Builder will have to fulfil facilities given in the brochure

Bhopal: A one-day workshop of chartered accountants, accountants, engineers, government departments and all those associated with real estate was organized at Hotel Noor-us Sabah. Madhya Pradesh Real Estate Regulatory Authority Chairman Antony de Sa said at the workshop that the main reason for bringing RERA Act is the rampant imbalance in the region. The contractor, builder/promoters will have to abide by the contract they sign with the allottees under RERA Act. They will also have to take the guarantee of five years of their construction work. They will have to give the delivery to the allottees on time. Allottees will be able to obtain payment with interest and compensation if they do not abide by the provision.

De Sa said that skillful, honest builders and developers will benefit from RERA Act.
RERA Act will make real estate transactions transparent. He said that builders will have to fulfil all the claims made in the advertisements and brochure. Similarly, they will have to make use of the same Italian marble and material they have used in the model flats in the residences of the allottees. The participants were shown a live demo of the website of RERA at the workshop. The workshop has been organized with the support of CREDAI at Indore, Jabalpur, Gwalior and Bhopal to familiarize all those associated with real estate and to the common man about RERA Act and its implementation and to create awareness among them.

It may be noted here that Madhya Pradesh is the only state in which not only has the formation and rules of Real Estate Regulatory Authority (RERA) been published, but the web-based online system of RERA has also been developed.
It was told at the workshop that through this medium the real estate sector will be made more organized, transparent and responsible with the consumer’s point of view. The complaints of the consumers will be redressed speedily in the Authority.

Builders and real estate agents can register their application and consumers can register their complaints online on the Authority website www.rera.mp.gov.in.

The projects proposed to be created in future or those that are incomplete on April 30, 2017 and those projects that have not been given completion certificate by the Nagar Nigam will come under the jurisdiction of Madhya Pradesh Real Estate Regulatory Authority. It was told at the workshop that promoters and developers will have to get themselves registered with the Authority before marketing their project. It will be mandatory to register the incomplete Real Estate projects with the Authority within three months. Along with this promoters and builders will have to give updated information about the project to the Authority every three months and its information with photo will be displayed in the Authority’s website.-WTN