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12:05 pm - Tuesday November 21, 2017

RERA Launched

To regulate and protect the interest of house or plot buyers the Central and States have launched the Real Estate Regulatory Authority (RERA) from May 1 of 2017. In Madhya Pradesh the RERA is headed by recently retired Chief Secretary Mr.Antony De Sa. Each state is to set up REGA and notify the rules individually.

It make obligatory on the real property developers to register with the RER Authority and then only the person can carry on business. Any buyer of the property can file complaints online with the Authority. If a developer fails to hand over the property to the buyer in time then he or she will have to refund the money with interest, the plan of the house or plot cannot be changed after sale and purchase commitment or conditions and term.

If a developer found guilty then Authority can fine and sentence him to jail term. The Authority will decide the penalty and compensation amount. Any such payment will have to made within 45 days. If there are any defect in the house or property within five years the developer are required to pay compensation.

For the last five decade there is a builder boom in the country. Initially building contractors took up the job on local levels. Now it is a gigantic business not only attracting big companies but there are deep involvements of land mafia also. Their rackless and dishonest business ways created a situation when it became imperative for the Government to take measures to regulate the Real Estate business to protect the buyers against cheating and fraud.

It is most fast spreading business. Presently about 10 lakh people every years are customers for property purchase and about 70,000 builders in the trade. Without any such authority the purchasers were facing great difficulties and need protection against wrong. There are builders who sold a plot to numbers of persons and vanished.

The housing projects will be listed with the RER Authority including permissions and number of units sold and unsold. The Authority will not control the pricing of properties but will ensure the buyers get all that was agreed upon at the time of sale. Now buyers of property is safe and secure.

Posted in: Editorial

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