The Kerala Real Estate Regulatory Authority (K-RERA) has issued notices to 63 real estate projects in the State for not submitting online tri-monthly reports for the current calendar year. Out of 582 projects only 519 filed their reports, said K-RERA.
Sources in the authority said that tri-monthly reports are part of the process of building transparency in the real estate business. The reports give a clear idea about the progress of works for consumers and ensures confidence in the builder.
The State government had recently issued a circular instructing local government bodies about the procedures to be followed to get plot development projects registered with the regulatory authority. The circular, issued on March 16, said the rules governing the registration of plot development and sale of the plots should be displayed for the public in the offices of local bodies.
The circular instructed the secretaries of local bodies concerned to issue stop memos in cases where plot development and sales were done without regulatory sanctions or permission for layouts. The stop memos are to be issued under the Panchayati Raj rules of 1994 or Kerala Municipality Building Rules.
There has been a surge in the number of real estate projects during the last calendar year. The numbers had increased 32.70%. While a total of 159 projects were registered in 2022, the number rose to 211 in 2023. A total of 191 real estate projects reported their completion during the year 2023.
The largest number of registrations in 2023 fell under the residential apartments category, accounting for 122. There were also 56 villa projects. Twenty-one plots of land were registered. Commercial-cum-residential projects registered during 2023 totalled 12.
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