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All about Bihar RERA

[ecis2016.org] Based on the central model law, the RERA Bihar specifies the duties of buyers, agents and builders and the penalties on each of them, in case of defaults

After the centre notified the model version of the real estate law in 2016, the Bihar government came up with its own law and notified the Bihar Real Estate (Regulation and Development) Rules, 2017, on April 28 that year, aiming to safeguard the home buyers’ interests and to regulate the real estate sector.

You are reading: All about Bihar RERA

Based on the central model law, the RERA Bihar specifies the duties of buyers, agents and builders and the penalties on each of them, in case of defaults.

Key features of the RERA Act Bihar

Project registration: All commercial and residential projects have to be registered with the Bihar RERA.

Project updates: It is mandatory for builders to give quarterly updates on project status, to the Bihar RERA.

Sale based on carpet area: The builder has to disclose the apartment size, in terms of carpet area.

Advance payment: The builder cannot accept a sum of more than 10% of the apartment/plot’s cost, as advance payment.

Escrow account: For ongoing projects, the builder has to deposit, in a separate bank account, 70% of the amounts already realised from the buyers. This amount has to be utilised for project construction or the project’s land cost. This should be done within three months of registering the project.

Penalty interest: The rate of interest payable by the builder to the buyer, or vice-versa, is 2 percentage points above the prevalent lending rate of State Bank of India (SBI).

Refund: The builder is obliged to refund the buyer within 60 days, if the buyer exits the project, because it has been delayed.

Sales pitch: While the builder is responsible for the veracity of all information contained in the advertisement and the prospectus, the state law also says that brokers should not permit the publication of any advertisement of services that are not intended to be offered.

Complaint response: The Appellate Tribunal should dispose of the appeal as expeditiously as possible but not later than 60 days from the filing of the appeal.

Jurisdiction: Any person aggrieved by the decision or order of the Appellate Tribunal, can file an appeal with the High Court.

Key facts about Bihar RERA

Date of notification: April 28, 2017
Head office: Patna
Chairman: Afzal Amanullah
Approved projects: 883 (As of May 13, 2020)
Office Address: 6th Floor, Bihar State Building Construction Corporation Campus, Hospital Road, Shastri Nagar, Patna – 800023

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Check out the Bihar RERA rules in Hindi and English.

Project registration fee on Bihar RERA website

Group housing

Rs 5 per sq metre: For projects where the area of land proposed to be developed does not exceed 1,000 sq metres.

Rs 10 per sq metre: For projects where the area of land exceeds 1,000 sq metres (amount cannot exceed Rs 5 lakhs).

Mixed developments

Rs 10 per sq metre: For projects where the area of land proposed to be developed does not exceed 1,000 sq metres.

Rs 15 per sq metre: For projects where the area of land exceeds 1,000 sq metres (amount cannot exceed Rs 7 lakhs).

Commercial projects

Rs 20 per sq metre: For projects where the area of land proposed to be developed does not exceed 1,000 sq metres.

Rs 25 per sq metre: For projects where the area of land exceeds 1,000 sq metres (amount cannot exceed Rs 10 lakhs).

Plotted development projects

Rs 5 per sq metre but shall not be more than Rs 2 lakhs.

Also read all about the procedure for property registration Bihar

Builder registration on RERA Bihar website

Step 1: Log on to the official RERA Bihar website at rera.bihar.gov.in and click on the ‘Project Registration’ tab.

All about Bihar RERA

Step 2: You will be redirected to another page, where you will be given options to select from ‘Promoter’ or ‘Real Estate Agent’. Select ‘Promoter’.

All about Bihar RERA

Step 3: Key in your PAN number, email ID, mobile number and other details and click on ‘Register’, to complete the process.

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For any issues in online registration, you could send an email to rera[at]bihar[dot]gov[dot]in with all details.

Bihar RERA: Real estate agent registration

Step 1: Log on to the official RERA Bihar website at rera.bihar.gov.in and click on the ‘Project Registration’ tab.

Step 2: You will be redirected to another page where you will be given options to select from ‘Promoter’ or ‘Real Estate Agent’. Select ‘Real Estate Agent’.

Step 3: Key in your PAN number, email ID, mobile number and other details and click on ‘Register’, to complete the process.

How to register a complaint on Bihar RERA?

Home buyers can lodge a complaint against a builder or project, on the official website of the RERA Bihar. On the website, hit the ‘Register Complaint’ button to proceed.

Be ready with every detail about the project, since the form that would open in front of will be is lengthy.

Also, Rs 1,000 has to be paid for complaint registration.

All about Bihar RERA

All about Bihar RERA

All about Bihar RERA

All about Bihar RERA

After filling in the details, hit the submit button.

Buyers can also report an unregistered project on the RERA Bihar website. Click here to report the unregistered project.

FAQs

Are ‘open parking areas’ part of ‘common areas’?

Section 2(n) of the real estate law defines ‘common areas’ to include ‘open parking areas’. Thus, open parking areas cannot be sold to the allottees.

What is the definition of ‘garage’ and can it be sold by the promoter, independent of an apartment?

The real estate law defines the term ‘garage’, which can be sold to the allottee independent of the apartment.

Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org

Source: https://ecis2016.org
Category: Lifestyle

Debora Berti

Università degli Studi di Firenze, IT

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