Mysuru, the royal city of Karnataka has got a reason to cheer. The real estate sector here is soon going to witness the booming period as more than 100+ projects have applied for registration under Rera, Karnataka.
According to Sunil Kumar, Secretary of Rera Karnataka, the authority has approved 65 projects out of 109 total applications and 44 are under approval process. He further added that none of the projects have been rejected so far.
Apart from the residential and commercial projects, 44 real estate agents of the city have also applied for being the RERA registered realtors. Out of which, the RERA Karnataka has approved 22 real estate agents and the remaining applicants are waiting for the completion of approval procedure.
Earlier this week, RERA Karnataka held a workshop along with CREDAI Mysuru to make builders, realtors and real estate developers aware of the RERA [Real Estate Regulation Act] Act. The workshop took place at the Zilla Panchayat premises here-in Mysuru. Also, it is compulsory for the residential project to register under the RERA Act if it covers more than 500 Sq. meters and have eight-plus unit plans.
Maysuru’s real estate sector has set the target of 410 Crore for this fiscal tenure and has achieved 247.22 crores by the end of January this year. Ms. Shantala, undersecretary, RERA Karnataka said that the approval process for both projects and real estate agents will get accomplished once the authority receives all required documents form the realtors.
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