HYDERABAD:Several months after the enactment of Telangana Real Estate (Regulatory and Development) Act rules were notified in the State, the Telangana government proposes to launch the website portal for RERA from July 1.
On the lines of Maharashtra, Rajasthan, Madhya Pradesh, Kerala and other states, the Telangana government plans to launch a web portal that gives developers an option to register their projects, and real estate agents to register themselves with the RERA online. It will also benefit buyers as they can check the details of RERA-registered projects from their preferred place.
The Telangana RERA was notified on August 1, 2017. This Act mandates all developers to register their on-going projects and real estate agents to register themselves with the RERA. The State government would constitute a committee to look after the authority shortly. It is expected that a retired special chief secretary will head the authority and legal and urban experts, and civil society members would be on the panel for timely and effective execution of the Act.
The RERA is meant to protect the consumers' interest in the real estate sector, infusing transparency and efficiency in real estate sector in regards to sale of plot, apartment, building or real estate project, establishing appellate tribunal to hear appeals from the decisions, directions or orders of the RERA, establishing mechanism for speedy dispute redressal.
RERA would bring accountability and transparency into the real estate sector and is expected to restore confidence among buyers who are sceptical about quality of construction and timely completion of projects. RERA has clauses for heavy penalties if a developer deviates from promises made to buyers while selling a property, GHMC officials said.
Under RERA, all commercial and residential real estate projects with land over 500 square meters or more than 8 units should register under this Act. No property can be sold or promoted unless they are registered under the RERA Act. Failure to register the property can lead to the builder facing a 10 percent penalty or up to three years in prison. he builder should return the amount person paid as well as compensate you if he fails to give you possession of the house as per the sales agreement.
The act also mandates for a seller to specify the carpet area instead of the saleable area so that persons fully aware of what they are paying for.
This will also reduce discrepancies in pricing. If there are any changes in the structures of the project, the developer must take the permission of at least two-thirds of the buyers. This would ensure that what you see is what you get and it can't be done without everyone's knowledge, they added.
