The eagerly awaited Telangana Real Estate Regulatory Authority (RERA) web portal will be launched on the 1st of August, 2018. The rules have already been notified by the Telangana Government and a temporary regulatory authority was also installed some months back. However, RERA is still not being implemented in Hyderabad and the rest of Telangana since the web portal is a must for registering real estate builders, developers and agents along with getting public feedback and complaints.
The agreement was made between the municipal administration department in Telangana and Mahaonline Limited which is a joint venture between TCS and the Maharashtra Government for the development and maintenance of the RERA portal for the State of Telangana. The trial run has commenced from the site already as per reports. Mahaonline will be maintaining this site for a period of 3 years and will keep upgrading it as and when needed. The site will be GPS linked, facilitating easy tracking of realty project locations by the public. The MA&UD department has already issued its regulations on registration charges which will be collected by the operators of the web portal.
For development and real estate projects, the builders/developers have to pay up Rs. 750 while real estate agents can choose one-time registration by paying Rs. 500 in addition to other fees. This money will be given to Mahaonline for website maintenance as per reports. Close to 4, 000 permissions granted from the 1st of January, 2017, should be registered quickly under RERA once the portal starts functioning. According to RERA regulations, projects of 500 sq. metres and more in both residential and commercial segments are required to register on the portal. Also, all realty agents have to register in order to keep conducting their business. A full time regulatory authority will also have to be appointed in the State of Telangana. Currently, Rajeshwar Tiwari, the special chief secretary (revenue), is the temporary regulatory authority.
The Maharashtra Government has swiftly implemented RERA with more than 16, 000 firms already being registered and INR 120 crore has already been collected by the Government as the registration fees. The authority has already settled approximately 350 cases and imposed fines of INR 40 crore for developers who have violated RERA guidelines. Penalties have also been imposed on real estate companies that did not previously go for RERA registration.
