Welcome to the official portal of the Kerala Real Estate Regulatory Authority. K-RERA was constituted by the Government of Kerala under the aegis of the Real Estate (Regulation and Development) Act 2016 to usher in greater accountability and deliver value through regulatory compliance, furthering a sense of conduct and public confidence in the real estate sector while also fostering a healthy and competitive sector.
The Real Estate (Regulation and Development) Act 2016 is landmark legislation designed to regulate and promote the real estate sector. Backed by the overarching mandate, K-RERA aims to be an influential advocate of the real estate segment ensuring accountability, citizen-centric measures, and enhanced financial discipline safeguarding the interests of the consumer.
Some of the salient features of the RERA Act are:
Establishment of Real Estate Regulatory Authority
- The Act calls for the state government to establish a Real Estate Regulatory Authority for the oversight of real estate transactions;
- The authority shall also establish an adjudicating mechanism for speedy dispute redressal regarding registered real estate projects including delay in project delivery, quality of construction, non-provision of promised amenities, diversion of land for purposes other than those mentioned in the layout plan, etc.
Financial discipline & Transparency
The Act strives to ensure financial discipline and transparency through provisions such as:
- Disclosure of all relevant information relating to the project.
- Adherence to approved plans and project specifications as approved by competent authorities.
- Obligations regarding the veracity of the advertisement or prospectus.
- Rectification of structural defects within five years of possession.
- Refund of money in cases of default.
- Compulsorily deposit 70 percent (or such lesser percent as notified by the Appropriate Government) of the amounts realized for the real estate project from the allottees in a separate account in a scheduled bank within a period of 15 days to cover the cost of construction to be used for that purpose.
- Quarterly updates of various aspects of the projects including a list of approvals taken, documentation, the status of projects, etc.
Registration of Real Estate Projects and Registration of Real Estate Agent|
- The act demands mandatory registration of real estate projects as well as real estate agents who intend to facilitate or sell any plot, apartment, or building, with the Real Estate Regulatory Authority
Public Disclosure of all project details
- Mandatory disclosure, to the Authority and public, of all the details of the property including approved building plan, layout plan, land details with encumbrances, and other important details about the project.
- Punitive provisions including de-registration of the project and penalties in case of contravention of the provisions of the Act or the orders of the Authority or the Tribunal.