In accordance with the RERA Act’s guidelines, builders in Bangalore are obligated to property buyers. Since 2017, the RERA (Real Estate Regulation and Development) Act has been in effect in the state of Karnataka, making it easier than ever to file a complaint with the city of Bangalore against builders. Therefore, the RERA Act should be used to register all commercial and residential properties in Bangalore.
Before discussing how to file complaints with Karnataka RERA, let’s take a brief detour to better explain the RERA Act and some of its provisions and benefits.
The RERA Act: What is It?
- This law was passed to make the real estate industry more open and accountable, which will benefit both buyers and homeowners. By the end of 2018, it had been implemented in 14 states, including Bangalore. It was introduced in 2017.
- Principal Provisions of the RERA Act The respective property builder deposits 70 percent of the payment received from the buyer into a separate account.
- The property developer posts all project-related information and regular updates on the company website.
- Instead of the built-up area, the carpet area is used to determine the property’s value.
- Builders are required by the RERA Act to provide buyers with all original property plans and any modifications.
- According to the State Bank of India’s marginal cost lending rate, the builder and the seller will be charged an interest rate of 2% in the event of delays.
- Builders may request an advance payment of up to ten percent of the project’s cost.
- Within the first five years of its discovery, a building defect must be addressed within thirty days.
- Within one year of taking ownership of the building, construction defects and damages must be reported to the owner.
- For builders who break the RERA act, harsh penalties include three years in prison and one year in prison for agents and buyers who break the RERA act.
Documents Required to File a RERA Complaint
- Payment Receipts
- Project Plans Allotment Letters
- Builder-Buyer Agreement
- Cheque Details
To File a RERA Complaint
- Visit the RERA Complaint Registration Portal at this link.
- Please Provide your Name, Contact Number, Email Address, and any Other Personal Information Required
- Fill in the respondent’s information if you want to file a complaint against them.
- Make sure you share the documents that back up your claims and that you fill out every detail of your complaint.
- Upload the payment receipt or challan as proof of payment and pay the application fee of Rs. 1000.
- Click the “Declaration” button at the top of the page to submit your complaint.
- Be sure to keep track of your complaint’s acknowledgement number for future reference.