All the new real estate projects in the state, which includes those haven’t received the occupancy certificate, should be registered with Kerala Real Estate Regulatory Authority (KRERA), said its chairman P H Kurian in Kochi on Friday.
“The full bench of the authority will start functioning next month and the website will be up then allowing the developers to register their projects and buyers to register their complaints,” he said.
The Authority will bring in transparency to real estate projects, Kurian said. “The developers should register the projects along with registration documents, CRZ and environmental clearances, the offers given to the customers and the project schedule,” he said. Without registration, no developer will be allowed to launch or advertise his projects in the state, and those who failed to do that will be fined up to 10% of the project cost, he added.
Apart from developers and the buyers, the real estate agents will also be registered with KRERA. Buyers could register a complaint with Rs 1,000 fee as stipulated by the Government of Kerala. The fee should be paid as demand draft payable to KRERA at Thiruvananthapuram and the required forms are available at rera.kerala.gov.in.
Compensation claims would be heard by an adjudicating officer, who will be appointed by next month, Kurian said. Complainants, who are not satisfied with the orders of the Authority could approach the Real Estate Appellate Tribunal, he said. The next level is High Court.
Just like the buyers, the developers could also file complaints against the buyers who fail to make contractual obligations, Kurian said. To create awareness among the people, KRERA will organise awareness programmes across the state, in the coming weeks. “There will be separate programmes for buyers and developers,” he added.