Bihar Government gives final nod to RERA rules !
- Thursday 27th April 2017
- Author: Riya Kapoor
In order to bring transparency and confidence in real estate , Bihar cabinet approves RERA rules.
As per Bihar RERA rules, developers have to sell flats on carpet basis .Every real estate agent and every project needs to get registered with authority
Developers need to publish all the details regarding the project on their websites
Developers need to publish all the details regarding the project on their websites.
In order to bring transparency and confidence in real estate, Bihar cabinet approves RERA rules.
“With the implementation of the rules, it would not only bring transparency in the real estate sector in the state but also protect the interest of consumers,” Urban development and housing department Principal Secretary Chaitanya Prasad said.
As per Bihar RERA rules, developers have to sell flats on carpet basis.Every real estate agent and every project needs to get registered with authority.Also, the developer cannot take more than 10% of the total value of the flat or plot from the buyers as booking amount or advance payment.'
'Developers need to publish all the details regarding the project on their websites. Developers need to put at least 70 percent of total proceeds into a special account meant only for construction of the property. Builders can withdraw the money only after proper certification from engineers, architects and charted accountants'" Prasad said.
Prasad said that the Act envisaged the provision of a “Real Estate Regulatory Authority” in every state where an aggrieved consumer could file a petition.
- What is a Lease Certificate?
- Things to keep in mind while entering into agreement for sale
- What is Phase-wise RERA Registration?
- Suo motu penalty order by MAHARERA on agents
- Penalty on Godrej Properties
- Responsibility of promoter till handing of possession
- What is Commencement Certificate?
- Obligations of promoter after registration of project
- What is Structure Stability Certificate?
- What is Land Survey Number?
- Obligations of promoter in case of transfer of project to third party
- Section 7-Revocation of Registration
- Disclosures to be made by promoter on RERA website
- What is RTC?
- How to file complaint in RERA Goa?
- How to file complaint in RERA Rajasthan?
- How to file complaint in RERA Bihar?
- How to file complaint in RERA Andhra Pradesh?
- What are Transfer Development Rights?
- Form B in RERA Act, 2016
- Transfer of Title in RERA
- What is Planning area in RERA?
- What is External Development work in RERA?
- What is Internal Development work in RERA?
- What are maintenance charges?
- What is NA Order?
- Withdrawal of projects in RERA
- What is Relinquishment deed?
- Extension of due date of QPR Submission in GUJRERA
- Rejection of project in RERA