RERA, the revolutionary Real Estate Regulatory Authority is all set to bring utmost transparency in property business and protect the interest of the home buyers and property investors. As per this new regulation and development act, all the residential and commercial real estate developers who will be utilizing more than 500 sq. mt. or building above 8 apartments, have to register themselves with regulator of their respective state, before the project launch. It is mandatory. Every detail about project has to be submitted during the registration, only then the project will be marketed.This will eliminate many hurdles otherwise faced by the home buyers like delay in project delivery, incomplete promises, paying extra cost etc. Till now there was an absence of proper regulator, Indian real estate industry will get its first regulator in form of RERA. This regulatory act is applicable for every state in India; the rules prescribed by the government may vary according to the states.Bihar RERA Rules:After the parliament commending the states to initiate with this new Regulation and Development Act, Bihar government agreed to follow the RERA rules. So as per the prescribed rules:
- The regulatory authority rules will cover all the new and on-going projects which hasn’t issued any completion certificate
- The new and upcoming projects which have 8 and above flats will also be governed by the RERA rules
- Pricing of the apartment will be strictly based on the carpet area and not on the super built-up area. Carpet area include usable spaces like internal wall, toilet, kitchen and balcony
- Builders cannot yield more than 10% of the overall flat cost as advance booking amount
- As per the rules, it is also mandatory for the project developers to upload all the necessary details related to the project on their official website as well as on Bihar’s RERA authority website
- Also need to update the project status quarterly on the website
- The builder needs to create an escrow account where he will be depositing 70% of the amount collected for the project. The amount can only be withdrawn from the bank for project construction purpose
- Apart from these rules, Real Estate Regulatory act will also ensure the project does not get delayed and is delivered timely to the customers. The new act will also have provision of ‘Real Estate Appellate Tribunal’, however till the time it is formed, Land Tribunal will work as Real Estate Tribunal
Provisions offered by the CM:The chief minister of Bihar state has asked the urban and the housing department to set up an urban engineering organization. The new panel formed will comprise of 577 engineers who can efficiently perform the civil work with the urban bodies across Bihar. The newly formed cell will also listen to the real estate grievances.Information required to be provided by the builder under RERA:
- Under RERA, the builder has to provide
- Carpet area of the apartment
- Project completion timeline
- Quarterly update of project on RERA website
- No false promises during project marketing or in advertisements
- Approval from the affected potential buyers on any major change or addition made in project
This regulatory act is certainly going to bring transparency in property transactions and greatly benefit the home-buyers.займ на карту без отказов круглосуточновзять кредит онлайн