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If you've ever bought or considered purchasing a real estate property, you understand it is a significant investment. You'd have heard stories of homebuyers investing in property, not getting possession, losing their deposit, etc. With the large sums of money involved, you'd like to be sure you're getting what you're promised and when you're promised without any sliver of fraud.
The government introduced the Real Estate Regulatory Authority (RERA) Act in 2016 to ensure ethical practices in the real estate sector and safeguard buyers' interests. To implement the same at the state level, the state government notified the Telangana State Real Estate Rules 2017 in July 2017.
The first objective of RERA Telangana is to introduce transparency in the real estate sector to protect the interests of buyers and developers. To this end, RERA Telangana ensures that all real estate projects and agents registered with the regulatory body are publicly viewable on the website.
RERA Telangana also aims to efficiently regulate the real estate sector to reduce instances of fraud.
Further, the RERA Telangana recognizes the importance of timely grievance redressal and provides provision for quick grievance redressal by forming an Appellate Tribunal.
The functions performed by Telangana Real Estate Regulatory Authority include:
Regulate and register: RERA Telangana lists and controls the real estate agents and projects in the real estate industry.
Maintain and publish records: RERA Telangana maintains and publishes project records for public viewing.
Preserve promoters' database: RERA Telangana maintains a database of all projects with proofs and images of promoters whose licenses were revoked.
Grievance redressal: RERA Telangana provides a platform for consumers to file complaints against buyers and facilitates complaint redressal through mediation.
Obligation compliance: It also ensures that the obligations and requirements imposed on builders, buyers and estate agents are followed.
Maintain a database of real estate agents: The RERA Telangana authority keeps track of all registered real estate agents, including details of those whose licenses have been cancelled.
Order compliance: The RERA authority is also responsible for ensuring its rules and regulations are followed.
The RERA Act in Telangana ensures transparency and accountability in the real estate sector.
The various fees associated with RERA Telangana for agents and developers are as follows:
Registration fee for developers
| Type of project | Fees |
|---|---|
| Residential project with total area up to 500 sq. metre | Rs. 10 per sq./metre |
| Residential project with total area above 500 sq. metre | Rs. 15 per sq./metre |
| Commercial project with total area up to 500 sq. metre | Rs. 20 per sq./metre |
| Residential project with total area above 500 sq. metre | Rs. 25 per sq./metre |
| Type of agent | Fees |
|---|---|
| Individual agents | Rs. 10000 |
| Other agents | Rs. 50000 |
| Type of agent | Fees |
|---|---|
| Developers | 50% of registration fees |
| Individual agents | Rs. 5000 |
| Firms | Rs. 25000 |
The various features and benefits of RERA Telangana include:
Protection for buyers: RERA safeguards homebuyers' interests by providing transparency, enforcing timely possession of properties, and ensuring grievance redressal.
Improved accountability: It holds agents and developers accountable for their actions, reduces fraud and ensures compliance with rules and regulations.
Improved market credibility: A regulatory authority presence improves real estate market credibility and builds customer trust.
Dispute resolution: RERA Telangana provides a dispute resolution platform and ensures timely grievance redressal, benefiting buyers and developers.
Standardization and quality management: RERA sets guidelines and regulations for construction and ensures that builders comply with these norms. It also ensures that the delivered projects meet quality standards.
Better market opportunities for agents: Real estate agents get better market access and opportunities under RERA Telangana due to official registration and recognition.
To be part of RERA Telangana, a real estate project must satisfy the following eligibility criteria:
The competent authorities must have approved the real estate project on or after 01-01-2017.
The number of the proposed apartments in the project exceeds eight in all phases.
The total land area developed exceeds 500 sq. metres.
The following documents are required by promoters for project registration under RERA Telangana:
Land title document as proof of ownership or development rights.
Encumbrance certificate to confirm that the property is free from any legal or financial liabilities.
Sanctioned plan and layout approval by local planning authority
Project financial details, including estimated costs, sources of funding, and expenditure plan.
Project brochure, which includes project specifications, layout and amenities.
The following documents are needed for agent registration with RERA Telangana:
Identity proof : Aadhar, PAN card or passport.
Address proof : Utility bills, rental agreement or property tax receipt.
Business registration document : Incorporation certificate for firms.
Photographs : Recent, passport-sized photos.
To register a project under RRA Telangana as a developer, follow the steps given here:
Step 1: Visit the official Telangana RERA website and access the registration portal.
Step 2: Create a new developer account using an email ID and phone number.
Step 3: Login to the portal using the credentials provided during registration.
Step 4: Fill out the registration form by providing information about the project, location, size, type, and timeline.
Step 5: Upload the required documents for registration given above.
Step 6: Pay the necessary registration fee, depending on the project type and size, via net banking, credit card, debit card, or UPI.
For real estate agent RERA registration Telangana, follow the steps given here:
Step 1: Visit the official RERA Telangana website and enter the agent registration section.
Step 2: Create an agent account using a valid email ID and phone number.
Step 3: Log in using the credentials provided during registration and fill out the registration form.
Step 4: Upload the required documents, such as address proof, ID proof and business registration documents.
Step 5: Pay the nominal registration fee.
Step 6: Review the details and submit the application.
RERA act in Telangana has standardized the state’s real estate industry and increased its credibility. By ensuring homebuyers' protection from fraud and developers' protection from fake claims, RERA aims to benefit all the parties involved in a real estate transaction and elevate the stature of this industry.
Real estate investment requires significant funds whether you're a buyer or a developer. Instead of dipping into your savings, consider Tata Capital's home loans. Tata Capital provides home loans at attractive interest rates and flexible repayment tenure. Use Tata Capital's home loan EMI calculator for calculating home loan EMIs based on your preferred repayment tenure and apply home loan now!
To learn more, check the Tata Capital website or download the app.
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