Real Estate Regulatory Authority

RERA Act has been conceived and promulgated by the Union Government to protect the interests of home buyers and for the eradication of unscrupulous builders. In Kerala, the bill has been passed by the State Government and Sri. S.Ajayakumar, former Town Planning Secretary, Government of Kerala has been appointed as the Chairperson of the RERA. It has been made compulsory and statutory for all builders to register their name with RERA and each individual projects with a time span of delivery. Real estate consultants and agents also need to be registered with RERA for their credibility and responsibility. There is a move to include Water Authority, KSEB, Local bodies under the scanner of RERA as these agencies have an integral part as service providers and controlling authorities for sanction and approvals. In future, litigations and complaints against builders presently covered by the Consumer Disputes Redressal Forum will be dealt under RERA.

There is also provision for the penal clause against the late payment of the purchase price to the builders by the buyers. In Kochi, all the prominent builders have started registration of their new projects under RERA Kerala and it is expected that all the new projects will be brought under the ambit of this regulation which will be harbinger of hope and a protective umbrella for all the home buyers and will protect the interest of the buyers as well as the builders.