The watchdog of the real estate industry in Karnataka – the Real Estate Regulatory Authority (RERA), published a list of projects in its web portal under the heading ‘Projects under Investigation’.
The website of RERA further says
Projects Under Investigation See list here
“Public is hereby informed that these projects are not registered with RERA and are under INVESTIGATION.
The Public is warned that dealing with these projects is at their own risk as these are not registered with RERA.”
In the list we were able to find 21 in the list from Belagavi and many of the projects have been completed long back and are occupied now.
Other cities as well the same has happened, completed projects have been added to this list.
This unexplained move by RERA sent the whole real estate industry in the state into a tizzy.
Some projects are as old as 15-20 years also but even then they are in the list. The builders have sent the occupancy/completion certificates of their projects listed by RERA to the body, as proof that their projects had perfect titles and were completely approved by government authorities.
CREDAI Belagavi says, There are very very few new or ongoing projects in this list. The list has more than 90 percent older and completed projects , in some case even as old as 15-20 years.
What RERA has done is that they have just taken all the projects they could find on the Developers website ( Developers who have applied for Registration for current projects) and listed all the completed projects from there. They have put the burden of proof on the Developer to prove that they do not come under the ambit of RERA. This was done without sending any notice or asking the developer for details like Completion Certificate or whether more than 60 % sale deeds were completed before RERA came into effect ( these are the exemptions from RERA).
Now, the irony is that only people who have applied for Registration for current projects, their old projects have been listed.
Developers who do not have websites, or do not have current projects – their names are not listed in this list.
Also it is important to note that this is not a disqualification of any sort – as is coming in forwarded messages.
Rera has just said that these projects are not registered with them and that the public should deal with them at their own risk. Most of these projects do not need to be registered with Rera because they are completed.
How silly. Just another ploy o extract money if you ask me.