The Kerala Real Estate Regulatory Authority (KRERA)on May 18, 2023, issued the Clarification with respect to the threshold limits prescribed under Section 3(2)(a) of the Real Estate (Regulation & Development) Act 2016 and directions to the Promoters concerned.
The following has been stated namely: -
• It is clarified with respect to the provision for exemption from registration, provided under Section 3(2)(a) of the Act 2016, to ensure that all real estate projects where the area of land proposed to be developed exceed 500 Square Meters or the number of apartments proposed to be developed exceeds 8 inclusive of all phases are registered with the Authority under Section 3 of the Act, 2016:
1. Area of land proposed to be developed exceeds 500 Square meters means that any real estate project that is developed on land that has an extent of more than 500 Square meters to be sold as a plot or apartment needs to be registered with the Authority even if the number of Apartments is 8 or less
2. Number of apartments proposed to be developed exceeds 8 means that even if the extent of land on which the apartments are constructed for sale is less than 500 Square Meters it is to be registered if the number of units is more than 8.
The Promoters concerned are directed to comply with the decision aforementioned and register their real estate projects, failing which penal actions shall be initiated against the defaulters as prescribed.
