TSRERA: An overview of RERA in Telangana

Like every other investment, buying a residential property is not free of risks. This investment comes with perils such as defects in construction and the builder not offering possession on time. To protect homebuyers against such scenarios, the government established the Real Estate Regulatory Authority (RERA) Act, 2016.

What is RERA?

The RERA Act has been implemented to:

• Protect the interest of every homebuyer
• Introduce transparency within the real estate sector
• Address disputes and offer swift redressal

To oversee the implementation of RERA act, smaller bodies have been set up in every state. For example, in Telangana, the real estate sector comes under the purview of the Telangana RERA (TSRERA).

An introduction of RERA Telangana (TSRERA)

Telangana RERA Act

The Telangana State Real Estate (Regulation and Development) Act was notified of rules by the government on 31st July 2017. However, the government has nominated the Telangana State Value Added Tax Appellate Tribunal as a temporary RERA Appellate Tribunal to manage the state affairs until a permanent tribunal establishes based on the RERA Act Telangana.

Objectives of RERA Act of Telangana

RERA in Telangana is responsible for managing various facets of the real estate sector. Apart from regulating the sector, it takes care of other aspects such as standardising real estate construction, advocating transparency between builders and home buyers, and offering speedy redressal of disputes.

RERA Act Telangana rules and regulations

As per the Real Estate (Regulation and Development) Act, 2016, every state government has to set its own RERA rules. RERA Act Telangana rules and regulations are divided into 12 chapters, accessible on TSRERA’s official website.

The RERA Telangana also supervises and accepts the submission of documents by the promoter of a real estate project for its registration under the TSRERA Act. It controls the application and renewal of registration for stakeholders, collects fees and charges related to complaints or registrations, initiates the process of selection of the chairperson and other authoritative members, and focuses on quick resolution of disputes. Moreover, as per the rules, the Telangana government lists records of all registered real estate projects and agents within the state on its TSRERA website.

TSRERA services

The RERA Act Telangana offers services to homebuyers, promoters, and agents. Read on to know what they are.

As a homebuyer

• You can file an online complaint with RERA in case you suffer losses due to a developer breaching provisions of the RERA Act
• You can access records of all RERA registered real estate projects and view details submitted by agents or promoters on the website

As a promoter

• You can file complaints online
• You can register your real estate project under RERA
• You can file for an extension of the real estate project
• You can update details of a registered project every quarter

As a real estate agent

• You can register real estate authorities
• You can file complaints online
• You can renew your registration

TSRERA fees and charges

As a homebuyer, you can register an appeal under RERA by paying a fee of Rs. 1,000 in the form of a demand draft drawn in favour of the Appellate Tribunal.

TSRERA Forms for buyers, agents, and developers

The RERA Act of Telangana has made available the following forms for buyers, agents, and developers.

RERA Forms for buyers

• Appeal to Appellate Tribunal form
• Complaint to authority form-M
• Complaint to regulatory authority form-N
• Agreement for sale annexure-A

RERA Forms for developers

• Application for registration of project form-A
• Declaration form-B
• Registration certificate of project form-C
• Intimation of rejection of application for registration of project or rejection of application for extension of registration of project or revocation of registration of project form-D
• Application for extension of registration of project form-E
• Certificate for extension of registration of project form-F
• Complaint to authority form-M
• Complaint to regulatory authority form-N

RERA Forms for agents

• Application for registration of real estate agent form-G
• Registration certificate of real estate agent form-H
• Intimation of rejection of application for registration of real estate agent or rejection of application for renewal of registration of real estate agent or revocation of registration of real estate agent form-I
• Application for renewal of registration of real estate agent form-J
• Renewal of registration of real estate agent form-K
• Appeal to appellate tribunal form-L
• Complaint to authority form-M
• Complaint to regulatory authority form-N

Registration for RERA Telangana

As a homebuyer, you can register a complaint by filling and submitting an online form. Promoters, developers, and agents require to register their properties with RERA Telangana by following the protocol and adhering to timelines. Developers are only required to register commercial and residential real estate projects if the land they are carrying out construction is over 500 sq.mt. and only if the property has more than 8 apartments.

To be a RERA registered real estate agent, promoter, or developer, visit the official Telangana RERA website and click on the 'Agent Registration' tab. After that, select your profile from the given options and fill in the other details to create an account and complete registration. After this, if you wish to register your project with RERA, select 'Project Registration' and follow the next few steps to complete the process. Remember that this is only preliminary registration. After this, you will have to submit a list of documents verifying your property and profile.

RERA approved projects in Telangana

As a homebuyer, you can check the RERA registration status of your chosen property on the official TSRERA website before you make a purchase decision. To get easy access to all registered properties, click here.

RERA impact on real estate in India

RERA is a game-changer in the Indian real estate sector, catering to both the buyers’ and developers’ interests. However, 12 states and union territories are yet to set up RERA, which means its full impact is yet to be realised.

Additional Read: Effect of RERA on real estate

RERA benefits for first-time homebuyers

As a first-time homebuyer, you can invest in a under-construction or ready-to-move-in property because of RERA without the fear of sub-par materials or construction delays. To purchase your dream home without hassles and risks, start looking for RERA-registered projects in Telangana. After that, to finance your home purchase affordably, apply for a Home loan from reputed lenders like Bajaj Finserv. Here, you can access a sanction up to Rs. 15 crore*, at nominal interest rates and repay the sum via a flexible tenor of up to 40 years.

Additional Read: Benefits of RERA act for first time home buyers

Bajaj Finserv also extends to you a pre-approved offer through which you can expedite the process of availing of funds. To view your tailor-made deal and get a step closer to buying a home, submit basic details like your name and contact number.