RERA Safeguarding the Interest of Buyers

According to the number of complaints registered on Real estate Regulatory Authority(RERA) the property buyers in Bhopal are suffering the most by the realtors. RERA is formed from May 1 2017 with the sole objective for saving interest of buyers and just after its launch RERA has received 450 complaints from property buyers.

It was only half of the complaints registered in RERA which is 900. Only in Madhya Pradesh RERA is working on 100 complaints per month.

After Bhopal, Indore stands second in the data. Around 300 complaints have been registered from Indore only and most of the complaints are of delayed possession.

 Now, it is mandatory for every project to get registered with RERA. In the past 9months 1700 projects have been registered under RERA throughout the state out of which 2,000 registration applications were received. 300 projects were not registered due to lack of documents.

In Madhya Pradesh only notices were issued to 25 realtors for non registration of properties and projects under RERA.

RERA can levy heavy fines to these developers for non compliant of work and buyers filed their complaint about the properties to RERA Registration and these projects were classified as unregistered projects.

Chairman of RERA Anthony DeSa said “ out of 900 complaints, we have aggressively worked on the 300 complaints and they have been disposed which is the highest disposal rate in the whole country. We are encouraging fair compromise between the buyer and the developers so that we can safeguard the interest of both parties.”

Those projects which have not been registered yet can be fined up to 10% of the total project value. It is up to RERA that they can charge those fines by 4times more registration fees and that too apart from late fee.

Those complainants who are wishing to approach RERA can visit their website directly and register their complaint by paying a nominal fee. Now, under the RERA website, details of commercial and residential projects will be online and users can check all the information from the website.

Now, a developer has to list all their projects and the clearance details has to be updated which should include the exact number of units sold out as well as the unsold units once in every three months. However, RERA would not regulate the prices of the projects and commercial or residential projects with 8 units and more will come under its sphere. The new and ongoing projects will fall under RERA.

In a nutshell, RERA ensures that developer is delivering what he is promising to the buyer and which is according to the sales agreement. Completion schedule should be included according to the adherence.

Consumer should keep a check on the properties that it should be registered with the RERA and if they invest in these properties, there will be a weak wicket for them in case of grievance.

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