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No finance in Karnataka for unregistered projects

Dated on: Friday 22nd June 2018

In order to ensure developers don't sell projects without registration in RERA, state govt has put restrictions on sources of funding for projects until the project is registered in RERA. Interim regulator Kapil Mohan recalls many instances where unregistered developers come “sheepishly to register, once the funding stops.” Today, selling an unregistered property in Karnataka is an illegal act. “If such a transaction comes to the notice of the regulator and it is proved by secondary evidence that such a sale transaction has taken place, then penalties will be levied,” Mohan stated.

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