Mak­ing shar­ing of in­for­ma­tion manda­tory

The Rera Act makes it com­pul­sory on the part of the builder and state au­thor­ity to share full in­for­ma­tion with the home buyer and gen­eral pub­lic re­gard­ing builder and realty projects

Hindustan Times (Chandigarh) - Estates - - ESTATE - Mu­niesh­wer A Sa­gar mu­niesh­wer.sa­gar@hindustantimes.com

CHANDI­GARH: The en­act­ment of the Real Es­tate (Reg­u­la­tion and De­vel­op­ment) Act and the state rules made there­un­der has the po­ten­tial to bring in the much­needed trans­parency to the real es­tate sec­tor.

So far, not all states, in­clud­ing Pun­jab and Haryana, have func­tional Rera web­sites. But the state au­thor­i­ties are man­dated un­der the act to pro­vide in­for­ma­tion to the buyer through a web­site.

IN­FOR­MA­TION FROM THE BUILDER

At the time of ad­ver­tise

ment/book­ing: In an ad­ver­tise­ment, a builder can­not pro­vide false in­for­ma­tion about the pro­ject to the prospec­tive buyer. If it does so, it will be li­able for penalty, which may in­clude both fine and im­pris­on­ment.

Sim­i­larly, un­der the Sec­tion 3 of the Rera Act, at the time of the book­ing, of a prop­erty with a builder in a pro­ject, a home buyer has the right to be provided in­for­ma­tion re­gard­ing sanc­tioned plans, lay­out plans, along with spec­i­fi­ca­tions, ap­proved by the com­pe­tent au­thor­ity, the stage-wise time sched­ule of com­ple­tion of the pro­ject, in­clud­ing pro­vi­sions for civic in­fra­struc­ture like wa­ter, san­i­ta­tion and elec­tric­ity.

If the in­for­ma­tion provided at the time of the book­ing of a prop­erty is mis­lead­ing, in­cor­rect, false and leads to loss or dam­age, then the buyer has to be com­pen­sated by the builder as per the act and the rules made there­un­der, stip­u­lates Sec­tion 12 of the Act.

If such a buyer in­tends to with­draw from the pro­posed pro­ject, it shall be re­turned his en­tire in­vest­ment along with in­ter­est at such rate as may be pre­scribed and the com­pen­sa­tion in the man­ner provided un­der act and state Rera rules. At any other stage: The home buyer is en­ti­tled to ob­tain in­for­ma­tion re­lat­ing to sanc­tioned plans, lay­out plans along with the spec­i­fi­ca­tions, ap­proved by the com­pe­tent au­thor­ity and such other in­for­ma­tion as provided in this act or the rules and reg­u­la­tions made or the agree­ment for sale signed with the pro­moter, as per the Sec­tion 19 of the Act. The buyer is also en­ti­tled to know stage­wise time sched­ule of com­ple­tion of the pro­ject, in­clud­ing pro­vi­sions for wa­ter, san­i­ta­tion, elec­tric­ity and other ameni­ties as agreed in ac­cor­dance with the terms and con­di­tions of the agree­ment for sale.

IN­FOR­MA­TION FROM THE AU­THOR­ITY

The state real es­tate reg­u­la­tory au­thor­ity is also re­spon­si­ble to the home buyer for pro­vid­ing de­tailed in­for­ma­tion re­gard­ing dif­fer­ent as­pects of the pro­ject and the builder.

It must pub­lish and main­tain a web­site of records, for pub­lic view­ing, of all real es­tate projects for which regis­tra­tion has been given, with such de­tails as may be pre­scribed, in­clud­ing in­for­ma­tion provided in the ap­pli­ca­tion for which regis­tra­tion has been granted. It has to main­tain a data­base, on its web­site, for pub­lic view­ing, and en­ter the names and pho­to­graphs of pro­mot­ers as de­fault­ers, in­clud­ing pro­ject de­tails, regis­tra­tion for which has been re­voked or have been pe­nalised un­der the Act, with rea­sons there­for, for ac­cess to the gen­eral pub­lic.

Fur­ther it has to main­tain a data­base on its web­site for pub­lic view­ing and en­ter the names and pho­to­graphs of real es­tate agents who have ap­plied and reg­is­tered un­der the act, with such de­tails as may be pre­scribed, in­clud­ing those whose regis­tra­tion has been re­jected or re­voked.

If any builder pro­vides false in­for­ma­tion or con­tra­venes the pro­vi­sions of sec­tion 4, it is be li­able to a penalty, which may ex­tend up to 5% of the es­ti­mated cost of the real es­tate pro­ject, as de­ter­mined by the au­thor­ity.

Ev­ery state au­thor­ity has to set up a web­site and pro­vide a web­page to a pro­ject. The buyer in par­tic­u­lar and pub­lic in gen­eral have the full right to ac­cess the site and ac­cess all the in­for­ma­tion on the site re­gard­ing builders and projects. Buy­ers can ac­cess in­for­ma­tion re­gard­ing builder’s en­ter­prise, de­tails of the projects launched by him, in the past five years, whether al­ready com­pleted or be­ing de­vel­oped, as the case may be, in­clud­ing the cur­rent sta­tus of the said projects, any de­lay in its com­ple­tion, de­tails of cases pend­ing, de­tails of type of land and pay­ments pend­ing.

A buyer can also check with the au­thor­ity and its web­site the au­then­ti­cated copy of the ap­provals and com­mence­ment cer­tifi­cate from the com­pe­tent au­thor­ity submitted by a builder. He can also ver­ify with the au­thor­ity on its web­site, the sanc­tioned plan, lay­out plan and spec­i­fi­ca­tions of the pro­posed pro­ject or the phase thereof, and the whole pro­ject as sanc­tioned by the com­pe­tent au­thor­ity.

The buyer can also ac­cess in­for­ma­tion re­gard­ing the plan of de­vel­op­ment works to be exe- cuted in the pro­posed pro­ject and the pro­posed fa­cil­i­ties to be provided thereof in­clud­ing fire fight­ing fa­cil­i­ties, drink­ing wa­ter fa­cil­i­ties, emer­gency evac­u­a­tion ser­vices, use of re­new­able en­ergy on the au­thor­ity’s web­site.

The lo­ca­tion de­tails of the pro­ject, with clear de­mar­ca­tion of land ded­i­cated for the pro­ject along with its bound­aries in­clud­ing the lat­i­tude and lon­gi­tude of the end points of the pro­ject are also to be provided by the builder to the au­thor­ity and must be shared with the buyer.

The buyer has the right to ac­cess in­for­ma­tion re­gard­ing the num­ber, type and the car­pet area of apart­ments for sale in the pro­ject along with the area of the ex­clu­sive bal­cony or ve­ran­dah ar­eas and the ex­clu­sive open ter­race ar­eas apart­ment with the apart­ment, if any.

In­for­ma­tion re­gard­ing other stake­hold­ers in the pro­ject like real es­tate agents, con­trac­tors, ar­chi­tect, struc­tural en­gi­neer, and other per­sons con­cerned with the de­vel­op­ment of the pro­posed pro­ject also must be shared with the buyer and gen­eral pub­lic through the state Rera web­site.

HT PHOTOS

In an ad­ver­tise­ment, a builder can­not pro­vide false in­for­ma­tion about the pro­ject to the prospec­tive buyer. If it does so, it will be li­able for penalty.

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