Bihar Real Estate Rules

The State Cabinet Has applaud "Bihar Real Estate (Regulation And Development) Rules, 2017" To Protect the Interest Of Consumers And Bring Back Confidence among Real Estate customers And Financiers.

About RERA Real Estate (Regulation And Development) Act, 2016

The Real Estate Sector Has Grown In the Recent Years But Has Largely Been deregulated From The Outlook Of Consumer Protection. Though, Consumer Protection Laws Are Available, The Recourse available within are only Healing, But Not Protective. This Has Affected The Overall Potential Growth Of The Sector Due To Absence Of Professionalism And Standardization.

This Statement Was Passed By The Parliament On March 15, 2016, And The Act Came Into Force On May 1, 2016. From A Common Man Outlook, It Was Meant To Address Some Of The Pain Points Of A conventional Property Buyer:

What Is The Recourse When A Project Hand-Over Is Delayed By The Builder/Promotor?
How Does One Verify That A Specific Property Meets The Legal Norms As Set By The Local Civic Bodies?

Hence The Real Estate Regulation And Development Act Was Introduced To Help The Common Man. Its Primary Goal Is To Bring Snugger Regulations Into The System, Thereby Bring Transparency And Responsibility To The Whole Home-Ownership Experience. The Act Applies To Both Residential And Commercial Real Estate Projects.

The Basic Principles And Vision For This Act Were Formulated By The Center, And Then For Each Of The States To Individually Set Up A Real Estate Regulatory Authority (RERA), An Appellate Tribunal And RERA Rules. Such A Set-Up Was Aimed At Protecting A Property Buyer’s Interest.

Bihar Govt. cabinet approves realty rules

According To The RERA Real Estate (Regulation And Development) Act, 2016, Any Real Estate Builder Constructing Any Apartment With A Minimum Of 8 (Eight) Flats Will Have To Get Registered With The Government.

Also, The Builder Cannot Take More Than 10 Per Cent Of The Flat’s Cost At The Time Of Booking.

The Act In Bihar Conceived The Provision Of A Real Estate Regulatory Authority In Every State Where An Aggrieved Consumer Could File A Appeal. The Rules Would Be Applicable To Residential And Commercial Buildings And Will Also Cover Ongoing Projects, Completion Certificate Of Which Is Not Available So Far. The State Registration Department Will Have To Display All Information About A Project, Its Layout Plan, Contractor, Agreement For Sale And Sale Deeds On Its Website. The Important Aspect Of The Law Is That A Builder Can Now Sell A Flat On Basis Of Its Carpet Area, Not Super Built-Up Area — The Balcony, Verandah And Service Shaft Would Not Be Part Of The Carpet Area. In Case Of Any Defect Within A Year Of The Flat’s Sale, The Builder Has To Bear The Cost Of Repair.

The rules would be applicable to residential and commercial buildings and will also cover ongoing projects, completion certificate of which is not available so far. The state registration department will have to display all information about a project, its layout plan, contractor, agreement for sale and sale deeds on its website.

The important aspect of the law is that a builder can now sell a flat on basis of its carpet area, not super built-up area — the balcony, verandah and service shaft would not be part of the carpet area. In case of any defect within a year of the flat’s sale, the builder has to bear the cost of repair.

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