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THIRUVANANTHAPURAM: In an attempt to control unnecessary elements in the real estate sector, the government has issued an ordinance to set up a Real Estate Regulatory Authority and an Appellate Tribunal in the state. The Governor has issued his nod for the same.
The two bodies are being set up with the aim of legalising land and apartment deals in the state. The Real Estate Regulatory Authority will supervise the activities of promoters and buyers. No advertisement or purchase would be permitted without informing the Authority. Also, the Authority will guide the government in enacting policies for real estate sector.Housing, commercial, business and IT buildings can be built only with the approval from the Regulatory Authority, but it won’t have the authority to control transactions of properties below 25 cents. The Authority will be given judicial status.
Real Estate Appellate Tribunal has been set up to review and take decisions on appeals in the sector.
Disputes that cannot be resolved at the Authority-level will be taken up by the Tribunal. The Tribunal would have a High Court Judge approved by the Chief Justice of Kerala and two officials in the Principal Secretary rank. The new ordinance has been put in place after withdrawing the 1983 Kerala Apartment Ownership Act.
legalising land deals
■ The Real Estate Regulatory Authority will supervise the activities of promoters and buyers
■ No advertisement or purchase would be permitted without prior information.
■ It will guide the govt in enacting policies.
■ It won’t have the authority to control transactions of properties below 25 cents.
Read Full Story: Nod for Real Estate Authority, Tribunal
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