RERA Karnataka

Highlights

• Sale to be on carpet area which will benefit the buyers
• Also developer can with draw money only in propotion to the percentage of completion of the project

RERA Rules PDF for Karnataka

The registration fee of the project

In real estate business, a new dimension has been developed. In this new development, the real estate developers have to provide the fees to register with RERA authority. This is now become mandatory for all the real estate developers before starting their project. In this registration, all they have to do is to make a demand draft from the banks or from the other financial instituition that has been an authentic one. The developers can also use the cheque of the bank to pay the fees of the registration. They can also use the method of online payment for giving the fees of the registration with the RERA authority.

The fees structure of the group housing project

The fees structure of the housing projects has been divided according to the land. This has been made under the supervision of the Government so that the common people do not have to suffer in the later days. Also, this will help the Government to propose new housing projects in the upcoming days. We will now look at the fees structure that has been proposed by the Housing development authority of the Government of Karnataka. These are:

• According to the new regulation, the Government will take Rs 5 per square meter of the land that has been taken for building new structure does not exceed 1000 square meters.
• The lands that will exceed 1000 square meters for the projects have to be paid Rs 10 per square meter by the developer. This payment may be covered up to Rs. 5 lakhs.

Now it has been seen that many developers used to mix the real estate development project with the commercial project. For them, the fees structure has been modified into a new way.

• If the developed land does not exceed 1000 meters, then the developing company has to pay Rs 10 per square meter.
• If the area of the land exceeds more than 1000 square meters for developing the project, then the developing authority has to provide Rs 15 per square meter. This payment may be covered up to Rs. 7 lakhs.

The fee structure of the commercial projects is different from the above two. These have been made so that the real estate developers do not have to face any kind of problems in the future.

• In the commercial projects if the developed project does not exceed 1000 square meters then the developer has to pay Rs 20 per square meter.
• If the project area exceeds more than 1000 square meters, then the developer has to pay Rs 25 per square meter. This payment may be covered up to Rs. 10 lakhs.
• The planned development project that has also been a part of this new reformation has also been categorized. In this category, it has been stated that the developer has to pay Rs 5 per square meter. But in total, they have to pay a fee of Rs. 2 lakhs.

The application fee for extending the time of the Real estate project

Completing the project of the real estate many times found to take more time. This is mainly because of the natural calamities or by the other obstruction that is really making it difficult. Now, what the developer will do? The developer has to apply for the extension of time just by applying it on the “Form E.”  Under the sub-rule (3) of rule 3, the developer has to pay an amount of registration to the authority and also have to show the reasons that why the project is not delivered on time. This payment can be paid through the use of the cheque or demand draft from the bank that is authorized. The developer can also take the help of the authorized other financial instituition or can deposit it through the use of online payment system.

A fee for withdrawing the registration before expiry

It has been found that many times the developer does not agree with the terms and condition of the RERA Authority. They want to call it quit. If any of the developers wants to call it, then the development company has to pay a processing fee of Rs. 50,000 or 10% will be deducted from the amount of the registration which is provided under section (1) of section 5. The remaining amount will be provided to the development company within thirty days of such application.

The registration fee of the agents

In Karnataka the registration fee of the agents is Rs. 25000 for the individuals and the amount of the organizations or companies are Rs 2, 000, 00.

The renewal registration fee

If the agents want to renew their registration they at the very first they have to fill the “Form J.” The renewal money is Rs 5000 if the agent is individual and in the case of organization or company the amount is Rs 25000.

Fee for complaining against the regulatory authority

A person who is not satisfied with the regulatory authorities may lodge a complaint by filling up the “Form N” and has to pay a fee of Rs. 1,000 using a demand draft that should be paid in the main branch of the bank where the office of the regulatory authority is situated.

Fee for complaining against the Judging Officer

Any person can lodge a complaint against a Judging Officer by filling the “Form O” and has to pay a fee of Rs. 1,000 using a demand draft that should be paid in the main branch of the bank where the office of the development company is situated.

Fee for complaining against the Appellate Tribunal

If any person is not satisfied with the Appellate Tribunal, then he/she can lodge a complaint just by filling up the “Form R” and has to pay a fee of Rs. 5,000 using a demand draft that should be paid in the main branch of the bank where the office of the regulatory authority is situated.