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Hyderabad News.Telangana notifies rules under RERA - Telangana State Real Estate (Regulation and Development) Rules, 2017


(Excl Ventures News.)The State government has notified comprehensive set of guidelines governing the real estate sector for effective implementation of the Central Act - Real Estate (Regulation and Development) Act, 2016.

The government has notified the Telangana State Real Estate (Regulation and Development) Rules, 2017 covering all aspects of the real estate sector right from defining the projects to the role that should be played by the real estate agents.

The rules will be applicable to all real estate projects whose building permissions are approved on or after January 1, 2017 by the urban development authorities, town and country planning departments, municipal corporations, municipalities and nagar panchayats in addition to the projects notified by the Telangana State Industrial Infrastructure Corporation.

The RERA will not apply to small projects (Upto 500sq meters or upto 6 apartments)

All builders have to register the projects with RERA before advertising, marketing or selling their projects.

Realtors predict that property rates will see a jump by 15 to 20 per cent, making it that much more difficult for those wanting to purchase homes.
The government announced the constitution of a Real Estate Regulatory Authority with chairman and members with a fixed tenure as also the Telangana State Real Estate Appellate Tribunal along with the notification of the new rules governing the sector. The fees for different categories of projects have also been fixed. It will be mandatory for the promoters to pay a registration fee for a sum calculated on the basis of whether the project is a group housing project, mixed development (residential and commercial), commercial project and plotted development project.

Accordingly, the fee would be Rs.5 per sq.m for projects whose land proposed to be developed was below 1,000 sq.m and Rs.10 per sq.m for projects whose development exceeds 1,000 sq.m, not exceeding Rs.5 lakh.

In case of mixed development projects, the fee would be Rs.10 per sq.m for projects below 1,000 sq.m and Rs.15 per sq.m for those above 1,000 sq.m, not exceeding Rs.7 lakh.

The fee in respect of the commercial projects would be Rs.20 a sq.m for below 1,000 sq.m and Rs.25 per sq.m for those exceeding the limit subject to a maximum of Rs.10 lakh. For the plotted development projects, the fee would be Rs.5 sq.m not exceeding Rs.2 lakh.

Accordingly, the promoter should make an application for registering the project with the concerned authority and deposit 70 per cent of the amounts realised from allotees which had not been used in the construction of the project or land cost of the project in a separate account.

The new rules mandate real estate agents to obtain registration by applying to the competent authority and the registration will be valid for five years. The registration could be reviewed by the real estate agents by applying afresh at least three months before the expiry of the existing registration.

"Now, no developer can sell a single unit before all permissions are obtained and the project is registered with the RERA authorities. This is certain to increase the builders'' overheads, which they are sure to pass onto their buyers. I predict a hike of 10-20% in properties rates in the future," said C Sekhar Reddy , former national president of the Confederation of Real Estate Developers Association of India (CREDAI)

Under the rules, people can register a complaint against them in case of delay or deviation in the project, by paying a fee of Rs 1,000. The case will be disposed of within 60 days

Prospective buyers can check the details of projects on the RERA website whether it is a registered one or not. Other details such as land records, encumbrance certificate for 10 years certified by a revenue official, sanctioned plan, plinth area, relevant permission copies and photographs of promoters too would be accessible for the buyer on the website.

Registered builders will also have to provide documents such as PAN as well as their firm''s annual reports including audited profit and loss and balance sheet for at least three preceding years. If any developer fails to register and is found to be selling or advertising their project, he will be penalized 10% of the estimated project cost. Apart from the penalty , repeat offenders and those who do not comply with RERA rules can face three-year imprisonment.
Comment :
Source: Hindu, TOI

Keyword Tags Hyderabad News,RERA Rules Telangana

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