Latest Announcement of Telangana RERA Rules
RERA [Real Estate (Regulation and Development) Act] finally notified the detailed set of rules for the real estate sector to regulate the real estate sector in Hyderabad.
The measures that are already taken up by officials are:
- The government has studied the implementation of RERA in Maharashtra and other states.
- They found Maharashtra RERA will simplify the projects registration process.
- The agreement has been made with Maha Online Limited, a joint venture between Maharashtra Government and TCS to develop Telangana RERA web portal.
Latest Developments in the Implementation of RERA Portal
The municipal administration department has approached Maha Online Limited, a joint venture between Maharashtra Government and signed the contract of three years to maintain a similar portal for Telangana.
- On 31st August 2018, Mr KT Rama Rao, Municipal Administration Minister inaugurated the RERA portal office in Hyderabad.
- The RERA portal office is at Masab Tank, Hyderabad.
- The government officials confirmed testing the functionality of the RERA Hyderabad website to avoid the technical glitches in the future.
- Maha Online (Mumbai) develops the online registration system of the Hyderabad RERA portal. TS Online will provide local technical support.
- Over 5000 firms have got permissions for constructions under Greater Hyderabad Municipal Corporation (GHMC) and Hyderabad Metropolitan Development Authority (HMDA) and would register with online RERA portal.
- The portal also implemented the Global Positioning System (GPS) to find the exact location of the real estate project.
Telangana RERA portal has notified the following rules:
- Real estate builders and agents have to pay a one-time registration fee to State Government for online registration under RERA. They must register by paying the following charges:
Registration fee is
For builders Rs.750
For agents Rs.500
- The builder and agents have to compulsorily register the commercial and residential projects, where the project/apartment is proposed to exceed five hundred square meters (500 sq. mt.), or more
- The penalty will be levied on both builders and agents for non-registration and violations of rules specified under RERA.
Benefits for the Buyers with the implementation of RERA portal are:
- Regulate and promote the realty sector.
- Protect the interest of consumers.
- Promote fair transactions in the real estate sector.
- Ensure timely execution of projects.
- Conduct speedy redressal of disputes between developer and consumer.
Visit www.propertyadviser.in to know latest updates of Telangana RERA in Hyderabad.
By: Shailaja K