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RERA to be reality by July 1

Source : 10 Aug, 2018

The government of Telangana has fixed July 1 as the tentative date from when the regulatory authority under the Real Estate (Regulation and Development) Act, 2016 could be operational.

A decision towards this was taken after a recent visit by the RERA panel to Karnataka and Maharashtra to study the implementation mechanisms set up by both the States, an official informed.

Of the two States, Maharashtra’s model is found to be more implementable and hassle-free, hence the Telangana’s authority will be modelled after the Maharashtra’s. Accordingly, the bureaucratic process of evaluating each application for registration will be done away with, and all those with building permissions may be automatically be registered with the authority along with project specifications.

The projects will be displayed on the web portal of the authority, for the benefit of the buyers. However, the whip will be cracked against the developers/builders based on customers’ complaints, and heavy penalties will be slapped against them if it is found that they have failed to provide the amenities as mentioned in the project specification.

There will be appellate authority if the consumer is not satisfied with the levy of penalty, and an alternative dispute redressal mechanism too is being mulled over.

Along the lines of Maharashtra, the Telangana authority too will have a chairperson who will be of special chief secretary’s rank, and two members, one among them from judiciary.The State government has requested the MahaOnline Limited, a joint venture between Maharashtra government and TCS, to develop the web portal for the Telangana’s real estate regulatory authority, which is in the process. Once the portal is ready, registrations of projects may be opened, the official shared.Integration with other departments such as GHMC and Registrations too is being mulled over by the government, whereby the information about the project may be obtained through a single click by the authority. Grievance redressal and information sharing features will be added subsequently.Registration will be mandatory under the Act for all real estate projects which have been launched on or after January 1, 2017, with over 500 square metres of area.As per official records, more than 2,000

projects in Hyderabad alone are to be registered under the Act. Registrations in Maharashtra have already exceeded 13,000 to 14,000.The government has already notified the Real Estate (Regulation and Development) Rules along the lines of the Act.

Note: All Inforamtion provided by third party source.

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