to shine. Karnataka is amongst those states where the real estate investment has increased rapidly but it is lagging far behind others in notifying the Act which is adversely affecting the sector. Buyers have stopped purchasing real estate properties in hope to get the benefits from the RERA and developers are finding no good reasons to start new projects. The agents are also not able to complete their sales target on time, he added.
A month ago the Karnataka state government assured Venkaiah Naidu , Minister of Urban Development of India to implement the RERA by May 15th, 2017. A week ago, members of RERA panel wrote a letter asking Congress President Sonia Gandhi to intervene in implementing the Act as soon as possible. Earlier, home buyers in Bangalore also protested against the state government demanding the notification of the Act and to setting up a Real Estate Regulatory Authority.
The Central Government implemented the Real Estate (Regulation & development) Act (RERA) on 1st May 2016 and asked all the states to notify their own version of the Act and set up the tribunal by 1st May 2017. As of now, only nine states and six UTs notified the Act and rest are in the procedure of doing so.