Bihar RERA: The state urban development and housing development (UDHD) have cautioned the promoters and developers of 10 forthcoming projects in and around Patna against publicizing and advertising their projects without getting them registered with the Real Estate Regulatory Authority (RERA).
Certain promoters have been found to be marketing and advertising their new ventures without giving the RERA registration number in the advertisement. This is an audacious infringement of the RERA norms, informed the department’s principal secretary Chaintanya Prasad Prasad .
The RERA, Bihar has been recognized under Section 22(1) of the Real Estate (Regulation and Development) Act, 2016 of the legislature of India. According to Section 3 of this Act, it is compulsory for the promoters to register their , apartment (flats), plot, or buildings where the area to be developed surpasses 500sqm or the number of apartments to be created surpasses eight.
Non-registration of the activities with RERA, as indicated by Section 59 of the Central Act, may lead to imprisonment up to three years. According to the state law, the violator can likewise be fined 10% of the evaluated cost of the real estate project.
The undertakings that have been delivered notices by the department include the Moti Mahal City-Bihta, Om Shiv Complex-Bihta, Future City-Bihta, Dream City-Bihta, Modern City-Fatehpur (Ganjpur, Patna), Dream Valley- Babhanpura (Patna), RN City-Saguna Mor and the PM City-Bihta Road.
The department has additionally issued notices to a venture being developed on the Danapur-Bihta street by Ashirvad Engicon Real Estate Pvt Ltd and the H2O City-Shivala being built by Anshul Home.
Prasad said the notices sent to these ten undertakings ought to be considered as a warning for others as well. He additionally urged purchasers not to invest money into the properties that have not been registered under RERA.
Till date, just a single undertaking has been registered with the RERA-Bihar, and the registration of five others is under process. Prasad attributed the poor number of registrations to absence of appropriate documents.
To get the registration number, developers have to apply online to the RERA and submit offline the approved map of the project, type of agreement with buyers, land document, details of plan of every floor, carpet area to be handed over to the buyers and a declaration of the developer.
Note – Please note that the above article is for education purpose only. This is based on our interpretation of laws which may differ person to person. Readers are expected to verify the facts and laws