[vc_row][vc_column][vc_column_text]
Have you ever heard of Telangana RERA? Buying a residential property is not an easy task. There are many things to consider. Please consider all the frequently asked about the Telangana RERA. You check whether the property is located in the prime location or not. If it is a gated community then you check whether it is providing all the amenities or not, etc. Buying a property is a long time commitment so you always see that you are buying the best. However, what if your dream house does not comply with the regulations? Sounds problematic, right? Then you must have a clear understanding of the regulations.If you’re purchasing or investing in a residential property in Hyderabad then you must comply with all the regulations under Telangana RERA to avoid any future complications.
If you’re one of those persons interested in buying a residential property then it is important for you to know about RERA (Real Estate Regulation and Development Act, 2016). The Telangana government like all other state governments has mandated all the new and ongoing real estate projects to be registered under the RERA Act.
However, the problem here is, not many people have an idea about the norms and registration process. This has risen many doubts and if you are one of those people who doesn’t have a clarity about the RERA then this article is for you.
The Telangana Rera has registered more than 1000 real estate projects within the state. However, developers and property builders are still hesitant about the provisions under this act. They are not sure about some provisions and to what extent it will protect them.
Here is a list of questions that are frequently asked about the Telangana RERA.
What is RERA and when is it notified?
RERA was notified by Indian government on 26th March 2016. It is applicable to all the states in India except Jammu and Kashmir. This act promotes uniformity and transparency in the real estate sector. The objective of this act is to promote the interest of investors and customers in the industry.
Who will benefit under this Act?
With this Act’s implementation, the builders should complete the project on time or else they have to pay a penalty. Simply put, customers will no longer have to worry about the possession date. This makes it easy for customers to apply for loans too.
Is it mandatory to register for a promoter? Does it govern both residential and commercial property?
Yes, it is mandatory for a promoter to register under RERA. It governs both residential and commercial property.Frequently Asked Questions About Telangana RERA are availabe, we nee to check them before owning a property.
When should a developer register their project?
It is mandatory for a developer to register any new or ongoing projects within the state if it has more than 8 units or covers an area above 500 sq meters. If your project falls under any of these two categories, you must register your project.
Is it OK for the developer to include a new parcel of land under already RERA registered land?
No, the developer cannot include the new parcel of land under existing RERA registered land. The developer must register the new piece of land with RERA, if he is planning to include it in the ongoing real estate project. Since this new piece of land is not part of the existing project, they must register it.
Should the developer register projects that have already received part occupancy certificate?
If your project has received permissions on or after January 1st 2017 with concerning authorities, it is mandatory to register it. For any projects approved before the specified date are exempted from RERA with or without OC.
If an application for registration is not approved by the authority within a stipulated time is it deemed to be registered?
Yes, if for any reason the authorities have failed to deny or grant the approval for a particular application. It is deemed to be approved automatically.
What would be the implications if a project is not registered under RERA?
In case of non-registration, the promoter will be liable to pay a penalty. The penalty can be extended up to 10% of the estimated cost of the project. If he continues with the violation, then he will be imprisoned for a term which may extend up to 3 years. In some cases, punishment can be both penalty and imprisonment.
How would an individual know if a particular project is registered under Telangana State RERA?
It is not difficult, you can easily know if a project is registered or not. The Telangana RERA website displays the list of projects and frequently asked about the Telangana RERA in it. And not to forget, it is mandatory for a project to display its Telangana RERA registration number in its advertisements or brochures.
Can an agent or a developer file a complaint against a buyer?
Yes, the developer or agent can file a complaint against a buyer in case of violation of any norms under the act. The act specifies that all the stakeholders should follow the clauses stated in the builder-buyer agreement. If any of the parties involved do not comply with the clauses the other party can file a complaint against them.
In case of a default by the buyer can a developer cancel the allotment?
If the termination is specified in the agreement then the developer can cancel the allotment.
How many days would it take for the disposal of a complaint?
The complaints should be cleared within 60 days of the applicant filing. In case authority has failed to resolve the complaint they must attach the reason for the same.
If there is a delayed possession, will the buyer receive interest on the amount paid?
The developers have to pay the interest to the buyer until they hand over the property or possession for every month they are delayed. In case of denial to pay the interest, the buyer can file a complaint to the regulated authorities. The buyer needs to check frequently asked about the Telangana RERA before owning a property.
Is the registration of agent’s location-specific, individual specific or project-specific?
The developers must register themselves as an individual or “other than individual”. The promoters should even provide the names of the agents who will be working on the said project at the time of registration.
Conclusion
All these above-mentioned questions are some of the frequently asked questions about Telangana RERA. In case of any queries, you can visit the Telangana RERA website.
What is Escrow account and how does it work?
Escrow.com is a third party that holds and secures your funds. Escrow hands over funds to the seller only after he/she fulfills the agreement, in case of fail in delivering the property, the amount is returned to the buyer. As said Escrow is a trusted third party that prevents any fraud during the process of payment. Let’s see how does it work. Buyer and seller can register at Escrow.com only after they agree to the terms. Buyer needs to make payment to Escrow account, it will be verified and then notified to the seller. Only then the seller can send merchandise to the buyer and upon receiving the merchandise, Escrow.com pays the seller.
Is RERA applicable on venturing plots?
No, as per RERA no advertiser or a marketer or builder or even a seller cannot advertise any plot, house, building or a apartment without registering the project. One needs to register the plot or any area or any kind of real estate project in RERA first to invite somebody to buy it.[/vc_column_text][/vc_column][/vc_row]