Kerala Chief Minister launched the Kerala Real Estate Regulatory Authority (K-RERA) with the aim to boost the confidence of customers and bring in more transparency in the real estate sector. It is just because of a handful of realtors who divert from good practice and indulge in illegal ways to mint money that the whole sectors sometime get a black mark.
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Real Estate (Regulation and Development) Act, 2016, had directed the state governments to establish RERA for effective regulation of the real estate sector and also for speedy dispute redressal. As per the Act, buildings with more than eight apartments and real estates projects with 500 square metres of land or more will have to be registered with RERA. The real-estate sector has seen tremendous growth in the country in the last decade. It also helped the middle class realize their housing needs.