#rera projects

Cracking codes of RERA-Approved Projects

The Government of India introduced the RERA Act in 2016 to protect the interest of homebuyers and promote fair play within the real estate industry. Transcon Developers being a reputed name within the real estate industry, recognizes the significance of RERA-Approved projects and the impact it has on the real estate industry. 

Lets understand what is RERA-Approved Projects, their significance, advantages and the criterias that developers must meet. 

Significance:

Consumer Protection: The primary goal is to safeguard the homebuyers interest, under the RERA Act which mandates real estate developers to register their projects and provide comprehensive information about the project providing transparency to buyers and reducing risk of fraud. . 

Advantages: 

Transparency: Real estate developers in Mumbai are obligated under RERA to disclose all project-related information on its website. This allows home buyers to have all the information during the entire buying process. 

Eligibility:

Financial Stability: Developers must have a strong financial track record to complete the project, as RERA Authorities may cross check the developers financial statements. 

The Bihar Real Estate Regulatory has uploaded a notice on the official website of Bihar RERA directing all the real estate builders to display certain details related to the project at the site of construction. According to the notice, the promoters/developers/builders of all real estate projects be it residential, commercial, mixed or plotted development, shall display name of the project name of the promoter/developer/builder of the project, RERA registration number or the application number through which application for registration has been submitted to the authority (if RERA registration is not yet done), website address of RERA Bihar, names of the registered real estate agent along with their RERA registration number ( company or individuals), the date of commencement of the project and proposed date of completion of the project, prominently at the sites of construction of the Project  on a large notice board/hoarding having minimum size of 6 by 6 feet.

The notice further states that the information should also be displayed at the corporate office, registered office, branch or sales offices of the promoters/developers/builders appropriately and prominently in respect of all real estate projects undertaken by them.

Clarifying the doubt over the purview of RERA, KK Khandelwal, Chairman of Haryana RERA’s Gurugram bench said that irrespective of the date of completion and issuance of completion certificate before 1st May 2017, the Real Estate (Regulation & Development) Act applies to all realty projects. In other words, an aggrieved real estate buyer can approach Haryana RERA with complaints related to old projects too.

Earlier, developers of projects which have got completion certificate before 1st May 2017 were given clean chit by the regulatory authority as the rules mentioned that such projects will not come under the radar of RERA.

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.