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RERA Bihar, short for Real Estate Regulatory Authority Bihar, is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016. It aims to protect the interests of homebuyers and ensure transparency in the real estate sector in Bihar. Let's delve into the key aspects of RERA Bihar.
RERA Bihar has several important functions:
1. Regulation and Registration: RERA Bihar regulates the real estate sector in the state and ensures the registration of real estate projects and agents.
2.Promoter Compliance: It ensures that promoters adhere to the rules and regulations set by RERA Bihar, including obtaining necessary approvals and maintaining project timelines.
3.Homebuyer Protection: RERA Bihar safeguards the interests of homebuyers by ensuring fair practices, timely project delivery, and proper grievance redressal mechanisms.
4.Dispute Resolution: RERA Bihar provides a platform for resolving disputes between homebuyers and promoters through adjudication and dispute settlement forums.
5.Transparency and Accountability: RERA Bihar promotes transparency in the real estate sector by mandating disclosure of project details, financial statements, and other relevant information to potential buyers.
The RERA Act Bihar governs the functioning of RERA Bihar. It sets out certain rules and regulations that both promoters and real estate agents need to comply with. These rules include:
1.Registration of Projects: Promoters must register their real estate projects with RERA Bihar before marketing or selling them. This ensures that projects meet certain criteria and safeguards the interests of homebuyers.
2.Project Disclosures: Promoters are required to provide detailed information about their projects, including layout plans, land status, approvals, and timelines, which is made available to potential buyers.
3.Escrow Account: Promoters must maintain a separate escrow account for each project, where a specified percentage of funds collected from homebuyers is deposited. This ensures that the funds are used only for the designated project.
4.Carpet Area Definition: RERA Bihar defines the carpet area as the net usable floor area of an apartment, excluding the area covered by walls, balconies, and other non-usable spaces. This standardization helps homebuyers make informed decisions.
5.Penalties for Non-Compliance: RERA Bihar has the authority to impose penalties on promoters and real estate agents for non-compliance with the rules and regulations. These penalties ensure accountability and discourage unfair practices.
Late Fees
| Project Type | Late Fee |
|---|---|
| Residential Projects up to 1,000 sq/m | Rs. 5 lakh |
| Other Residential, Mixed, and Commercial Projects | Rs. 7 lakh |
Other Charges
| Service | Fee |
|---|---|
| Copies of Documents (First 5 Pages) | Rs. 100 |
| Copies of Documents (After 5 Pages) | Rs. 20 per page |
| Filing Written Statement | Rs. 200 |
| POA During Hearing | Rs. 50 |
| Restoration of Case | Rs. 500 |
| Inspection of Case File | Rs. 200 |
| Local Site Inspection of the Project by Authority | Rs. 3,000 (within 30 km)<br>Rs. 6,000 (30-60 km)<br>Rs. 10,000 (above 60 km) |
| Amendment in Application for Registration | Rs. 1,000 |
| Submission of Response to Queries | Rs. 1,000 |
| Submission of Quarterly Progress Report of Each Project | Rs. 1,000 |
| Submission of Audited Statement of Account of the Project | Rs. 1,000 |
To register as a promoter under RERA Bihar, follow these steps:
Step 1: Navigate to the RERA Bihar official website.
Step 2: Select the "Project Registration" option.
Step 3: On the redirected page, choose between "Promoter" or "Real Estate Agent."
Step 4: Opt for "Promoter."
Step 5: Fill in the required information such as the promoter type, PAN number, email ID, and mobile number.
Step 6: Finally, click on the "Register" button to finalize your registration.
To register as a real estate agent under RERA Bihar, follow these steps:
Step 1 :Visit the official website of RERA Bihar.
Step 2: Create an account by providing the required details.
Step 3: Fill in the registration form for real estate agents.
Step 4: Upload the necessary documents, such as PAN card, Aadhaar card, etc.
Step 5: Pay the registration fee online.
Step 6: Submit the application and wait for approval from RERA Bihar.
The office address of RERA Bihar is as follows:
RERA Bihar
Real Estate Regulatory Authority, 6th Floor, Bihar State Building Construction Corporation Campus, Hospital Road, Shastri Nagar, Patna - 800023.
RERA Bihar plays a crucial role in regulating the real estate sector and protecting the interests of homebuyers. By implementing strict rules and regulations, ensuring transparency, and providing dispute resolution mechanisms, RERA Bihar enhances buyer confidence in the real estate market. Additionally, RERA compliance is essential when applying for a home loan. Lenders often consider RERA registration and compliance as a positive factor, providing assurance to homebuyers and facilitating smoother home loan processes.
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