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Property Related Laws Karnataka Department of Housing and Urban Development Real Estate (Regulation and Development) Act, 2016

Issuance of Karnataka Real Estate Regulatory Authority (General) Regulations, 2022

27-Oct-2022 | No. DOH 27 RERA 2019

The Government of Karnataka has issued Karnataka Real Estate Regulatory Authority (General) Regulations, 2022.
The key highlights of these regulations are as follows: -
1. The promoter shall designate a chartered accountant, architect and engineer who shall issue certificates for the project to enable the withdrawal of amounts from the RERA Bank Account and for work completion. Such designated chartered accountant, architect or engineer shall not be removed, without prior concurrence of the Authority.
2. The chartered accountant certifying the progress of the registered real estate project for the purpose of withdrawal of amounts from the RERA Bank Account shall be a different entity than the chartered accountant who is statutory auditor of the promoter's enterprise.
3. The promoter may change the RERA Bank Account from one bank to another bank only with prior permission of the Authority. For RERA Bank Account change request, promoter shall submit through Authority's web portal along with the prescribed fee and documents.

For more details, kindly refer the attached document.

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