After 2 months, Karnataka cabinet finally clears RERA

BENGALURU: After dragging its feet for nearly two months over implementing the Real Estate (Regulation and Development) Act (RERA), the state cabinet approved the rules to be notified under RERA.

Two major changes are ongoing projects where 60% of work has been completed will not be brought under the purview of the legislation, and the cost of the project will be determined on the basis of the prevailing guidance value.

With regard to allegations that the state government, despite being the first in the country to come up with draft rules, had resorted to delaying tactics in notifying the final rules.

"There has been delay in notifying the final rules because of extensive consultations, the new rules will be notified in two or three days," TB Jayachandra.

The minister, however, evaded questions on the rationale behind excluding projects where 60 per cent of the work has been completed.