MYSURU: Bringing an end to confusion over the matter, the Interim Authority of the Real Estate (Regulation and Development) Act, 2016, stated that all housing co-operative societies come under the ambit of RERA.
This covers the state’s 1,577 housing societies and 257 of Bengaluru. The Karnataka RERA Appellate Tribunal setup and based in Bengaluru has been given powers that cover both its regulation as well as development aspects.
Interim Authority of RERA Kapil Mohan clarified at a RERA workshop organised by the District Administration and Confederation of Real Estate Developers’ Association of India (CREDAI) that all housing societies fall under RERA. The Act states that any co-operative housing finance society or primary co-operative housing society that constructs apartments or buildings is covered by RERA.
He added that as many as 57 challenges filed by societies and builders were tried before the Bombay High Court, which upheld the validity of the RERA Act. The Act protects interests of buyers, looks into undue delays, and pulls up unauthorised societies and allotments of properties by societies or builders registered under RERA .
He added that buyers could seek relief if faced with issues of deficiency of services, delays and failure to disclose carpet area. Builders should disclose quarterly updates of their budget and expenditure of ongoing projects to their buyers.He said RERA Act had the provision of imposing a 10 per cent penalty on defaulting financial powers of projects. Criminal proceedings would be initiated against builders, agents or societies that fail to pay the penalty, he ascertained.