To safeguard the interest of property buyers in Bangalore, the Karnataka Real Estate Regulatory Authority (RERA) has initiated the process of issuing the permanent account numbers to all the properties registered with it from April 1. The action has been taken to stop some of the builders proceeding with their marketing activities after registration with the authorities without the approval.
Earlier, the developers were marketing their properties just after the application and they were not even waiting for the results. The lucrative marketing strategies with the RERA approved tags were being implemented which were deviating the buyers from the reality. Property Legal Solution is now easy with the help of RERA because it is working for the betterment of the investors and buyers by creating a transparent approach for all the factors in the real estate sector.
Now, an acknowledgment number will be issued to the provisional properties of the builders as soon as the registrations will begin. There is a notification on the RERA website which mentions that such provisional numbers are not correct and they are just for reference of the developers. Now, permanent numbers are mandatory so that there will be a proper number tagged to the property.
A RERA official mentions this incident as, “the acknowledgment number is just like a token number which is issued to identify the property and it is issued automatically as soon as the property is registered on the portal. This has no relation with our number which will be issued permanently. However, we have seen some developers are using these numbers as the property registration numbers by RERA which has not been issued by us which is misleading to the buyers.”
Another official mentions, “RERA has now uploaded the permanent property number of 1,466 projects registered on its portal. We have sorted 1,466 properties out of 2,055 on Sunday and 52 properties have been rejected”.
Subsequently, RERA has started issuing permanent numbers to the brokers who are registering with it. “1031 agents have applied out of which 841 property agents have been issued their number”. The official added. Penalty has to be paid by the misleading whatsoever to the buyers and those who are using the automated token numbers will be penalized by the 10% of the property cost.
Calculating the keenness of the public to crosscheck the aspects related to the property before the investigation, a Senior RERA official told TNIE that over 1,50,000 documents have been downloaded from the website since 12 March when they were made public. Its only three weeks that we have uploaded them and the RERA response is overwhelming to the people who are downloading it.