#rera bihar

Real estate regulatory authority of Bihar has issued show cause notice to promoters of Agrani builders for mom registration of ongoing projects. Four companies of Agrani group are under radar of Bihar RERA. RERA Bihar chairman Afzal Amanullah said notices were issued to the builders and promoters under Section 7 (revocation of registration) of RERA Act, following complaints by the customers that the promoters have not even commenced the project despite taking the payment 4-5 years ago. The companies which were slapped with notices include Agrani Homes Private Limited, Agrani Homes Real Services Private Limited, Agrani Homes Real Marketing Private Limited and Agrani Homes Real Construction Private Limited.

Real estate regulation Act recently is the center of Patna property market discussions. The local dailies are full of action being initiated by RERA BIHAR against the rule-floating builders and developers in Bihar. The last date of registration of projects with RERA BIHAR has elapsed, though the grace period is still on. No builder or developer can sell or even advertise their non registered…

In order to bring transparency and confidence in real estate , Bihar cabinet approves RERA rules.

“With the implementation of the rules, it would not only bring transparency in the real estate sector in the state but also protect the interest of consumers,” Urban development and housing department Principal Secretary Chaitanya Prasad said.

As per Bihar RERA rules, developers have to sell flats on carpet basis .Every real estate agent and every project needs to get registered with authority .Also developer cannot take more than 10% of the total value of the flat or plot from the buyers as booking amount or advance payment.'

'Developers need to publish all the details regarding the project on their websites. Developers need to put at least 70 per cent of total proceeds into a special account meant only for construction of property. Builders can withdraw the money only after proper certification from engineers, architects and charted accountants'" Prasad said.

Prasad said that the Act envisaged the provision of a “Real Estate Regulatory Authority” in every state where an aggrieved consumer could file a petition.