Telangana notifies RERA rules
The state government of Telangana, on Thursday, notified the Real Estate Regulatory Authority (RERA) to regulate the real estate sector in the state. The rules will also be applicable to ongoing projects which were approved after January 1, 2017.
A GO notifying RERA was issued on Thursday by framing the Telangana State Real Estate Rules, 2017. All the projects that come up in above 500 sq meters plot area and apartments comprising more than six units and were approved on or after January 1, 2017, by municipal corporations such as GHMC, that of Warangal and Nizamabad, nagar panchayats like Pedda Amberpet and Medchal, urban development authorities like HMDA as well as the Telangana State Industrial Infrastructure Corporation come under the purview of RERA.
The state government will soon appoint the regulatory authority comprising a chairperson and one or two members. An appellate tribunal will also be constituted to deal with appeals on RERA’s decisions.
It now becomes mandatory for developers and infrastructure companies to register themselves with RERA or else they will not be allowed to advertise, market or sell their projects without such registration. Once registered, the builder has to complete the project as per schedule and the prospective buyer can move RERA in case of any delay or violation on the part of the builder.