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To Implement RERA Bill to apply for ongoing and CC/OC not Obtained Projects in Karnataka.

This petition had 3,847 supporters

While the Central Government has gazetted the Real Estate Regulatory Act (RERA) and it is now the responsibility of the Karnataka State Government to implement the same and to make rules for governing this Acts and to appoint Regulator to protect the Home Owners and Home Buyers of Karnataka from getting duped by the unscrupulous Builders.

Wilful defaulting builders have collected 80 to 100% payments from buyers but have left projects incomplete or minimal work done on the same

1. No escrow accounts were maintained and collections were diverted to other projects or personal business activities like building land banks or building large commercial complexes for huge rental incomes.

2. Builder Buyer Agreements(BBA) are unfair and completely one sided-18% interest charged by builders for delayed payments but only R 5/sq. ft.(less than 2% (interest) per annum to buyers for delayed deliveries.

3. Complete life savings of people many of whom had to finance their needs by taking expensive loans are washed away and making lives miserable for thousands without a roof on their head.

4. Home buyers are an agonised lot, stressed with huge financial burdens, court litigations and running from pillar to post to save their tax paid hard earned money and savings from these builders.

5. Even mass protest at builders’ offices, press coverage seems to have no effect on these builders given the extremely slow judicial progress in our country and the very long arms of many builders.

6. Non Resident Indians have a shattering experience when they realise that the money paid for a home for their aged parents or themselves when they come back to Karnataka, is just not there but the money is gone.

Recent Newspaper reports suggest that the builder lobby is pushing very hard to keep existing undelivered projects whose completion certificate (CC) or Occupancy Certificate (OC) are still pending out of RERA ambit.

If these undelivered projects, which are already delayed by 5 to 7 years are kept out of RERA ambit, the very purpose of the Fight for RERA movement, started by the consumers ,Home Buyers & Home Owners from across PAN India, which brought all  the Parliamentarians to a consensus by meeting them and convincing them by spending their valuable time and money to ensure passing  of RERA Bill Both in RajyaSabha and Loksabha and gifted this Historical enactment to the Nation will be totally defeated.

It is our humble plea and request to you to kindly make RERA applicable in Karnataka, immediately and bring undelivered projects under its ambit. This is our last hope having put our life term savings for buying a home in Karnataka. Please save us, our families and help us get our dream homes.

It is pertinent to note that under Section 20 of the Real Estate (Regulation and Development) Act, 2016 the State Government of Karnataka is required to establish an Authority to be known as the ‘Real Estate Regulatory Authority’ within a period of one year from May 1, 2016, to exercise the powers conferred on it and to perform the functions assigned to it under the Act.

The third Proviso to the said Section 20 provides as follows:

“until the establishment of a Regulatory Authority under this section, the appropriate Government shall, by order, designate any Regulatory Authority or any officer preferably the Secretary of the department dealing with Housing, as the Regulatory Authority for the purposes under this Act”.

The Confederation of Home-Owners' Associations, Karnataka and the Home Buyers/ Owners of Karnataka are hereby request you to appoint an Officer as a Regulatory Authority for the interim period under the Real Estate (Regulation and Development) Act, 2016. It is our sincere request  that you to appoint the Principal Secretary to the Department of Urban Development Department, Government of Karnataka, as the ‘Regulatory Authority’ to ensure effective implementation of the provisions of the Act in the State of Karnataka immediately.

Home Buyers in Karnataka State

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Dhiman Manji needs your help with “All the Home Buyers: To Implement RERA Bill & to apply for ongoing and OC not Obtained Projects in Karnataka.”. Join Dhiman and 3,846 supporters today.