Telangana state government, in a development aimed at regulating the realty sector, has notified the Real Estate Regulatory Authority (RERA).
Applicable to ongoing projects approved after January 1, 2017, it has now become mandatory for builders and infrastructure companies to register themselves with RERA.
Once registered, the builder has to complete the project as per schedule and the prospective buyer can move RERA in case of any delay or violation on the part of the builder.
A GO notifying RERA was issued by framing the Telangana State Real Estate Rules, 2017. All the projects that come up in above 500 sq metres plot area and apartments comprising more than six units and were approved on or after January 1, 2017, by municipal corporations such as GHMC, that of Warangal and Nizamabad, nagar panchayats like Pedda Amberpet and Medchal, urban development authorities like HMDA as well as the Telangana State Industrial Infrastructure Corporation come under the purview of RERA.
The Centre legislated the Real Estate (Regulation and Development) Act, 2016, to protect the interest of property buyers on the ground that they are being taken for a ride by builders and developers and real estate agents.
“In Telangana, RERA will apply to all ongoing projects as of January 1, 2017. Obviously, RERA will not apply to those projects where the builder has obtained the occupancy and completion certificates. In some states like AP, those projects which have been 60% or more completed at the time of notification of RERA have been kept out of the purview of the authority,” said S Balakrishna, Additional Director in Municipal Administration Department.
The state government will soon appoint the regulatory authority comprising a chairperson and one or two members. An appellate tribunal will also be constituted to deal with appeals on RERA’s decisions.