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What does TSRERA mean for Home-buyers in Hyderabad? Part 3

This is part III of the article, and explains how the Telangana Real Estate Regulation Act (RERA) is a boon and has REGULATED the Real Estate sector!

Please read part I.

Please read part II.

of the article for better understanding.

1. Complaint mechanism: Putting a builder in a tight spot legally

A registered project qualifies for a complaint being filed against a builder
A home buyer or a builder can even make an appeal before the appellate tribunal
You can also approach the high court if the need be through the RERA channel if required
This was missing until 2017
In the pre-2019 era, builders had a field day in the absence of an organized mechanism to address complaints and grievances
RERA Act gave teeth to the legal mechanism backed by very stringent rules and expectations IN FAVOUR OF THE BUYERS

TSRERA Act gave teeth to the legal mechanism backed by very stringent rules and expectations IN FAVOUR OF THE BUYERS

2. How to know which PROJECT or an AGENT is registered under RERA in Hyderabad

The TSRERA has made complete transparency possible. Details of ALL REGISTERED projects visible on the TSRERA website
Citizens can easily VERIFY details about a registered project in Hyderabad / Telangana on the Telangana RERA website
This is easy: Just type the project title, and you will know if a project or an agent is registered in Hyderabad / Telangana
Telangana RERA website http://rera.telangana.gov.in/
Use tab: ‘SEARCH REGISTERED PROJECTS AND AGENTS’ which opens a new window where details can be types
An external website opens up where you can check the ‘registered projects’ and ‘registered agents’. The complete details of the project, as well as the agent, are made visible. You can not only view the ‘application’, but also the ‘certificate’ issued by Telangana RERA authorities.
The website shows you:
- Sanctioned plans
- layout plans
- specifications
- number of the building(s) or wing(s) in the project
- schedule of completion
- provisions for civic infrastructure like water, sanitation, and electricity
- quarterly update of the bookings done, covered parking/garages booked, approvals have taken/pending after Commencement Certificate is issued, and the status of the project among other things
Marketing efforts like advertisements or prospectus etc. need to carry the website address of the Telangana RERA authority
Marketing efforts also need to have the RERA registration number allotted by the Authority

The TSRERA has made complete transparency possible. Details of ALL REGISTERED projects visible on the TSRERA website

3. Strict buyer-centric rules for builders

Complete information to be made available about residential/commercial project
Consumers can AVOID UNREGISTERED PROJECTS, and save themselves from the risk
No alterations or additions in plans can be made by the builder
Builder needs to stick to the sanctioned plans
Timely possession (delivery) is a must, else the builder is liable to pay interest to the buyer on a monthly basis
If a buyer wants to withdraw from the project, need to refund their money with interest
Builder to make sure that within 2 months of occupancy certificate, and after 60% of the possession is complete, the builder needs to form an ‘Association of Allottees’
Builder needs to issue conveyance deed (registration of property in buyer’s name) (i) within 3 months from the date of occupancy, OR, (ii) when 60% of the allottees have taken possession after making full payment to the builder

4. Key highlights of TSRERA: a SUMMARY

Telangana RERA helps the buyers, sellers, and agents benefit

Promote transparent and smooth financial transactions between buyers and sellers
The project must be registered with Telangana RERA prior to construction
Marketing and selling are simply NOT allowed unless the property is registered with RERA
Builder is accountable for the money taken from buyers
Builder needs to provide periodic construction and relevant update of their projects to buyers
70% of the amount taken from buyers must be used for the sole purpose of use in construction only
Strong deterrence mechanism with penalties
Customer-centric redressal mechanism to secure FINANCIAL DISCIPLINE by the builder
Telangana RERA helps the buyers, sellers, and agents benefit
The real estate industry grows on the foundation of trust, and transparency with a well-regulated structure
Business in the Real Estate sector has already boomed/flourished with an environment of trust and safety