Realty sector complaining that they do not have sufficient time to register projects
The State government is considering extending the July 31 deadline for real estate projects to register with the RERA Authority under the Real Estate (Regulation and Development) Act, 2016, said Housing Minister M. Krishnappa.
The realty industry has been crying foul over the very short time given to them to register.
The RERA Act, 2016 stipulates a three-month deadline for registration from the day the Act was enacted on May 1, 2017. However, the rules for the Act were notified in Karnataka on July 11, the website became functional earlier this week and the RERA office opened on Thursday, thus giving less than a week for registration of thousands of realty projects.
Mr. Krishnappa said that they are examining the legal provisions to see whether the deadline can be extended.
“Our aim is to bring all real estate projects under the regulator, and not penalise them. We are in an education phase. Moreover, there are many States that are yet to even notify rules. How will the July 31 deadline apply to them? We are examining our options,” he said.
Suresh Hari, secretary, CREDAI Bengaluru chapter, said that extension of the deadline is inevitable as many promoters are complaining that registration cannot be completed within such a short span.