RERA or KAOA or KOFA or a Combination of These?
Even after the enactment of The Real Estate Regulation Act, 2016, (RERA) the Karnataka Apartment Ownership Act, 1972 (KAOA) and the Karnataka Ownership Flats (Regulation of the Promotion, Construction, Sale, Management and Transfer) Act, 1972 (KOFA) remain in the statutes.
This has and is creating confusion among apartment buyers.
Promoters / builders of Real Estate Projects take advantage of this situation.
Some promoters have registered under KAOA and refuse to register under RERA.
KAOA, though ostensibly intended to provide apartment-buyers with “marketable title”, does not, in fact, do so.
Section 5 of KAOA read with Rule 5 of KAO Rules, 1974 and paragraph 5 of Form ‘A’ made under the said Rules, only mandate purchase / issue of at least ONE share in a co-operative society or company which is to be formed by the promoter under Section 10 of KOFA.
Some apartment owners – especially those who had unsavoury experiences with their apartment owners’ associations – have clutched at The Co-operative societies Act, 1959 to settle scores and in the bargain are harming themselves and other confused apartment owners.
Here is a You Tube video explaining the Acts and their implications
Also attached is PPT which could viewed along with the video for ease of understanding.
If viewers have any doubts, please feel to email me at This email address is being protected from spambots. You need JavaScript enabled to view it. or call me on +919880000401.