Rakesh Singh (IAS), Chairman of Karnataka RERA, emphasized the need for enhanced institutional coordination and a more consistent approval framework in Karnataka’s real estate sector to mitigate project execution delays. He acknowledged that while RERA has contributed to increased discipline and transparency, discrepancies among government bodies, regulators, and promoters still hinder the progress from project initiation to completion.
Singh spoke at the RealtyDailyNews Realty & Beyond Summit in Bengaluru, where he joined policymakers, developers, and other real estate professionals in discussions on Bengaluru’s urban and housing development potential.
Singh highlighted the persistent trust issues among stakeholders, stating that these deficits often lead to disputes and delays, as various parties—including government entities, promoters, landowners, and homebuyers—have differing expectations and levels of trust.
“Real estate is a sector characterized by a lack of procedures due to a fundamental absence of trust,” Singh remarked, reflecting on the complicated relationships among promoters, allottees, landowners, and public authorities.
According to Singh, Bengaluru’s housing market attracts a significant number of out-of-state buyers, many of whom relocate for job opportunities and eventually choose to invest in real estate. This underscores the importance of transparency and reliability in the city’s real estate sector.
“I believe 70 to 80 percent of the buyers in Bangalore are from outside the state,” Singh noted, stressing that these buyers come with distinct expectations and rely heavily on institutional trust when purchasing homes.
Singh acknowledged RERA’s role in improving sector discipline compared to the period before regulation. However, he insisted that substantial improvements are still required to streamline the approval and compliance processes for developers.
“While some discipline and transparency have been achieved, there is much more to accomplish,” he stated.
He pointed out the ongoing challenges developers face in navigating approvals from conception to delivery, emphasizing that understanding the causes of delays is crucial.
To tackle these issues, Singh announced that Karnataka RERA will collaborate with government agencies and industry stakeholders in the coming weeks to identify procedural bottlenecks and enhance coordination.
“We aim to address the gaps in the next eight to twelve weeks, involving some of your representatives in these discussions,” he noted.
Singh highlighted efforts to improve the approval of plans, no-objection certificates, and other regulatory processes that impact project timelines. He also mentioned discussions with the Civil Aviation Ministry to address airport clearance issues faced by developers in Bengaluru.
“Streamlining the promoter’s experience will lead to improvements in delivery timelines and costs,” Singh affirmed.
In closing, Singh reaffirmed that Karnataka RERA is open to feedback from industry stakeholders, committing to work with government agencies to rectify procedural inefficiencies. The overarching goal, he said, is to foster a more efficient real estate environment where regulatory discipline and timely project delivery coexist.
