Thiruvananthapuram: A body to investigate and settle real estate disputes – Real Estate Regulatory Authority – will be fully functional next month.
The three-member body will be headed by former Additional Chief Secretary PH Kurien. Though members were chosen earlier, an official declaration cannot be made since the election model code of conduct came into effect.
The authority was formed as per the direction of the central government. A panel lead by a High Court judge has to select the chairman and members. Though a panel headed by Justice PR Ramachandra Menon was formed, its functioning was delayed. A state authority was formed after central government directive. But the authority cannot operate without a chairman and members legally.
Local governing body secretary T Mitra is in charge of the authority now. It has received many complaints already. However, no action can be undertaken without the official appointment of the chairman and members.
Key regulations
• Only those who have registered officially with RERA can operate in real estate sector.
• Name of real estate promoters and partners, a list of projects carried out in the last five years, litigations faced, legal measures handed, fire safety/environmental/building approvals and parking facilities have to be published online.
• Dealers who buy plots and sell them as sub-plots need to register with Rs 25,000. Renewal fee Rs 5,000.
• Every new transaction should be registered with a fee.
• Sale of plots will have a fee of Rs 10 per square metre.
• Villas and flats under construction pay Rs 25 per square metre.
• New villas and flats pay Rs 50 per square metre.
• Commercial buildings pay Rs 100 per square metre.
• All construction requirements should be met before applying to register with RERA.
• Firms have to return payments made on buildings, flats within 45 days if they pull out of a deal.
• Information on companies that have faced legal action will be listed on RERA website.
