The implementation of RERA in Kerala has encouraged real estate investment. The Kerala Real Estate Regulatory Authority brings transparency to the real estate sector by eliminating fraudulent activities.
The RERA Act 2016 was introduced with the objective of bringing transparency and discipline across the real estate sector. An increase in fraudulent activities in real estate practices led to the introduction of a regulatory framework. RERA made it mandatory for each state to establish its own state regulators in order to sustain the volatile real estate market. RERA Kerala was implemented in 2018 in accordance with the RERA guidelines.
Kerala RERA sets up rules for developers, promoters, and agents to aid the home-buying process and provide assured security to investors. The RERA Act in Kerala came into existence in 2018, and it was reintroduced in January 2020. Before making a property purchase, look for RERA-registered projects in Kerala.
What is Kerala RERA Act
Kerala’s real estate market has seen a significant expansion in recent years. Additionally, it has been revealed that there have been few regulations regarding consumer protection. Lack of professionalism and standardization has severely limited the real estate industry’s potential for growth. After much speculation about its future, the RERA Kerala was implemented on June 18th, 2018. This is because the State government repealed the bill because it was thought to favor the developer and builder community. The fully operational RERA Kerala website was nevertheless released in 2020, despite the delay.
The following are the objectives associated with RERA Kerala:
- To provide accountability to allottees and safeguard their interests
- To introduce transparency, while ensuring efficiency and reducing fraudulent activities in the real estate sector
- Identify areas where the information provided by the allotter and the allottee is equal.
- establishing guidelines and obligations for both buyers and promoters
- Establish a regulatory oversight system to ensure contract compliance.
- Introduce a quick dispute resolution procedure.
- Improve real estate sector governance to build investor trust
Objectives and Vision of RERA Kerala
RERA Kerala was established with the objective of creating a regulatory body that can bring stability and trustworthiness to the real estate industry. Kerala RERA launched the official portal in 2018 to protect homebuyers from fraudulent activities. The regulators are successfully eliminating unfair practices by primarily regulating the real estate industry in Kerala. In addition, projects that didn’t follow the revised RERA guidelines were blacklisted.
The Kerala Real Estate Regulatory Authority is working to meet its objectives and provide timely updates. In order to accomplish this, the Kerala RERA authority updated the RERA Kerala Act in 2020. So, regardless of the type of property you’re interested in—residential or commercial—visit the Kerala RERA website and browse the RERA-registered projects because they are the safest for investments.
- The RERA Kerala was established with the vision to standardize and regulate the dealing practices of the real estate sector along with the transactions
- prevalence of notable problems like construction quality problems, price changes, and completion delays. The main factor that led to the establishment of RERA Kerala was the failure of projects to be completed on time.
- elimination of fraudulent situations where builders defrauded homebuyers.
- to propose a mechanism for grievance resolution.
- preventing money from being spent on other projects.
Check Registered Projects under Kerala RERA
Avoid investing in unregistered projects, as doing so may lead to uncertain circumstances. It is advisable to get familiar with the RERA registered projects in Kerala.
Follow these steps to check for registered projects in Kerala:
- Visit the official website of RERA at rera.kerala.gov.in
- Navigate to “Older Registration” and select “Registration of Projects”
- This will redirect you to another page comprising all registered projects of Kerala real estate sector
You will get all the details related to the project such as project name, address of the project, RERA registration number of the project, status of project along with completion date. Moreover, you can download the project certificate for further details.
Process for project registration
In order to register projects with RERA Kerala, the Kerala real estate regulatory authority does not provide an online RERA registration mechanism. You have to fill out a RERA Kerala application form to register your project and submit it to the designated RERA regulators. The necessary forms are available on the official website; simply download them, attach a photocopy of the required documents, and post them to the specified postal address.
Follow the given steps to register the project with Kerala RERA:
- Download the relevant form Form A or Form A-1 as applicable.
- Fill out the form with the mandatory details. It comprises specific details including details of the promoter, Project details, Cost of the real estate project, Registration fee, Permits & approvals, and Declarations
- After filling the form attach all necessary documents such as PAN Card, Aadhaar Card, Residence Proof, VAT and TIN Registration number, Contact details, Information regarding the Board of Directors, Passport size photographs, Annual report and auditor’s report, Layout plans, Legal Title Deeds, Details of the projects like amenities, number of units, parking spaces, etc, and Joint development agreement
- Send all these documents to the postal address of the real estate regulatory authority in Kerala:
TC 25/1379, CRA D-112
Nearby to the Pentecostal Church Plamoodu on Charachira Road
The documents are evaluated after the submission and post-evaluation, verification, and project number are provided to the builder.
Steps for agent registration
To register as an agent, you need to download and fill out the RERA Kerala application form (Form G) and post it to the postal address along with the required documents.
The form includes specific information such as:
- Project and Promoter details
- Details of the paid registration fee
- Details of attached documents
- Declaration form
Required documents for project registration
You will need the below-mentioned set of documents:
- A genuine photocopy of the PAN card
- An audited balance sheet from the previous year
- Income Tax Returns for the previous three fiscal years
- Documents listing the total number of parking spaces included in the real estate project.
- The promoter’s title to the land is specified by an undisputed and attested legal copy of the title deed.
- Details about the land on which the real estate project will be built. It contains information such as title details, interest amount, past dues, litigations, and much more.
- A declaration affirming that there should be no discrimination against allottees, particularly during property allotment.
- Every detail about the current project, such as its current status, total built-up area, and so on.
Documents required for agent registration
Prepare the following documents beforehand in order to register as an agent under RERA Kerala:
- PAN card copy
- Copy of address proof document for involved parties including agent, directors, and partners
- Two passport-size photographs of the involved parties including agent; partners; directors;
- Income tax returns of previous three years
- A copy of the registration certificate specifically in the event you belong to a venture
- A copy business address proof
Procedure of filing complaint under RERA
The Kerala Real Estate Regulatory Authority has rules allowing complainants to file with the RERA Authority and the Adjudicating Officer. A complaint is typically lodged in accordance with Section 31 of the RERA Kerala act against a buyer, agent, or promoter.
How to file a complain
- In order to file complaints with the Kerala real estate authority, use Form M.
- Deposit registration fee of Rs 1000 through demand draft in favor of designated authority personnel.
- Prepare three sets of lodged complaints and further sent them to the involved parties and respondents via post or in person at the authority address.
- The complainant must personally present his grievance. If the complainant is opting for legal help, it should be done in accordance with the rules laid down within Section- 56 of the RERA Act. Also, the complainant will need to file an attested Vakalatnama.
- An authorized person (not to be confused with an advocate) must provide the authorization along with the necessary information. Basic information like a contact’s information, name, address, and email address should be included in the authorization.
Learn about the state RERA regulations before making any real estate investments. You are prepared to invest in real estate throughout Kerala once you have read the RERA Kerala rules. To obtain a seamless registration under the Kerala RERA Act, an agent or developer must be aware of the registration procedure. Visit the official website to download the PDF of the RERA rules for the most recent information.