From land-related paperwork to amenities on offer to home buyers to expenditure estimates, real estate developers will be required to furnish a broad range of data when getting ongoing real estate projects registered with the Kerala Real Estate Regulatory Authority (K-RERA).
K-RERA has now come out with detailed guidelines regarding the disclosure of information for registering projects under the Real Estate (Regulation and Development) Act, 2016. Although more than 30 developers have applied for registration, insufficient data in the applications had prompted the real estate watchdog to issue a simplified check-list of documents required, a senior official said.
Under the law, all real estate projects and real estate agents need to be registered with the State-level RERA concerned. So far, only three projects have been successfully registered with the Kerala authority. Formally launched on January 1, K-RERA has given promoters time till March 31 to register projects that are underway in the State.
As per the checklist, developers are expected to disclose information about projects launched during the past five years, cases and pending payments. Other data required include detailed description of the land to be developed, copies of building permit, sanctioned plan/layout approvals and facilities proposed as part of the project such as provision for firefighting, drinking water and renewable energy use and detailed floor plans and site plan.
They should also submit, among other things, the total floor area, common area, number of dwelling units proposed on each floor, carpet area of apartments, area of exclusive balcony or verandah for each of the units and share of common area and garage area for sale for each dwelling unit. Details of key persons associated with the project such as architects and engineers also need to be submitted.
Earlier this month, K-RERA had issued an order reminding real estate developers that the provision of the Real Estate (Regulation and Development) Act will be applicable during the three-month period also.
