KRERA: All You Need to Know About the Kerala Real Estate Regulatory Authority

The Kerala Real Estate Regulatory Authority (KRERA) is an important government body that aims to bring transparency, accountability, and efficiency to the real estate sector in Kerala. It was established to regulate the real estate industry and protect the rights of homebuyers, developers, and other stakeholders. The establishment of KRERA aligns with the broader Real Estate (Regulation and Development) Act, 2016, often referred to as the RERA Act, which has been a game-changer for the real estate industry across India.

In this article, we will explore KRERA's role in the state, the benefits it offers, and how it impacts the real estate market. Whether you are buying a home or planning to invest, understanding KRERA and the RERA Act is essential to making informed decisions.

What is KRERA?

KRERA stands for the Kerala Real Estate Regulatory Authority. It was set up as per the Real Estate (Regulation and Development) Act, 2016, a national law aimed at regulating the real estate market across India. The main objective of KRERA is to ensure that the interests of homebuyers are protected and that the real estate market in Kerala operates with greater transparency and accountability.

KRERA is responsible for registering real estate projects and real estate agents. It works towards creating a fair and transparent environment for both buyers and builders. Through its regulations, it seeks to reduce the number of disputes in real estate transactions and ensure that construction projects are completed on time.

Key functions of KRERA

Registration of real estate projects: KRERA requires developers to register their projects before launching them. This helps to ensure that projects meet all legal and regulatory requirements. By registering projects with KRERA, developers are also bound by certain rules, such as providing clear timelines and disclosing information about the project’s progress.

Registration of real estate agents: KRERA also regulates real estate agents in Kerala. Agents must register with KRERA in order to legally engage in property transactions. This ensures that only trustworthy and professional agents are handling property sales and purchases in the state.

Timely delivery of projects: One of the biggest complaints from homebuyers has been the delay in project completion. KRERA holds developers accountable for project timelines and ensures that developers adhere to their promised dates. If builders fail to meet deadlines, they may be required to pay compensation to buyers.

Transparent transactions: KRERA’s regulations require builders to share clear and accurate details about the projects they are developing. This includes information about the land, approvals, construction plans, and completion status. This transparency helps buyers make better-informed decisions.

Complaint redressal: KRERA also provides a platform for homebuyers to lodge complaints against builders and developers. If there are any issues with a project, such as delays, poor-quality construction, or misleading advertising, KRERA offers a forum for resolution. This is vital in ensuring that builders do not exploit buyers.

Benefits of KRERA for homebuyers

• Protection of buyer interests: One of the main advantages of KRERA is that it protects the rights of homebuyers. By ensuring that builders provide all necessary project details and meet deadlines, it gives buyers more confidence in their real estate investments.
• Improved transparency: With KRERA regulating projects, buyers have access to accurate and up-to-date information about a property before they make a decision. The registration process forces builders to disclose all critical details, ensuring that there are no hidden surprises later.
• Increased accountability: If a builder fails to deliver a project on time or does not fulfill the commitments made to buyers, KRERA can hold them accountable. Homebuyers are also entitled to compensation if the project is delayed.
• Better dispute resolution: KRERA provides a streamlined process for resolving disputes between builders and homebuyers. This reduces the time and cost involved in taking legal action. The authority ensures that both parties follow the rules and regulations in place.

Additional Read: How to file a RERA complaint online

Why KRERA is essential for investors

For anyone looking to invest in real estate in Kerala, understanding KRERA is essential. The authority offers a clear framework that ensures legal protection for your investment. With RERA approved real estate projects, you can be assured that they meet all the necessary regulations and standards.

Moreover, KRERA helps to build trust in the market. With a transparent and regulated environment, investors can make informed decisions, minimising the risks associated with real estate transactions.

Role of home loans in real estate transactions

When buying property, especially in a regulated market like Kerala, home loans can help ease the financial burden. Home loans allow buyers to purchase properties without having to pay the entire amount upfront. If you are planning to invest in a KRERA-registered property, taking a home loan can make the process easier and more manageable.

When applying for a home loan, make sure to research your options and choose a loan that fits your needs. You can use tools like a home loan EMI calculator to understand your monthly repayments and choose the best plan.

Explore Bajaj Housing Finance Home Loan

If you are looking for a reliable financial partner to help fund your real estate investments, consider Bajaj Housing Finance Home Loan. Bajaj Housing Finance offers competitive interest rates, flexible repayment terms, and easy access to finance for buying your dream home. Whether you are buying a new property or investing in a new residential project, Bajaj Housing Finance can provide the support you need to make your property journey smooth and affordable.

Here are a few benefits of opting for a Bajaj Housing Finance Home Loan:

1. High loan amount: Secure a home loan of up to Rs. 15 crore* to bring your dream home to life.

2. Low interest rates: Enjoy interest rates starting 8.25%* p.a, and EMIs as low as Rs. 741/lakh*.

3. Quick approval: Get approved within 48 Hours* of applying – sometimes even sooner.

4. Flexible repayment tenure: Choose a repayment term of up to 32 years for comfortable EMIs.

5. Simple application: Take advantage of doorstep document collection for a smooth process.

6. Balance transfer facility: Move your existing home loan and get a top-up loan with better terms.

Apply for Bajaj Housing Finance Home Loan today.