bengaluru a year after its implementation the real estate regulatory authority rera is yet to bring about visible change in the way property transactions are being done in karnataka in fact the state authorities are yet to implement two of its significant clausesas per the rera act its compulsory that the builder and buyer enter into an agreement of sale aos which details the conditions of transaction without which the buyer would lose his consumer rights another clause mandates the builder to open a separate bank account for the project and deposit 70 of the money collected in it while he is not allowed to divert the money once in three months he has to disclose details of the funds utilisedhowever to the dismay of all stakeholders rera state authorities dont seem keen to implement these two clauses we agree its a lapse on our part the matter was discussed at the internal forum several times and officials had brought this to the notice of higher authorities but somehow these two norms have not been implemented said p sunil kumar secretary rera kar natakahope for some tractionrera officials said the new regulation was in a formative stage and its taking some time for things to settle down now that rera is getting a new chairman we hope the authority will get new traction said an officialas per existing norms the principle secretary to the housing department becomes chairman of rera by default kapil mohan who was housing principal secretary has been transferred and tk anil kumar has come in his place stakeholders say the onus of notifying the aos is now on the new chairman the housing department has to notify the aos the centre has already issued its own format which the state can adopt in toto or tweak it said vinay thyagaraja a rera consultant