Though late in setting up the much talked about Telangana Real Estate Regulatory Authority (T-RERA), and the corresponding website, the Telangana government, from all indications appears intent on making up for lost time including addressing some serious concerns of potential homebuyers.
Inaugurating the T-RERA premises in Hyderabad on August 31, K T Rama Rao, Minister for Industry & Commerce, Municipal Administration & Urban Development, ITE&C, Government of Telangana said the Authority will bring transparency to the construction sector and benefit home buyers. All builders will be given three months to register their projects taken up after January 1, 2017, he added.
As to the contentious issue of bringing projects initiated before January 1, 2018 but still under implementation or yet to be kicked off, the minister reportedly said the government was willing to consider bringing them within the ambit of the regulator if there were complaints.
Modelled on the Maharashtra RERA, the T-RERA and the portal will be active September 1 onwards. Rajeshwar Tiwari, Special Chief Secretary, Revenue, Telangana is also the Chairman TS-RERA.
“It is a big victory for home buyers of our country in general and particularly of Telangana”, said Mr B T Srinivasan, Vice President, Forum for Peoples’ Collective Efforts, which was instrumental in giving shape to the Central Act of 2016, welcoming the inauguration of the premises and the launch of the website.
All projects of 500 square meters and more or any project consisting eight flats in a complex initiated on or after January 1, 2017 will have to be registered, said Mr Arvind Kumar, Principal Secretary, Municipal Administration & Urban Development.
Officials estimated there would be over 6000 projects including layouts that will have to be registered across the state. Builders will be able to announce projects only after the clearance by the Authority. Promoters will have to park 70 per cent of the funds collected from potential home buyers in ESCROW accounts.