Real Estate Act (RERA) stands for Real Estate Regulatory Authority which came into effect in the year 2016. real estate act(rera) was introduced by the government of India to provide relief to the buyers from the malpractices of unfair builders.
The real estate act(rera) empowered the buyers and shapes the total regulation of the activities of the builders. The head office of rera Karnataka is in Bangalore.
The builders across Karnataka have to submit their project credentials to real estate act(rera) and upon verification, a number will be allocated to the builders which will look like PRM/KA/RERA/xx/xx/xxx. The builders are authorized to construct and solicit their projects only after they get this number from RERA. Hence the projects developed after getting this number and necessary approvals are called RERA-approved projects. No developer can start marketing their project until they get approval.
All builders and promoters will be given a unique number which will look like PRM/KA/RERA/xx/xx/xxx by RERA authority after they are found fit to proceed, buyers can check online by visiting here and type the RERA number to check the details of the project or can personally visit the zonal offices of RERA for collecting more information.
RERA has regularized not only the builders but also the real estate agents who work under the same domain. All agents who facilitate the sale of a property have to get a certificate from RERA which will be valid for 5 years. Whether it is a company or an individual who acts as an agent or channel sales partner needs to get this certificate. The agents who have this certificate are known as RERA-approved agents. The companies who promote projects on an e-commerce platform are excluded from this regulation. The real estate act(rera) on agents is mainly focused to safeguard the interest of buyers and eliminate any kind of false promises and soliciting unapproved projects by the real estate agents. Real Estate Act (RERA) should be considered while buying properties.
For more information visit the Real Estate Regulatory Authority of Karnataka