Ongoing Project in TSRERA

Ongoing Project in TSRERA
  • General
  • Friday 19th July 2019
  • Author: Shreya Uppal

Highlights

  • As per the RERA Act, 2016, every ongoing and under-construction project or projects that have not received their completion certificate before the existence of the RERA Act, 2016 are required to get itself registered with their respective state RERA Authority.

  • RERA Telangana on 31 July, 2017 to protect buyer’s interest, enhance professionalism and ensure transparency in the real estate sector.

The Ministry of Housing and Urban Poverty Alleviation notified the RERA rules for RERA Telangana on 31 July, 2017 to protect buyer’s interest, enhance professionalism and ensure transparency in the real estate sector. As per the rules of the Act, all real estate developers are required to register their project and real estate agents are required to register themselves with the RERA authority.
As per the RERA Act, 2016, every ongoing and under-construction project or projects that have not received their completion certificate before the existence of the RERA Act, 2016 are required to get itself registered with their respective state RERA Authority.

 As per
Section 2 (j) of the Telangana State Real Estate (Regulation and Development) Rules, 2017, “Ongoing Project” means, a Project where development is going on and for which Occupancy Certificate or Completion Certificate has not been issued but excludes such Projects for which building permissions were approved prior to 01.01.2017 by the Competent Authorities viz., UDAs / DTCP / Municipal Corporations / Municipalities / Nagar Panchayats / TSIIC as the case may be.

Rule 4 of the TSRERA Rules, 2017 describes some of the Additional Disclosures which are to be done by the promoters of ongoing projects:
1. the original sanctioned plan, layout plan, and specifications and the subsequent modifications carried out, if any, including the existing sanctioned plan, layout plan, and specifications,
2. the total amount of money collected from the allottees and the total amount of money used for the development of the project including the total amount of balance money lying with the promoter,
3. status of the project (extent of development carried out till date and the extent of development pending) including the original time period disclosed to the allottee for completion of the project at the time of sale including the delay and the time period within which he undertakes to complete the pending project, which shall be commensurate with the extent of development already completed, and this information shall be certified by an engineer, an architect and a chartered accountant in practice.
4. The promoter shall disclose the size of the apartment based on carpet area even if earlier sold on any other basis such as super area, super built-up area, built-up area, etc. which shall not affect the validity of the agreement entered into between the promoter and the allottee to that extent.
5. In case of plotted development, the promoter shall disclose the area of the plot being sold to the allottees as per the layout plan.


Penalty order issued by TSRERA for registration of projects
1. An order dated 29/06/2019 has been issued by the TSRERA to levy penalty on various projects which is effective from 29th June 2019 onwards.
2. On 31st August 2018, the TSRERA has announced the timelines to register the projects before 30th November 2018 through online for the projects approved by the competent authorities i.e. UDA’s/ DTCP/ Municipal Corporations/ TSIIC between 01/01/2017 and 31/08/2018.
3. However, during the meeting held on 29th June 2019 by TSRERA, it has decided to levy the penalty and give the developers a fair chance again to register the projects.
4. Therefore, in the exercise of the powers vested under section 59 of the Real Estate (Regulation and Development) Act, 2016. 
5.
The TSRERA has once again decided to give more opportunity by charging Rs. 3,00,000 as a penalty, if registration is done or before 31/07/2019. It has decided to keep the process of registration of ongoing projects open for which permission has been taken between 01/01/2017 and 31/08/2018 from the competent authorities.

For Project Registration, Click here.
Tags: 
Penalty order issued by TSRERARERA Telangana

 

Have Questions on RERA ? Have free discussion on email .