The real estate sector is one of the key contributors to the Indian economy. However, it has been plagued by issues such as lack of transparency, delayed possession, and fraudulent activities. To address these concerns, the Government of India enacted the Real Estate (Regulation and Development) Act, 2016 (RERA) to regulate the real estate sector and ensure transparency and accountability.
In Bihar, the Real Estate (Regulation and Development) Act, 2016 (Bihar RERA) was implemented on 1st May 2017. Bihar RERA is an independent regulatory authority that oversees the real estate sector in the state. The objective of Bihar RERA is to protect the interests of homebuyers and promote transparency, efficiency, and accountability in the real estate sector.
This article explores the role of Bihar RERA in regulating the real estate sector in the state.
Bihar RERA Registration Process
The Bihar RERA registration process is designed to ensure that developers comply with the regulations laid down by the authority. Developers who wish to register their projects with Bihar RERA must provide detailed information about the project, including project details, land status, approvals, and agreements with buyers.
After receiving the application, Bihar RERA reviews the application and checks whether the developer has complied with all the regulations. Once the application is approved, Bihar RERA issues a registration number to the developer.
The registration process also requires developers to deposit a certain amount of money with Bihar RERA to ensure that they comply with the regulations laid down by the authority. This money is held in an escrow account and is released to the developer only after they have completed the project.
Functions and Services Offered by Bihar RERA
Bihar RERA offers a range of functions and services to regulate the real estate sector in the state. Some of the key functions and services offered by Bihar RERA are:
- Registration of real estate projects and real estate agents.
- Grant of extension of registration of real estate projects.
- Complaint registration and resolution of complaints.
- Issuance of orders and directions.
- Imposition of penalties on developers for non-compliance with regulations.
- Maintaining a database of all registered real estate projects and agents.
- Facilitation of online registration, tracking, and monitoring of projects.
- Promoting transparency and accountability in the real estate sector.
Impact of Bihar RERA on the Real Estate Sector
The implementation of Bihar RERA has had a significant impact on the real estate sector in the state. It has brought about a greater level of transparency and accountability in the sector, which has increased the confidence of homebuyers in the sector.
The registration process has also become more streamlined, which has reduced the time and effort required for developers to register their projects with Bihar RERA. This has made it easier for developers to comply with the regulations laid down by the authority.
Bihar RERA has also established a mechanism for resolving disputes between homebuyers and developers. This has ensured that homebuyers have a platform to voice their concerns and seek redressal for any issues that they may face.
Bihar RERA has played a significant role in regulating the real estate sector in the state. The authority has brought about a greater level of transparency and accountability in the sector, which has increased the confidence of homebuyers in the sector. The registration process has become more streamlined, and a mechanism for resolving disputes has been established. Overall, Bihar RERA has had a positive impact on the real estate sector in the state.
Note: The information provided in this article about Bihar Real Estate Regulatory Authority is for informational purposes only. It is not intended as legal or professional advice and readers should consult qualified professionals for advice specific to their circumstances.
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