ANDHRA PRADESH RERA CHAIRMAN UNDERSCORES STATUTORY REQUIREMENTS FOR REAL ESTATE PROJECTS
Are Siva Reddy, chairman of the Andhra Pradesh Real Estate Regulatory Authority (RERA), has called upon builders to strictly follow all mandated statutory norms. This directive applies to the construction of both residential and commercial projects, emphasizing the necessity of obtaining RERA permissions before commencing any development. The chairman assured stakeholders that RERA would process all submitted files within the designated timeframe. This reiteration of existing regulations aims to foster a more transparent and accountable environment within the state's real estate sector, as articulated by former CREDAI State President, Mr. Siva Reddy.
The core of RERA's mandate involves ensuring adherence to established construction and sales regulations, with a focus on project registration, timely disclosures, and buyer protection.
MANDATED PROCEDURES AND IMPLICATIONS OF NON-COMPLIANCE
Builders are now reminded of their obligation to secure a unique 'RERA registration number' and submit all requisite documentation. Failure to comply with these regulations carries substantial consequences, including potential fines and legal repercussions. The overarching goal is to inject transparency and accountability into real estate transactions, thereby safeguarding the interests of property buyers, a concern that has long plagued the Indian market.
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Builders must register their projects with the respective State RERA Authority before initiating any advertising, marketing, or sales activities.
Non-compliance with RERA orders can lead to severe penalties, including potential imprisonment for up to a year or daily fines.
Adherence to project timelines and accurate record-keeping are critical to avoid legal entanglements.
BUILDER RESPONSIBILITIES EXTEND BEYOND POSSESSION
RERA provisions stipulate that builders retain responsibility for common areas and facilities even after handing over possession to residents' associations. This includes the completion of promised amenities such as clubhouses and swimming pools, as well as the execution of registered sale deeds.
If structural defects or poor workmanship are identified within five years of possession, builders are legally bound to rectify them without additional cost to the homeowner.
Builders are accountable for project maintenance until the official formation and charge-taking by the Resident Welfare Association (RWA) or cooperative housing society.
Disobedience of RERA authority decisions can result in significant penalties.
DISCLOSURE AND TRANSPARENCY AS CORNERSTONES OF RERA
A key aspect of RERA's framework is the requirement for builders to disclose specific project details to potential buyers. This includes information on past project delays and their justifications, shared spaces, and amenities. Such disclosures are intended to empower buyers to make well-informed decisions.
Builders are obligated to disclose instances of project delays and the reasons behind them on the RERA portal.
Verification of project details with builders and checking official state RERA websites are advised for buyers.
BACKGROUND: ESTABLISHMENT AND AIMS OF RERA
The Real Estate (Regulation and Development) Act, 2016, established RERA to regulate the real estate sector and address long-standing issues of inefficiency and lack of transparency. The authority was created to bring order, accountability, and protection for consumers within the industry. The emphasis on the 'three Ts' – transparency, trust-building, and time adherence – by former MahaRERA Chairman highlights the intended spirit of the act in bridging the trust deficit between promoters and buyers and facilitating speedy grievance redressal.
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