RERA [Real Estate (Regulation and Development) Act, 2016] aims to regulate the real estate sector in India
The Telangana Municipal Administration and Urban Development Department announced that the regulatory authority under the RERA in Telangana State is expected to be operational from July 1, 2018.
A panel of representatives from Telangana went to Maharashtra and Karnataka to study the implementation of RERA in those states.
Telangana RERA portal and regulatory authority will be modelled by Maharashtra RERA as they found it easy to implement.
The latest Telangana RERA news is :
The implementation plan will simplify the project and agent registration process. The procedure to facilitate approvals, submit ownership documents, view project details, file complaints, claim a refund, and so on will be finalised.
Maha Online Limited, a joint venture between Maharashtra Government and TCS is developing the Telangana’s RERA web portal. It will be used by the realestate stakeholders such as developers, agents, buyers, and sellers.
Benefits of TS RERA Portal for buyers:
- It covers all the aspects of the real estate sector right from defining the projects to the role that should be played by the real estate agents.
- The web portal will display all the project details to the buyer. Therefore, the buyer can complain to the regulatory authority if the builder does not provide the promised amenities.
- The Government is planning to set up an appellate authority to address complaints of consumers who are not satisfied with the penalties levied.
- The regulatory team of Telangana RERA will be led by a Special Chief Secretary. The panel will also contain legal and urban experts and civil society members.
- The Government is planning to integrate the web portal with websites of GHMC and Registration. This will ensure that the project details are easily available and dispute redressal will become faster.
According to Telangana RERA, any real estate project started after January 1, 2017, with an area of 500 sq. m. must register under the act.
The Telangana RERA regulatory authority will protect the interest of home buyers and promote transparency in real estate transactions.
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By: Shailaja K