After Bharatpur marriage hall tragedy, wherein 24 people died and over 30 were injured due to unexpected collapsing of wall last month, Rajasthan government made several attempts to reinforce real estate, urban development and housing rules. Consequently, the Rajasthan real Estate regulation and development rules were launched in May 2017, in compliance with the RERA (Real Estate Regulation & Development Act) of 2016. The idea was to ensure safety and rights of a consumer. Working towards this goal, the UDH (Urban Development and Housing) department has formally launched its first official RERA website for public convenience.
The ‘real estate regulation and development act website’ was launched by Rajasthan chief minister Ms. Vasundhara Raje today morning. The Section 4 of the RERA Act states that the application process in real estate industry can be both manual as well as online for the first year. In the second year, it’s necessary for the applicants to switch to the online procedure. Therefore, the UDH initiated the process of online registration for builders and real estate agents.
Why it’s Important for Builders & Agents to Register on the RERA website?
- Builders can’t sell, book, market or advertise any projects without registering on this site. Companies that have ongoing projects in the market will be given three months time to complete all the formalities pertaining to registration.
- The builders can’t sell flats/plots under new project until they register on the site. However, they can sell ongoing flats within three months. After this 3-month period is over, should they fail to register, they can’t sell any assets.
- A penalty up to 5% of the total project cost will be levied on developers, should they fail to register.
- Details on carpet area.
Details Published on the RERA website Include…
- Registration/ extension/ renewal and revocation details of a builder.
- List of all projects developed by a company/builder.
- Details of promoters and agents.
- Details of projects that are being penalized under the RERA act.
Additionally, the government has appointed a regulatory committee led by ACS (Additional Chief Secretary) of UDH for addressing the grievances and complaints of customers.
How will it Benefit the Real Estate Customers?
- The website will bring transparency in the real estate industry.
- It’ll bring relief to homebuyers who’re misguided and cheated by developers.
- The victims can approach the ACS to file complaints against shady buyers. Such people would be weeded out from the industry.
- The new law will legalize the existing practice of selling houses, based on the ambiguous super built-up area.
- Any violation of rules will lead to suspension of registration.
With the new RERA website, the government looks forward to consolidating opportunities for real estate buyers in future!
