Karnataka RERA Rules - Include all ongoing projects under RERA without 60% clause
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As per recent notification of RERA Rule, In Karnataka RERA rules, all ongoing projects which are 60% completed will be excluded from RERA. There are lots of projects in state which have been delayed more than 2 years and still delaying further. This 60% clause will make most of builder happy and all buyers whose projects delayed would be under heavy financial loss. Also this seems to be deliberate attempt to make builder happy as 60% rule is not very clear and builders can easily take advantage to non-clear rule to claim their project do not come under RERA. Which authority will decide or review that which project do not come under RERA?.If it is left to builder then you will see all builder claim that they do not come under RERA.
Here is article mentioned ongoing projects which are 60% complete are excluded from RERA.
There are many implication of this clause and here are few of them.
(1) Most of ongoing projects are delayed more than 1-2 years atleast and many even more....and this 60% clause will put most of ongoing projects out of RERA. This will further make builder go slow in delivering ongoing projects as they now do not have to worry about RERA and tight timeline/compensation clause which RERA under center already has.
(2) Since this 60% clause is not very much clear, most of builder rush to some level construction to meet this 60% clause. As per present rules even builder makes 60-70% slabs then also they can claim 60% achieve. So there are many big loop holes for this 60% clause and specifically designed to advantage builders.
(3) All buyers who have bought house long back and their flat is not delivered yet would be under tremendous financial and mental pressure. Since builder will further relaxed and delay project, will put all buyers highly unhappy and worry about their investment big time. All buyers will have to pay interest on loan, no income tax benefit since project delayed and pay rent for all those years where delayed happened. All together will put all buyer under tremendous financial loss.
So our request to CM of Karnataka is to include all ongoing projects under RERA and do not dilute RERA rule such that it benefits builders more and not common buyers.
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