Bengaluru: Two months after missing the deadline, Karnataka cabinet today approved rules under the new real estate regulation act that aims to protect home buyers. Karnataka Real Estate (Regulation and Development) Rules, 2016 was approved by the cabinet today, Law and Parliamentary Affairs Minster T B Jayachandra said tonight.
The Real Estate (Regulation & Development) Act, 2016, which seeks to protect home buyers from unscrupulous developers, came into effect in the country from May 1. Under the act, states had to notify realty rules and set up Real Estate Regulatory Authority (RERA) by April 30, but Karnataka had missed the deadline.
The rules have now been framed in accordance with the central governments act, and will be implemented as in Rajasthan and Gujarat, the Minister was quoted as saying by state information department in a release. Stating that the rules will be applicable for Bangalore Development Authority and Karnataka Housing Board Projects also, it said projects that were 60 per cent completed will be exempted.
Recently a few individuals and organisations had demanded the state government implement RERA at the earliest. The other decisions taken by the cabinet included approval for cloud seeding in Cauvery, Malaprabha and Tungabhadra river basin areas within 60 days in the backdrop of deficit monsoon rains. The development Commissioner has been directed to take adequate measure for this project at the cost of Rs 30 crore.
Also approved was extending governments popular Ksheera Bhagya programme- distributing milk to school and Anganwadi children to five days in a week from this month. For this purpose, the government will pay Karnataka Milk Federation (KMF) Rs 285 crore.