Kerala RERA Makes Registration Mandatory for Retirement Home Projects
Retirement home projects, which are becoming popular across the State, also need to be registered with the Kerala Real Estate Regulatory Authority (K-RERA), officials said on Thursday. K-RERA has issued show-cause notices to projects that have failed to make registrations. The authority is also planning to initiate action against developers who fail to register their retirement home projects. “Retirement home projects are coming up across the State. Many of these collect money in advance from prospective buyers and transfer the ownership,” said K-RERA chairman P. H. Kurien. The authority has urged the public to make sure that a project has proper registration before engaging in real estate transactions. The Real Estate (Regulation and Development) Act, 2016, passed by the Parliament, requires ongoing real estate projects and real estate agents to be registered with the State-level regulatory authority. K-RERA was formally established on January 1, 2020. So far, around 563 projects, mostly residential apartments, have been registered. Over 130 agents also have registered.
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