Procedure for Withdraw of Real Estate Projects in Telangana
- Friday 19th April 2019
- Author: Shreya Uppal
These procedures are applicable only for those cases wherein the Authority has not generated the Registration Number/ Certificate. It has come to notice to Authority that few promoter projects are requesting to withdraw their applications due to submission of application wrongly.
The Real Estate Regulatory Authority (RERA) has been established in each state for regulation of the real estate sector and also acts as an adjudicating body for Speedy Dispute Redressal.
The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The Real Estate Regulatory Authority (RERA) has been established in each state for regulation of the real estate sector and also acts as an adjudicating body for Speedy Dispute Redressal. Government of Telangana notified the Telangana State Real Estate (Regulation & Development) Rules 2017 vide G.O.Ms.No.202, Dt.31-07-2017 for regulation and promotion of real estate sector in the State of Telangana and vide G.O. Ms. No. 6, Dt.11-01-2018 and Special Chief Secretary to Government (Shri Rajeshwar Tiwari, IAS) Revenue Department has been designated as Chairman of RERA Authority of Telangana.
Earlier, when Rules of Telangana came in July, 2017 there was No Provision for Withdrawal of Registration Application by promoters of Real Estate Projects. Now, with effect from 07/02/2019 via Circular No: 2/2019, Authority has stated SOP (Standard Operating Procedures) for withdraw of Real Estate Projects. These procedures are applicable only for those cases wherein the Authority has not generated the Registration Number/ Certificate. It has come to notice to Authority that few promoter projects are requesting to withdraw their applications due to submission of application wrongly.
As a first step towards withdrawal the project, the promoter will have to use their login ids that they used for registering their projects and check the present status of the project. If the project is not approved by Desk 4 officer, the following procedure can be followed to withdraw the project:
- Promoter shall enter the bank details for which the amount should refund.
- Promoter should confirm the details of refundable amount after deduction of service charges plus tax, which will be shown in the application.
- The promoter will get refund amount subject to the following conditions:
- If the project registration fee is less than or equal to Rs.5000/-, the promoter will not receive any refund amount.
- If the project registration fee is more than Rs.5000/-, the balance amount will be refunded after deduction of Rs.5000/- plus Service charges as applicable.
- Promoter will receive the refund amount to respective bank account mentioned in application after approval of Authority.
Day-by-day with more number of promoters and agents registering with RERA, new cases are coming and as a consequence of which new rules and regulations are knocking the door to improve transparency, one has to be more Cautious, Active and Updated to be in a competitive race.
For consultancy related to these matters, Contact Us.
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