Telangana RERA Asks Developers To Register Projects
Weeks after the Telangana government announced the implementation of the Telangana Real Estate Regulatory Authority and the launch of its portal, all the developers across the state have now been asked to register their projects with the regulatory body to avoid penalties.
The developers who are required to register their projects are those who have sought permission for real estate developments on or after January 1, 2017. The criteria also specify that the properties must have plot area of 500 square metres or above, or more than eight units.
As per an official release, the official website of the Telangana State Real Estate Regulatory Authority (TS RERA) is rera(dot)telangana(dot)gov(dot)in, which is now accessible to all buyers, developers and agents.
In August, the state announced that it will launch the Telangana Real Estate Regulatory Authority on September 1. Initially, the launch of Telangana RERA was expected to be on July 1. The state RERA will be operating from its office which is being set up at AC Guards in Hyderabad.
An agreement was signed between the municipal administration and urban development (MA&UD) department and Mahaonline, a joint venture of Maharashtra government and TCS for developing RERA web portal application and its maintenance for three years. The portal will also be linked to GPS that would facilitate tracking the project location.
The government is considering the integration of the portal with other departments such as the Greater Hyderabad Municipal Corporation (GHMC) which will make access to information an easy task.
Good times ahead for buyers
The regulations will be enforced all across the GHMC and the Urban Local Bodies (ULBs) under which developers and real estate agencies have to seek approval for constructing commercial and residential buildings in urban areas. The authority will be responsible for protecting the interests of buyers and resolving their grievances. The municipal administration department, which has been issuing in-principal approval for applications from developers from January 1, will also start receiving applications for new projects and register over 4,000 permissions granted so far.
According to the law, developers are required to register projects executed in 500 square metres and above. The one-time charge for registration is Rs 750 for builders and Rs 500 for agents. According to official data, over 2,000 projects in the state capital, Hyderabad, are waiting to be RERA registered.
The formation of a regulator will trigger positive changes in the realty sector in Telangana by building confidence among homebuyers and identifying erring developers. It is also likely to push sales as more and more projects, including the ones which were launched in the past one and half years, will be registered under the Telangana RERA.