Karnataka RERA’s Bid for Financial Autonomy Hits Govt Wall
BENGALURU: Karnataka’s real estate regulatory authority is not lacking in funds; however, it is losing control over its financial resources. The Karnataka Real Estate Regulatory Authority (K-Rera) generates steady income from project registrations, agent fees, penalties, and various charges. However, its autonomy in fund allocation has diminished, with the state government assuming control over the dedicated regulatory corpus. The K-Rera Regulatory Fund was established by the Real Estate (Regulation and Development) Act of 2016 to ensure the authority’s financial independence. This fund was intended to allow K-Rera to independently manage its operations, including hiring personnel and processing complaints. However, this…