Patna: To protect consumers' interest and regulate the real estate sector of the state, the Bihar government approved the Bihar Real Estate (Regulation & development) Act , 2017 on Thursday. The Act aims at infusing transparency in the real estate transactions and would ensure timely completion of projects.
According to the Principal Secretary of Urban development and housing department, Mr. Chaitanya Prasad, the tribunal will be set after the implementation of the Real Estate Act but temporarily the Land Tribunal will function as the Real Estate Tribunal.
According to the Bihar RERA rules , developers will have to sell flats on the basis of the carpet area and cannot take more than 10% of the overall cost of the flat as booking amount. The rules also mandate the developers to upload their project details on the official website of the state’s RERA authority.
The Bihar government gave a nod to the RERA rules after the Centre urged all the states to implement the Act by 1st May 2017. The Real Estate (Regulation & development) Act came into force on 1st May 2016 and each state has to form a dedicated Appellate Tribunal that will hear appeals post judgement of the RERA and the adjudicating officer.