In a significant move aimed at accelerating real estate project approvals, the Karnataka Real Estate Regulatory Authority (K-RERA) is actively considering the implementation of a single-window clearance mechanism. This announcement was made by K-RERA chairman Rakesh Singh on Saturday in Mysuru.
Streamlining Approvals for Developers
Rakesh Singh detailed that the proposed system would see K-RERA itself acting as a central coordinator for developers. Once a promoter fully complies and registers a project with the authority, K-RERA will take on the responsibility of following up with various government agencies for the necessary permissions.
A key feature of this plan is the provision for deemed approval. Singh stated that if any concerned agency fails to clear a project proposal within the stipulated timeframe, the approval would be automatically considered granted. This measure is designed to combat bureaucratic delays that often plague the sector.
Addressing Limitations and Gathering Feedback
The chairman also addressed certain constraints within the current regulatory framework. He clarified that the RERA Act does not permit third-party inspections of projects. Furthermore, he highlighted a legal limitation: K-RERA currently lacks the power to de-register sale agreements, an authority that rests solely with civil courts. Singh assured stakeholders that efforts are underway to secure this power for the regulatory body.
He committed to undertaking necessary corrections within K-RERA's processes and promised to incorporate feedback from developers, homebuyers, and other stakeholders to improve the ecosystem.
Mysuru Market Stabilizing, Sector's Broad Impact
During the event, Mysuru Deputy Commissioner G Lakshmikantha Reddy noted that the local real estate market faced turbulence over the past year and a half. However, he indicated that the situation has stabilized following the handover of Muda khatas to Urban Local Bodies (ULBs), and issues related to e-khata have now been resolved.
Adding perspective on the industry's importance, K-RERA secretary HR Shivakumar emphasized that the real estate sector supports approximately 200 ancillary businesses, underscoring its critical role in the state's economy.
The proposed single-window system, if implemented, could mark a transformative step in reducing red tape and fostering a more developer-friendly environment in Karnataka's real estate landscape.
