Refusal by banks to grant loans for projects not registered with the RERA (Real Estate Regulatory Authority) is driving more developers and builders to register their projects with the authority.
More than 20 days into launch of the web portal for RERA, a total of 450 developers in the State have registered with the authority, as shared by the Director, Planning of Hyderabad Metropolitan Development Authority (HMDA), at a workshop for builders on Saturday.
November 8 has been set as the deadline for registration, and all the real estate projects approved on or after January 1 having above 500 square metres of plot area or more than eight units will have to be registered before that. “Bankers are asking for RERA registration before sanctioning loans for housing projects, which helps with more registrations,” shared an official.
After the deadline for registrations, the RERA web portal will display all the registered projects location-wise, along with details, for citizens’ convenience. “For deviations, RERA will impose penalty as percentage of the project cost, which would run into crores of rupees,” says the official.
GHMC website has begun to run a scroll on their respective websites, cautioning builders to register with RERA. In future, the RERA web portal will be integrated with civic and urban development authorities’ sites, so that the project information may be easily obtained by a single click by the authorities.
Addressing an awareness programme held by the HMDA and CREDAI, Mr. Balakrishna said, the entire process of project registration has been made online.
RERA rules will be applicable to all the real estate projects whose building permissions are approved by urban development authorities, municipal corporations, municipalities and other local bodies, he said.
The main objective of RERA is to ensure accountability towards allottees and protect their interest, to infuse transparency, ensure fair play and reduce frauds and delays. It also aims to provide information to the promoter and the allottee and impose certain responsibilities on both of them.
Explaining the salient features of the Act, he said that through this portal, the allottee can know the information relating to sanctioned plan of project, layout plans along with the specifications and information on agreement for sale signed with promoters.
The allottee can know the stage wise time schedule of completion of the project including the provisions for water, electricity and other amenities and services as agreed upon. He also informed that the allottee has to pay interest if the amount payable to the promoter is not paid in time as per the agreement.
