The Kerala Real Estate Regulatory Authority (K-RERA) has sought to bring more clarity to the definition of ‘real estate project’, as it would apply under the Real Estate (Regulation and Development) Act, 2016.
The authority issued orders stating that if the land under development exceeds 500 sq. metres in area, it will be considered a real estate project even if the number of units— apartments, plots and villas—are less than eight in number. It will also be considered a real estate project even if the land in question is below 500 sq metres, but the number of units exceeds eight.
Real estate promoters should mandatorily register all such projects that fall within this definition of K-RERA. Failure to do so will attract penal action under Section 59 of the Act, the authority, headed by chairman P.H. Kurian, says.
