In order to combat any type of fraudulent activity and safeguarding the interests of buyers, a notice was recently issued by the Bihar Real Estate Regulatory Authority (RERA) in which they have asked all developers and promoters to put up a display board containing their identity details as well as their RERA or registration number at the project sites.
The decision took place in a meeting after which Bihar RERA has uploaded a notice on their website. According to the notice, promoters, developers, realtors, and builders of any real estate projects may be residential, commercial or mixed, shall display certain details at the project site prominently. These details include the names of project and promoter, RERA or registration number, date of commencement of the project work and proposed date of its completion.
Giving more details on the notice, Bihar RERA Chairman Afzal Amanullah said, “Builders who have applied for RERA number, should display their registration number until they get the RERA number. All this information need to be displayed at the construction site as well as their corporate office. The display board should have a minimum size of 6’X6’.”
He further said that they have also asked all the developers who have registered their projects to update about the construction as well as the current financial status of the property by August 10.
Welcoming the move, Bihar RERA member Rajiva Bhushan Sinha said that the initiative will bring more transparency in the real estate sector, making it useful for the property buyers to deal with honest builders only.
In Bihar as per the sources, till now only 542 applications have been received by the authority for the registration. Bihar RERA has made it compulsory to register their projects by July 31 with a late fee of Rs 4 lakh or 400% of the registration fee, whichever is higher.