Bihar Government gives final nod to RERA rules !

Author: Riya Kapoor

Highlights

In order to bring transparency and confidence in real estate , Bihar cabinet approves RERA rules.
As per Bihar RERA rules, developers have to sell flats on carpet basis .Every real estate agent and every project needs to get registered with authority
Developers need to publish all the details regarding the project on their websites
Developers need to publish all the details regarding the project on their websites.

In order to bring transparency and confidence in real estate, Bihar cabinet approves RERA rules.

“With the implementation of the rules, it would not only bring transparency in the real estate sector in the state but also protect the interest of consumers,” Urban development and housing department Principal Secretary Chaitanya Prasad said.

As per Bihar RERA rules, developers have to sell flats on carpet basis.Every real estate agent and every project needs to get registered with authority.Also, the developer cannot take more than 10% of the total value of the flat or plot from the buyers as booking amount or advance payment.'

'Developers need to publish all the details regarding the project on their websites. Developers need to put at least 70 percent of total proceeds into a special account meant only for construction of the property. Builders can withdraw the money only after proper certification from engineers, architects and charted accountants'" Prasad said.

Prasad said that the Act envisaged the provision of a “Real Estate Regulatory Authority” in every state where an aggrieved consumer could file a petition.