Jaipur: The real estate projects in Rural Areas will now be in the Real Estate Regulatory Authority (RERA) radar.
On Thursday, the notification was issued mentioning it would be mandatory for ongoing projects in the rural periphery of the state to register with RERA website within 90 days
After implementing the Act in urban areas, it has now decided to take real estate projects in rural areas under its ambit. A penalty would be imposed if developers fail to register their ongoing project within the stipulated deadline.
RERA, registrar, Pradeep Kapoor said, “There are many projects coming along the highway adjoining or away from city periphery. To safeguard the interest of consumers, a decision was taken to take these project under RERA ambit, after seeking RERA chairman’s permission.”
It was informed, as RERA registration provides a faith to consumers and prestigious tag to the project, the developers voluntarily approached to the authority for making registration open.
Official informed, under section 3 of RERA Act, 2016 developers in rural areas are provided with 90 days . Sources said (RERA) will now impose 10% of the project cost on developers who will not registered their ongoing projects with the regulatory .
Once details of all the ongoing projects are uploaded on the website, the aggrieved consumers can register their complaints at RERA office.
The RERA was introduced with an aim to bring more transparency in the existing system and protect the interest of home buyers. As majority of developers have registered their ongoing projects in the state with (RERA) in urban areas , the residents can heave a sigh of relief.
The consumers wishing to register their complaints with the regulatory authority can go ahead after seeing the registered project profile on the RERA online portal, in case they feel duped. Those who have booked their flats in a residential complex and their developer has not registered on portal can also inform the authority.
Developers also believe, the transparency in the system would benefit the consumers. “Majority of genuine and serious builders have registered their ongoing projects with RERA. The new system will eradicate non-serious developers from the market,” said a member of CREDAI.
It was also said that in the past few months new project launches have come down by 80% in the state. Source : timesofindia