Telangana to roll out RERA from tomorrow
The Telangana Government will roll out the Real Estate Regulatory Authority (RERA) with a website and facility to make online payments from tomorrow.
Telangana Minister for IT and Industries K T Rama Rao today inaugurated the TS RERA office here.
He said all the builders will be given three months time to register projects that commenced from January 1, 2017.
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"Transparency in the construction sector will benefit home buyers," he said.
A senior official said the government took some time in implementing this as they studied the model in Maharashtra and other states.
In July last year, the Telangana Government notified rules to the Real Estate (Regulation and Development) Act, 2016.
RERA rules are applicable to all real estate projects whose building permissions approved on or after January 1, 2017 by the Competent Authorities such as Municipal Corporations , Municipalities Nagar Panchayats among others.
The Real Estate (Regulation and Development) Bill, 2016 was passed by Parliament in March last year and all the 92 sections of the Act comes into effect from May 1.
Some of the major provisions of the Act, besides mandatory registration of projects and real estate agents, include depositing 70 per cent of funds collected from buyers in a separate bank account for construction of the project.
This will ensure timely completion of the project as the funds could be withdrawn only for construction purposes.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)