Kerala RERA: New Norms For Flat Construction In Kerala 2021Posted on July 25, 2021
To own your dream home is not an overnight miracle. Buying a home is a result of long-term planning and considering several factors.
An unregulated market with uneven real estate trends is the biggest challenge faced by every individual. In this case, people find it difficult to withstand the changing procedures and rules, where some earn profit and the others face its after-effects.
To mitigate these issues and balance the rules and regulations, the Central Government of India had brought RERA (Real Estate Regulation & Development Act) into effect in 2016.
There are many flats in Calicut that have been strictly following changing policies to maintain credibility. The beginning of 2020, witnessed K-RERA, which applied the vision and principles of RERA put forward by the Central government in Kerala.
If the land intended to develop is 500 sq.m or exceeds it, and there are 8+ apartments including every phase, then K-RERA applies to such projects.
Every project whose occupancy certificate is not being issued will also have to be RERA-registered.
While CREDAI membership, helps the promoters and the developers to raise their voice, the RERA regulations act gives more power to the consumer and the processes are more favourable to them since they are involved in buying the apartment or the home.
- 1 RERA Act In A Glance
- 2 About K-RERA
- 3 How To Check For The Projects Registered Under K-RERA?
- 4 Steps For Real Estate Project Registration Under K-RERA
- 5 Major Objectives Of RERA
- 6 Benefits Of RERA To The Home Buyers
- 6.1 Transparent System
- 6.2 Detailed Project Descriptions
- 6.3 No Advertisements Before Registration
- 6.4 Standardized Calculation Of Carpet Area
- 6.5 Monitoring The Project Status
- 6.6 Penalty For Project Delay
- 6.7 No Alterations Without Consent
- 6.8 Structural Defects Will Be Taken Care
- 6.9 Individual Bank Account For Every Project
- 6.10 Book Your Site Visit Now
- 6.11 Standard Sale Agreement
- 7 Conclusion
RERA Act In A Glance
Under the RERA Act, the below listed are the duties and rights expected of the buyers.
- The allottee can obtain major and relevant documents like the layout and approved plans, details regarding the project, and supporting documents that are acknowledged by the RERA authority.
- The buyers can know about the status of the project at every stage. Also, they must be kept aware of the services like electricity, water supply, sanitation, etc. which are specified in the agreement by the promoter.
- The allottee is permitted to claim apartment possession. Also, the buyers’ association is entitled to make the possession claims in the common regions, according to the declaration of the promoter.
- The buyers can claim for a refund along with the interest and right compensation, in case the promoter cannot adhere to the agreement terms or is unable to expedite the possession as per the date of the agreement.
- After the possession is handed over by the promoter, the buyer shall have all the essential documents, plans, and related records of the project.
- Allottees should undertake the unit possession within at least 2 months of issuing the occupancy certificate RERA. If this is failed, then penalties are charged.
- The allottees should make timely payment as mentioned in the agreement. They must also pay the registration charge share, tax, maintenance fees, electricity, and water charges, and any other recharge applied.
- Payment delays by the allottee are considered for an additional interest charge which they are supposed to pay.
- Allottees can take part in association formation, society, or any consumer federal establishments.
- Allottees can also participate in conveyance deed registrations put forward by the developers.
Kerala Real Estate Regulatory Authority, or simply K-RERA, offers several benefits and at the same time, helps in the promotion of the real estate business, concerning the state.
This is an advantage to the consumer, agent, and builder in every sense. The well-laid regulations of K-RERA have been helping to build trust between these entities, and the real estate agents are bound to get registered before entering into a deal.
K-RERA information and details are available both in English and Malayalam. Search ‘ RERA Kerala Malayalam’ and you can get the updates in the language.
How To Check For The Projects Registered Under K-RERA?
You may easily check the registered projects under K-RERA nowadays. The online portals have made them as easy as a pie.
Now the following steps can guide you for the rest of the process.
- Go to the K-RERA official website.
- Choose Projects from the menu.
- In the projects tab, you will be able to find every registered project with Kerala RERA.
- You can also choose to download the RERA certificates from there.
Steps For Real Estate Project Registration Under K-RERA
Firstly, Form A needs to be filled. For this, you may refer to the rules mentioned in the Kerala RERA General Regulations of 2020 (Chapter III)
Remember to provide all the necessary documents and submit the form along with the application fees to be paid to the Authority.
Also, provide the details like your name, address, phone number, photograph, partner-related information, Aadhar, and PAN card details, Project reports, Directors, details about the layout and development plan, parking area and amenities, joint agreement, land details, legal details, auditors’ report, etc. Also, read Kerala land registration.
Major Objectives Of RERA
- To make the transactions clear and transparent and avoid the time delays and any fraud actions involved.
- To safeguard the interests of the home buyers and enhance accountability.
- To make the communication crisp and ensure that both the allottee and the promoter have their views properly shared she cleared.
- To incorporate a quick resolution to any conflicts involved.
- To make it professional and create a unified standardization mechanism Pan India
- Assign equal and ideal responsibilities to the buyer and the builder.
- Create a mechanism for regulatory oversight and make the contracts enforceable.
- Develop ideal governance in the field of real estate and encourage investments.
Benefits Of RERA To The Home Buyers
The benefits of RERA to the home buyers are given below
Every realtor is supposed to provide details about their undergoing and the finished real estates projects. They are also bound to submit the details about their financial capability and competency, to get successfully registered with RERA. Also re
This way, the authorities find it helpful to identify the defaults and make the system more transparent.
Detailed Project Descriptions
A well-explained and detailed project description should be submitted at the time of registration for RERA.
It must include details consisting of descriptions about land, approved plans, approved drawing, Project Schedule of Completion, No Objection Certificate (NOC), land characteristics, and the ownership details.
These details are necessary to be used as legal proof in case any disputes occur in the future.
No Advertisements Before Registration
Advertising the projects before registering under RERA is strictly prohibited. This is done to avoid builders giving promises to the customers that they cannot keep.
Once the registration process is done, then the advertisements should be aligned with the details provided to the RERA and should prove to be correct.
Standardized Calculation Of Carpet Area
The carpet area measurements are always standardized. The area is calculated based on a set of standards as per RERA authority.
Hence this is a huge advantage to the consumer since the calculation is perfect and accurate as per the standards.
Monitoring The Project Status
At every stage, the project details and the details regarding the progress will be updated on the RERA Website.
The consumer can track the progress of the ongoing projects without having to go directly to the site.
This will be the biggest advantage to the NRIs and people living abroad.
Penalty For Project Delay
If the project takes time to complete, then the builder should pay certain monthly interest on the loans being taken for the buildings under construction.
If there are delays, then the buyer shall cease from the project seeking compensation or a complete refund from the builder.
No Alterations Without Consent
The buyer can launch a complaint against the developer, if the plans or the layouts are being modified by them without the knowledge or consent of the allottees, apart from the promoter, involved in the agreement to buy the apartments.
No alterations in the plans, fittings, fixtures, and layout are to be made without mutual consent.
Structural Defects Will Be Taken Care
If the buyer tends to identify any defects in the structure of the project within the range of 5years from the possession date, then the developer should rectify it with no charges levied from the buyer.
If this is not followed, then the buyer can raise a complaint against the developers to the RERA authority.
Individual Bank Account For Every Project
There should be individual accounts associated with every project as per K-RERA norms. This helps to avoid builders from making misuse of the funds.
Every 6 months, a project audit needs to be conducted by the surveyors or a professional Chartered Accountant.
A builder is not allowed to withdraw an amount of more than 30% from an account, and the remaining 70% should be spent on the project itself.
Standard Sale Agreement
The Kerala RERA policies incorporate a unified sale agreement among all the buyers and the builders in the state.
The sale agreement comprises all the project descriptions and the transaction details, which act as the source of legal evidence to tackle any dispute that happens in the future.
The Kerala RERA initiatives have made a remarkable change in the real estate sector. RERA rules for builders have created ways to safeguard the interests of every party involved in the mutual contract.
It also makes sure that there is an appropriate compliance process and accountable approach from the developers making it more reliable. While making it easy for the consumers to search the RERA project status, there are least chances of any fake or fraudulent activity to take place from the project developers.
The best part is that the builders registered under RERA guidelines have specified working procedures, which assures adherence to every rule laid down by the controlling Authority. Also, do check out for the top builders in Calicut, for the best builders and developers services adherent to the RERA norms.
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