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Kerala CM launches K-RERA

Kerala CM launches K-RERA

With an aim to boost the confidence of customers and also to bring in more transparency in the real estate sector, CM Pinarayi Vijayan launched Kerala Real Estate Regulatory Authority (K-RERA) on 1st January 2020.

Key Points:

  • It is because of a handful of realtors who divert from good practice and indulge in illegal ways to mint money that the whole sector sometimes get a black mark.
  • With RERA, there will be more transparency and credibility.
  • It will also help to redefine the promoter-buyer relationship in the sector.
  • Real-estate sector has seen tremendous growth in the country in the last decade.
  • It has also helped the middle class realize their housing needs. With an effective regulatory mechanism, the real estate sector is poised to grow more instilling confidence in home buyers.
  • Passed by the Parliament, the Real Estate (Regulation and Development) Act, 2016, had directed the state governments to establish RERA for effective regulation of the real estate sector and also for speedy dispute redressal.
  • As per the Act, buildings with more than eight apartments and real estates projects with 500 square metres of land or more will have to be registered with RERA.

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