APRERA REGISTERED PROJECTS
APRERA KEY OBJECTIVES AND SALIENT FEATURES
The key objectives of the Act are
- Ensuring Transparency & Efficiency in real estate sector in regards to sale of plot, apartment, building or real estate project.
- Protecting the interest of consumers in real estate sector
- Establishing adjudicating mechanism for speedy dispute redressal
- Establishing Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority
The Salient Features of this Act are
- It establishes the State Real Estate Regulatory Authority as the government body to be approached for redressal of grievances against any builder.
- This law vests authority on the real estate regulator to govern both residential and commercial real estate transactions.
- This law makes it mandatory for developers to post all information on issues such as project plan, layout, government approvals, land title status, sub-contractors to the project, schedule for completion with the AP Real Estate Regulatory Authority (APRERA) and then in effect pass this information on to the consumers.
- The maximum imprisonment term for a developer who violates the order of the appellate tribunal of the RERA is three years with or without a fine.
- Currently, if a project is delayed, then the developer does not suffer in any way. Now, the law ensures that any delay in project completion will make the developer liable to pay the same interest as the EMI being paid by the consumer to the bank back to the consumer
- The developer can not make any changes to the plan that had been sold without the written consent of the buyer.
- Every project measuring more than 500 square meters of site area or more than eight apartments will have to be registered with the RERA