PATNA: With a view to safeguard property buyers from fraudulent real estate developers, Real Estate Regulatory Authority (RERA), Bihar, has asked promoters and developers to provide the requisite information on its official website by May 31.
The information to be put include the number of projects in which bookings of flats or plots of land have been made, number of bookings made in each project not launched yet or delayed by more than three years and the amount of payments or advances received in each such project.
RERA officials said the notice was issued on May 18 following receipt of complaints against a few real estate firms for providing incorrect information about their ongoing projects, taking money in advance and not completing the projects even after five years. Sources said RERA (Bihar) has received applications for total 364 projects, out of which 29 have been registered so far.
“We have received a number of complaints against some builders that they have been handling dozens of projects at a time while none have been completed even after 3-5 years, though significant sums had been collected by them, causing huge discomfort and anxiety among the consumers. In terms of section 35 of the Real Estate (Regulation and Development) Act, 2016 and section 24 of the Bihar Real Estate (Regulation and Development) Rules, 2017, all promoters and developers in Bihar are directed to furnish the requisite information to safeguard the interest of the customers,” RERA (Bihar) chairman Afzal Amanullah said.
Section 24 of RERA Rules 2017 states that promoter, allottee and real estate agent should furnish in writing such information or explanation or produce such documents within reasonable time, as it may deem necessary.
“The RERA was introduced with an aim to bring more transparency in the existing system and protect the interest of home buyers. The new system will eradicate non-serious developers from the market,” said Amanullah, adding 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.