The West Bengal Real Estate Regulation Act (WBRERA) has finally taken a major step forward with the launch of its highly anticipated website. This online platform is set to revolutionize the real estate industry in the state by ensuring that developers are held accountable for their projects and buyers are protected from harassment and exploitation.
The website, available at www.rera.wb.gov.in, requires developers to register all housing projects that will be constructed on land measuring above 500 Sq. meters or number of units greater than 8. The registration process involves providing important details about the Developer firm, the project's size, the number of flats and garages, as well as the date of commencement and completion of construction. Additionally, developers must upload the status of the construction every three months to keep buyers informed about the progress of the project.
To address the concerns of buyers, the state housing department has put a strong emphasis on the timely completion of projects and the uploading of accurate information on the website. To this end, developers must deposit 70% of the Collections from prospective buyers in a bank account that can only be used for land cost and construction purposes. The Act has also placed restrictions on the amount of advance payment that can be collected, with developers prohibited from collecting more than 10% of the price of the plot, apartment or building until they have signed an agreement with a buyer and registered the same with the competent authority.
One of the key features of the website is the ability for buyers to register complaints. This is an important step in ensuring that buyers are protected and that developers are held accountable for their actions. Additionally, developers must take permission from two-thirds of buyers before making any changes to the original sanctioned plan, further safeguarding the interests of buyers.
After construction is complete, developers are not only responsible for handing over the flats to buyers, but also for providing all necessary documents such as completion certificates, water supply and drainage papers, and sewerage connections. If developers fail to hand over the flats on time, they will be liable to return the money to buyers with interest, as per the regulations set out in the RERA Ac and Rules.
In conclusion, the launch of the WBRERA website represents a major step forward in protecting the rights of buyers and ensuring that developers are held accountable for their projects. With the website providing a platform for buyers to register complaints, and with restrictions on the amount of advance payment that can be collected, the real estate industry in West Bengal is set to become a fairer and more transparent marketplace.