State Authority in Telangana notified Real Estate Regulatory Authority (RERA) Rules on Thursday, August 3, 2017. Though the Central Authority allows secondary modifications as per the sources Telangana regime has decided to keep the Central Act as it is making nominal changes.
It is mandatory for builders and infrastructure companies to register themselves with RERA Authority. Real estate agents or consultants to have been brought under the Central Act. The agents have to register their firms and take the license from the authority and cannot provide services for the projects if it registered or not.
This enables homebuyers to check the details of the project on the RERA website which includes registration, sanctioned plan, plinth area, relevant permission copies and photographs of promoters too would be accessible for the buyer on the website. The buyers who were dumbfounded by the builders or agents on property grounds will be a shepherd by RERA Act.
RERA Act is seen as an interface which will bring affordability and transparency among builders and consumers; increasing investments in the real estate sector in near future reinforcing the radical objective of the act.
The State authority will soon appoint the regulatory authority incorporating a Chairperson and 1 or 2 members. An appellate tribunal will also be constituted to deal with appeals on RERA’s decisions.
Note – Please note that the above article is part of our continuous research on the related matters. It is based on our interpretation of related regulations which may differ person to person. Readers are expected to take expert opinion before relying on above.