Majority of the promoters are not complying with this rule. If the title is not transferred, the project is deemed incomplete.
BENGALURU : Hundreds of residential projects in the state, listed as ‘completed’ on the RERA-K portal, have not been completed fully, charge members of Karnataka Home Buyers Forum. The forum recently wrote to RERA Chairman HC Kishore Chandra to rectify errors in the status as it misleads thousands of home buyers.
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Forum’s General Secretary Dhanajanya Padmanabachar told The New Indian Express, “Under Section 17 of the RERA Act, promoters of any project need to transfer the title of the project to the association formed by the allottees.
Majority of the promoters are not complying with this rule. If the title is not transferred, the project is deemed incomplete. While individual apartments are transferred to buyers, the common land needs to compulsorily be transferred in the name of the association.”
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The letter urged the chairman and general secretary to ensure that the officials validate compliance with Section 17 of RERA Act, said Padmanabhachar. The following documents need to be submitted by the builder to the Authority as proof of completion – certification of registration of association of allottees registered under a competent authority; Conveyance Deed executed by the promoters in the name of the association of allottees to transfer the title; Encumbrance Certificate of the project land reflecting the name of the allottee association and the Land Khata extract of project land indicating the name of the association.
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“Until the project is handed over to the association, the promoter needs to bear the cost of maintenance, insurance for the project and any land cost in case of any changes. The association ends up managing all these expenses by collecting money from the home owners, while the ownership continues to remain with the builder,” he pointed out. The letter urged the chairman to issue a circular to all promoters who have registered under RERA to handover these documents to it before it could be accorded the ‘completed’ status.
