Are you planning to buy or rent an apartment in Karnataka? It is important to know the legal aspects of real estate advertising before you make a decision. The Real Estate (Regulation and Development) Act, 2016 (RERA) was implemented to protect home buyers from fraudulent practices by real estate developers. In this article, we will discuss RERA rules and regulations for real estate advertising in Karnataka, particularly in the Prestige Park Grove apartment complex located in Whitefield, Bangalore.
If you are planning to buy a property in Karnataka, it is essential to understand the RERA rules and regulations for real estate advertising. The Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, aims to protect the interests of homebuyers and promote transparency in the real estate sector. In this article, we will take a closer look at RERA rules and regulations for real estate advertising in Karnataka, specifically for Prestige Park Grove located in Whitefield, Bangalore.
Introduction to RERA
The Real Estate (Regulation and Development) Act, of 2016, is an Indian legislation that came into effect on May 1, 2017. The act aims to protect the interests of homebuyers and promote transparency in the real estate sector. RERA requires developers to register their projects with the state’s regulatory authority before advertising, selling, or marketing them.
RERA registration and license for builders
As per RERA rules, developers need to obtain a RERA registration and license for their projects. The license is valid for five years, and developers must renew it if the project is not completed within this time frame. Developers must provide details of their RERA registration number in all their advertising and promotional materials.
What is RERA and Why is it Important?
RERA is a government act passed by the Parliament of India to regulate and promote the real estate sector. The act was passed in 2016 and came into effect on May 1, 2017. The primary objective of RERA is to protect home buyers and ensure transparency in the real estate sector. The act aims to bring accountability and discipline to the real estate sector by creating a regulatory framework that promotes fair practices among developers and protects the interests of home buyers.
RERA License/ Approval in Karnataka
In Karnataka, every real estate project that exceeds 500 square meters or more than eight apartments needs to be registered with the Karnataka Real Estate Regulatory Authority (KRERA). Developers need to submit various documents such as project details, plans, and approvals to obtain a RERA license. RERA also ensures that developers comply with all the regulatory requirements and complete the project on time.
Prestige Park Grove is a registered project with KRERA, and all its towers and villas are approved under the RERA act. The project has multiple towers, and each tower has 2, 3, and 4 BHK apartments. The apartments are spacious and well-designed, and the project has premium villas that offer luxury living.
The significance of RERA registration for homebuyers
Homebuyers should always look for RERA-registered projects before investing in a property. RERA registration ensures that the developer is following all the necessary guidelines and regulations. It also provides buyers with a platform to file complaints against the developer if they face any issues related to the property.
Guidelines for real estate advertising under RERA
Real estate advertising under RERA is strictly regulated. Developers must provide accurate and complete information about their projects in their advertisements. RERA guidelines state that developers must disclose the following details in their advertisements:
- RERA registration number
- The carpet area of the apartment
- Number of units for sale
- Project completion status
- Sanctioned plan and layout plan of the project
- Land title and ownership details</li>
Key features of RERA-compliant advertisements
RERA-compliant advertisements should be clear, transparent, and accurate. They should provide complete information about the project, including its location, amenities, and price. The following are some key features of RERA-compliant advertisements:
- Clear and concise language
- Details about the carpet area of the apartment
- Mention of the RERA registration number
RERA Rules for Real Estate Advertising
RERA has set specific rules and regulations for real estate advertising to ensure that the buyers are not misled by the developers. Here are some of the essential rules that real estate developers and agents need to follow while advertising their projects:
Mentioning the RERA Registration Number
According to RERA rules, real estate developers must mention their RERA registration number in all the advertisements related to the project. This number is assigned to the developer after the approval of the project, and it ensures that the project has complied with all the regulations set by RERA.
Providing Accurate Information
Real estate developers must provide accurate information about the project in their advertisements. The details should include the carpet area of the apartment, the number of floors, the number of apartments in the project, the expected date of completion, and the amenities that will be provided in the project.
No Misleading Advertisements
Developers must not make any false or misleading claims about the project in their advertisements. They cannot make any promises that they cannot deliver, and they cannot claim that the project is approved by any government agency without proper approval.
No Unregistered Projects
Real estate developers cannot advertise their projects unless they have obtained RERA registration. Any advertisement for an unregistered project is considered illegal and attracts penalties under the RERA rules.
RERA has brought a significant transformation in the real estate sector in Karnataka by promoting transparency and protecting the interests of buyers. It has made it mandatory for all real estate developers and agents to obtain the RERA license before advertising their projects. The rules and regulations set by RERA for real estate advertising ensure that the buyers are provided accurate information and are not misled by the developers.