Buying Property? Go for RERA-Registered Projects

RERA How its work

Bhopal: Think twice before buying property, if a real estate project is not registered with the Real Estate Regulatory Authority (RERA). Chances are a deal with a developer can pretty well land you in trouble. The regulatory body formed in the state from May 1 with the stated objective  for saving buyers from being taken for a ride had set July 31 as a deadline for the project registration. And any project not registered till that date with the authority will be deemed as illegal.

As 20 projects across the state are registered with the RERA, technically speaking, only 20 projects can sell properties. As per the RERA, projects with completion certificate by April 30 or 20 projects in question registered with the RERA can lawfully sale property.

In response to commercial tax department stand that the RERA does not have a brief to stop registries, the regulatory authority has made it clear that it, in no way, is stopping registries, but has spelled out what the act says.
In plain words, consumers purchasing properties in a real estate project not registered with RERA will face problem and will be on a weak wicket if they approach the RERA in case of a grievance.

RERA chairman Anthony deSa said it is not that the RERA will not take complaint of such buyers at all, but consumers are also responsible to check whether the project they are buying property in is registered with the RERA or not. If a builder fails to register his project with the RERA, it is his fault. In case, buyers approach the RERA for grievance reddressal, they would be asked while accepting their complaints why they went for unregistered project.

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Regarding RERA on registries or sale of properties not registered with the RERA, the chairman said as per the law such projects should not do registries and must be checked. Real estate projects are in process to get register so it is not that if registry of such projects are stopped it would led to huge revenue losses as it is a temporary phase till all projects get registered, which will not take much time now.

Over 1,400 projects have applied for registration with the RERA in the state. Of them, 1100 projects are in process to get register. Officials said since it is a new process for realtors to register with RERA, they get confused while applying for registration or did not submit required details due to which the registration process takes some time, but the ones who have completed the required formalities will be registered within a month.
It is mandatory for realtors to quote registration number in all their promotions, which means a realtor cannot advertise a project unless it is registered with the RERA.

Complainants wishing to approach the RERA can do so through the authority website after paying a nominal fee. Under the RERA, details of commercial and residential projects will be online. A developer has to list all project clearance details and update on the project, including exact number of units sold as well as unsold once in every three months. The RERA does not control pricing of projects. Commercial or residential projects with 8 units and more come under its ambit. All the new and on-going projects fall under RERA. Broadly, authority ensures that a developer delivers what he promised to a buyer as mentioned in the sale agreement, including the adherence to the completion schedule.

source from: http://timesofindia.indiatimes.com/city/bhopal/buying-property-go-for-rera-registered-projects/articleshow/60138360.cms

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