Introduction The Indian real estate sector has long been plagued by issues of corruption, lack of transparency, and disputes between buyers and sellers. To address these challenges and foster a more transparent and accountable real estate market, the Government of India introduced the Real Estate (Regulation and Development) Act, commonly known as RERA, in 2016. This landmark legislation aimed to create standardized rules and regulations governing the real estate industry across the country. Telangana, one of India’s dynamic states, embraced RERA in May 2017, ushering in a new era of accountability and transparency in the state’s real estate sector. tsrera (Telanagna rera): A Game-Changer in Real Estate Before the advent of RERA, the real estate sector in India operated largely without regulations, making it susceptible to various malpractices. Buyers, in particular, faced numerous challenges, including unexplained brokerage fees, delayed project completions, and a lack of reliable dispute resolution mechanisms. RERA Telangana was introduced with the primary objectives of bringing transparency and efficiency to real estate transactions, regulating and promoting the sector, safeguarding consumer interests, and maintaining an official record of all registered real estate agents and projects. Let’s delve deeper into the ways tsrera has transformed the real estate landscape in the state. The Purpose of tsRERA ACT The introduction of RERA Telangana was a response to the pressing need for a more organized and accountable real estate sector in the state. Here are the key purposes of the Telangana RERA Act: Transparency and Efficiency: RERA aims to establish transparency and efficiency in real estate transactions by ensuring that all relevant information is readily accessible to both buyers and sellers. Regulation and Promotion: It seeks to regulate and promote the real estate sector, creating a level playing field for all stakeholders. Consumer Protection: RERA Telangana places a strong emphasis on safeguarding the interests of consumers. Previously, consumer grievances often languished in lengthy legal proceedings. With RERA, a specialized Appellate Tribunal was established for swift grievance redressal. Official Record: RERA Telangana maintains an official website that contains comprehensive records of all real estate agents and projects registered with the authority, enhancing transparency. RERA Telangana: Services Offered For Citizens: Online Complaints: Any citizen with grievances related to breaches of the TsRERA Act can easily file complaints online with the Regulatory Authority. Access to Project Details: Buyers can access detailed information about registered projects on the RERA website, including project details provided by the concerned real estate agents or promoters. For Promoters: Online Complaint Filing: Promoters can file complaints online directly with RERA. Project Registration: The process of registering projects on the official RERA website is streamlined and user-friendly. Extension Requests: Promoters can apply for extensions of project timelines as needed. Quarterly Progress Updates: Promoters are required to update project progress on a quarterly basis. For Real Estate Agents: Registration: Real estate agents can easily register with the regulatory authority. Online Complaints: They can file complaints online when necessary. Renewal: Registration renewal is a hassle-free process with RERA Telangana. Benefits for Homebuyers RERA Telangana has brought several benefits to homebuyers in the state: Access to Information: Buyers can easily access updated information about their projects from the builder’s website, ensuring transparency. Protection of Investments: A specific portion of the amount paid by buyers is deposited in a designated bank account, which builders must use for project development. This safeguards buyers’ investments. Interest on Delays: In case of project delays, developers are obligated to pay a 2% interest rate above the SBI’s marginal cost of lending rate to the buyer. Telangana RERA Approved Projects As of now, the Telangana Regulatory Authority has approved approximately 7493 projects approved, and around 3167 brokers and real estate agents have received RERA registration. This extensive list of approved projects provides buyers with a wide range of options to choose from, each offering the assurance of transparency and accountability. How to Register Your Project on RERA Telangana? The RERA Telangana registration process on the RERA Telangana website is very simple and can be completed as shown: Visit the official RERA Telangana website here. Check the projects tab and select ‘New’ for new housing projects or ‘Existing’ to register your old project. Proceed to fill in the required details on the RERA Telangana website. A list of required details for project registration in RERA Telangana is affixed below. The RERA Telangana website uses a Pan card to identify the property owner. After you input all the fields, click ‘Save and continue to view your registered project on the RERA Telangana website. Registration Process for Agents in RERA Telangana There are special provisions made by the Telangana government for the registration of real estate agents in the state. Here is a step-by-step guide to registering yourself as an agent with RERA Telangana: Visit the tsrera official website https://rera.telangana.gov.in/. Select Registration and choose Project Registration. Select a new application and submit. Enter Pan card number and find details. Fill your details under agent details. Submit the required documents and wait for verification. Proceed and make the payment. Submit your application. How to Login Tsrera (Telangana Rera) Promoters and real estate agents can easily register on the official RERA website with a few simple steps: Visit the official website of the Telangana RERA authority. You will be able to see the RERA login page. If you are a new user, click on the New Registration button at the bottom. You have to select whether you are registering as a promoter or real estate agent. Now enter your username, password, email address, and mobile number. Enter the Captcha text and then click on Create User. You will receive an email notification, after which your registration will be complete. Now, again visit the official website and log in using your credentials. What Are the Fees for Project Registration with TsRera? The RERA Telangana instructs to keep 70% of the total project cost in the bank and use it all on construction. For any TS RERA approved project under 1000 sq.m, the government will take a
