class="MsoNormal">The Kerala Real Estate Regulatory Authority (KRERA) on June 05, 2024, notified regarding the post-registration Compliance for K-RERA Registered Projects under the Real Estate (Regulation and Development Act, 2016, Kerala Real Estate (Regulation and Development) Rules 2018, and Kerala ReaI Estate Regulatory Authority (General) Regulations, 2020.
The following has been stated namely: -
• It aims to serve as a comprehensive guideline for promoters to minimize disputes between promoters and allottees and to enhance transparency, accountability, and trust within the real estate sector of the state of Kerala.
• It states that the promoter shall issue an allotment letter, clearly indicating the booking amount, at the time of booking.
• It states that promoters shall upload the quarterly progress of registered projects on the KRERA web portal within seven days of the end of each quarter.
• It states that promoters shall not upload the QPR once the Form No. 6 is uploaded on the KRERA web portal.
• It states that all the advertisement materials in print, electronic, and social media contain the RERA registration number of the project and KRERA web address - rera.kerala.gov.in.
• It states that promoters shall be required to open two accounts in a Scheduled Bank for each project, one account as a collection account to deposit all the amount collected from the allottee for the project and another account as a designated account to transfer the seventy percent of the amount collected.
• It states that on receipt of the occupancy certificate, after completion of the project in all respects as promised to the allottees and as per the agreement for sale, the promoter shall upload a declaration in Form 6 on the web page of the project, and once these documents are uploaded, the project shall be considered as complete.
• It states that the original deed of the project land shall be retained by the promoter if any units remain unsold at the time of handing over to the association, and the original deed shall be handed over to the association once all the units are sold.
[Notification no. - Order No. K-RERA/TI/102/2024]
