RERA Andhra Pradesh
RERA Andhra Pradesh was set up under the Real Estate (Regulation & Development) Act, 2016. The State Government has already published the Andhra Pradesh Real Estate (Regulation & Development) Act, 2017, the full copy of which can be found on the official Andhra Pradesh RERA website. All builders, developers, and real estate agents are required to follow the rules mentioned in the act and failure to do so may result in strict actions taken against them.
As the portal has been launched Last Month, Home buyers are curious to know what it is all about and what RERA andhra pradesh website will do for home buyers, builders and other people interested in real estate sector in Andhra Pradesh. The AP RERA basically means Andhra Pradesh Real Estate Regulatory Authority. The link to the website is https://www.rera.ap.gov.in/RERA/Views/Home.aspx
Here are things to know about RERA andhra pradesh portal and how it will be beneficial for builders, flat buyers, real estate agents and others:-
- The website will be open for all
- Home Buyers can verify details about the builders’ antecedents
- Home Buyers can verify the registration number of builders too
- The website has been developed to ensure that people do not have to take rounds of offices to verify builder details
- All details are available at a click of a button
- Home buyers can get complete information on the builders from who he or she is planning to buy a property
Home Buyers can check the following link for all approved projects in andhra pradesh – https://www.rera.ap.gov.in/RERA/Views/Reports/ApprovedProjects.aspx
RERA Andhra Pradesh Registration
All real estate builders, developers, and agents are required to register with the RERA Andhra Pradesh. The procedure and documents required for the same can be found on the official website at https://www.rera.ap.gov.in/RERA/Views/ProjectRegistration.aspx
Real estate developers need to submit many details for the registration of project which involves information regarding promoter, co-promoters, plan approvals, Time schedule, Location details of project, Bank account of the project, Associate details etc. For step by step understanding of filing online application, one can refer Guidelines for Registration page.
Real estate agents in the state as well, are required to submit certain documents with their application. These are:
- PAN card and Aadhaar card
- Contact details of the agent/entity
- Information about the enterprise; to be submitted with the address proof
- Litigation details, if applicable
Real Estate (Regulation & Development) Act, 2016
The Real Estate (Regulation & Development) Act, 2016 is considered as one of the landmark legislations passed by the Government of India. Its objective is to reform the real estate sector in India, encouraging greater transparency, citizen centricity, accountability and financial discipline. This is in line with the vast and growing economy of India as in future many people will be investing in real estate sector.
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.
- law vests authority on the real estate regulator to govern both residential and commercial real estate transactions.
- 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.
In few months, we at gunturproperty.com will try to bring more informtion about RERA approved projects. Tune in !