A "low interest" loan shouldn't mean you have very little interest in paying it back!
RERA is the nation’s only knowledge based platform that is intended to safeguard the investors of real estate. This is the first time that a regulation authority has set-up in the realty sector. RERA is said to be one of the milestone regulations passed in the realty sector and is expected to help improve the realty market in the coming years.
Due to a` lack of a authoritative organisation for real estate in the nation, it was necessary to begin one for each state of the country to ensure the real estate market is a transparent and safe market for homebuyers and developers. This is intended to make it risk-free for investors to invest in real estate in India. This act has brought to the industry new guidelines for developers/builders to follow which makes it a safe marketplace to buy and sell realty.
The main objectives of RERA are mentioned below:
With RERA incorporated in the realty market, prospective homebuyers can confidently make their purchase and no longer have to dance to the tunes of builders/developers. Any complaint of grievance will be impartially dealt with by RERA, and it also allows an investor to pull out from a project in case of fraud, etc. In this case, the homebuyer in entitled to full reimbursement.
6th Floor,
Bihar State Building,
Construction Corporation Campus
Hospital Road, Rajvanshi Nagar,
Patna – 800023
Phone number: 0612-3094444 / 0612-3095555
Email ID: rerabihar@gmail.com
The Bihar Real Estate Regulatory Authority has directed a patna based builder Rs.33.01 lakh to a flat buyer for being unable to complete the property in the time promised. The builder has been ordered to refund the money in three instalments within two month. According to reports, the builder has also been asked to pay the interest at the Rate of Marginal Cost of funds based Lending (MCLR) of State Bank of India (SBI). As per the complaint, the complainants had asked the company’s managing director to either complete the flat on time or refund the amount paid to the builder with a 11% rate of interest as per the Clause 12 of the agreement, which the company refused to.
28 September 2018
The Real Estate Regulatory Authority (RERA) of Bihar has reportedly advised state governments to instruct all police station housing officers (SHO) to make sure that all signboards of projects at sites under the RERA jurisdiction have a perfect display of all the project details. According to Afzal Amanullah, the RERA chairman, the goal is to ensure that all prospective customers are aware of the project details in which they might wish to invest in. As per the request made by Amanullah, all sign boards must display details of the project such as the name of promoters, the RERA registration number, the date of commencement and completion of the promoted project.
5 September 2018
The Real Estate Regulatory Authority (RERE) in Bihar urges the state government to not register properties of builders that have not enrolled under the RERA Act, 2016. This decision was taken as it would put buyers at a disadvantage during purchase said Afzal Amanullah, the chairman of RERA, Bihar.
The builders have been asked to register the properties by the end of July 2018. Failure to comply would result in a fine of Rs.4 lakh or 400% of the registration fee of the property. RERA have also issued notices to over 130 various developers that did not comply with RERA’s policies and also to the ones that advertised without having registered their properties first.
27 July 2018
The Real Estate Regulatory Authority (RERA) in Bihar has urged the registration department in the state not to register any properties of real estate builders or promoters without enrolment under the Real Estate (Regulation and Development) Act, 2016.
Incomplete projects which do not have a RERA number will not be registered. In this light all builders have been asked to register their respective properties with RERA by July 31, 2018. They have to either pay a late fee of Rs.4 lakh or a 400% registration fee, whichever works out to be higher. As per the norms laid out under Section 3 (1), all builders and promoters will have to register under the provisions of the RERA Act, without which they are prohibited from undertaking any type of selling activity.
This decision has been taken in an effort to protect the interest of buyers.
27 July 2018
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