RERA in Bihar: The Bihar cabinet has approved RERA rules to increase transparency and trust in the real estate market.
“Trying to implement the laws will not only provide transparency to the state’s real estate industry, but it will also protect consumers interests,” said Chaitanya Prasad, Principal Secretary of the Urban Development and Housing Department.
Developers are required to sell homes on a carpet basis under Bihar RERA rules. Every real estate agent, as well as each project, must register with the government. In addition, the developer cannot charge the buyers more than 10% of the entire value of the apartment or plot as a booking fee or advance payment.
Developers must make all project information available on their websites. Developers must transfer at least 70% of total earnings into a separate account dedicated only to the property’s construction. Only after proper certification from engineers, architects, and chartered accountants can builders take the funds, according to Prasad.
According to Prasad, the Act called for the establishment of a “Real Estate Regulatory Authority” in each state, where unhappy customers may register a complaint.
Need hassle-free RERA Services?
MeraLegal will assist you in obtaining all appropriate licenses and registrations of real estate projects and agents; please click on the following link to contact one of our consultants.