If the number of complaints registered with Real Estate Regulatory Authority is anything to go buy, property buyers in Bhopal are troubledthe mostby realtors.
The regulatory body formed from May1last year with the stated objective for saving buyers from being taken for a ride received 450 complaints from property buyers in Bhopal in past nine months.
It was half of the total complaints registered in RERA from the state, which is 900 complaints. It works out on an average of 100 complaints per monthfrom MadhyaPradesh.
Indore is second in maximum number of complaints from property buyers. Around 300 complaints have been registered from Indore with the authority. Majority of the complaints are of delayed possession.
It is mandatory for every new and on-going project to get registered in RERA. So far, 1,700 projects have been registered in RERA throughout MP out of the total 2,000 registration applications received. Registration of 300 projects was turned down due to lack of documents.
Besides, notices have been issued to 25 realtors in MP for not registering their projects under RERA.The authorities came to know about it on receiving complaints from buyers of such projects. RERA can levy heavy fines on such unregistered projects.
RERA chairman Anthony deSa said “out of the total 900 complaints received, 300 complaints have been disposed. It is the highest disposal rate in the country. We encourage a fair compromise between the purchaser and developer so that interest of both the parties are safeguarded.”
The projects not registered with RERA can be fined up to 10% of the total project value. RERA could charge them 4 times more than the normal registration fees for registering late, apart from levying a fine.
Complainants wishing to approach the RERA can do so through the authority website after paying a nominal fee. Under the RERA, details of commercial and residential projects will be online.
A developer has to list all project clearance details and update on the project, including exact number of units sold as well as unsold once in every three months. The authority does not control pricing of projects. Commercial or residential projects with 8 units and more come under its ambit. All the new and on-going projects fall under RERA.
Broadly, the authority ensures that a developer delivers what he promisedto a buyer as mentioned in the sale agreement, including the adherence to the completion schedule.
Consumers purchasing properties in a real estate project not registered with RERA wouldface problem and willbe on a weak wicket if they approach the RERA in case of a grievance.