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Central team to persuade Bengal to switch back to RERA

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June 19, 2018

A team from centre will soon be sent to West Bengal to persuade the government to switch over to the Real Estate Regulatory Act (RERA) to protect home buyers' interest. Recently, the Mamta Banerjee Govt. brought her own Real Estate Act, HIRA (Housing Industry Regulation Act) superseding the central govt.’s RERA wherein it diluted RERA and brought in its own act.

For More Visit: www.rerafiling.com

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RERA Karnataka to appoint private entity to find out unregistered projects in the state

March 31, 2018

KRERA is planning to appoint a private entity to identify unregistered project in the State. The private entity firm will find out the ongoing projects and new launches which are not registered in RERA yet. KRERA has issued tenders for invitation of application for appointment of consultancy. The private entity will be submitting a detailed report to the authority by conducting ground level survey for identification of unregistered projects. “We are planning to execute the project on a trial basis for a month,” said P Sunil Kumar, secretary, RERA. RERA was using the plan sanction certificates issued by BBMP as preliminary information and was planning to send the surveyor to the address for physical verification. “We will scale up the project with more effective tools and expand it to the rest of Karnataka gradually,” said Kumar. For More Visit: www.rerafiling.com

How can Real Estate Agents work with RERA?

July 10, 2017

The Real Estate ( Regulation and development ) Act to come into force in India on 01 May 2017. Real estate agents are the nerve of real estate industry.They are the mediators facilitating transactions between builder and buyer. Section 9 and 10 of act covers real estate agents. Under RERA provisions , all brokers are mandatory required to get registered with the concerned state-level regulatory authorities. Real estate agents will be given a registration number by the authority which will be valid for 5 years and will be quoted in every transaction facilitated by him. The act states that only registered are allowed to function in the real estate market. RERA puts into loop all real estate brokers dealing in under construction projects. Along with registration, real estate agents are also captured in penalty circle under RERA Regime. Real estate agents will be penalized if they will falsely represent any information regarding the project to buyers.The penalty will extend

RERA identifies ‘carpet area’

January 21, 2018

The balloon of uncertainties has been burst out as RERA explains the ‘carpet area definition’. Lately, homebuyers were suffering because developers were not disclosing about carpet area and what quote price would be based on this (carpet area). This led to numerous problems which were faced by homebuyers. They were paying hefty amount without even knowing the exact area. This whole thing was ended up in consumer courts for legal action because no one wants to pay what one is not getting. To minimize these kind of cases Real Estate Regulatory Authority made it compulsory for developers to make the customers aware of the land area and stated that “henceforth, developers are legally bound to disclose that how many units of carpet area will be sold and what quote price will be decided on the basis of carpet area”. Now “carpet area” definition has been fixed and builders can’t make any excuse. As per the guidelines, which has been directed by RERA, ‘the carpet area is defined as the