What is APRERA
About Andhra Pradesh RERA
Welcome to Andhra Pradesh Real Estate Regulatory Authority. This portal has been developed under section 4.3 of the Real Estate (Regulation & Development) Act, 2016. The Department of Municipal Administration & Urban Development, Government of Andhra Pradesh is the nodal department for the implementation of RERA Act in the state of Andhra Pradesh.
All sections of the Real Estate (Regulation & Development) Act, 2016 came into force with effect from 1st May, 2017. The Andhra Pradesh Real Estate (Regulation & Development) Rules, 2017 was approved by Government of Andhra Pradesh and notified on March 27, 2017.
About The Real Estate (Regulation & Development) Act, 2016
The Real Estate (Regulation & Development) Act, 2016 is considered as one of the landmark legislations passed by the Government of India. Its objective is to reform the real estate sector in India, encouraging greater transparency, citizen centricity, accountability and financial discipline. This is in line with the vast and growing economy of India as in future many people will be investing in real estate sector.
The key objectives of the Act are
- Ensuring Transparency & Efficiency in real estate sector in regards to sale of plot, apartment, building or real estate project.
- Protecting the interest of consumers in real estate sector
- Establishing adjudicating mechanism for speedy dispute redressal
- Establishing Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority
The Salient Features of this Act are
- It establishes the State Real Estate Regulatory Authority as the government body to be approached for redressal of grievances against any builder.
- This law vests authority on the real estate regulator to govern both residential and commercial real estate transactions.
- This law makes it mandatory for developers to post all information on issues such as project plan, layout, government approvals, land title status, sub-contractors to the project, schedule for completion with the AP Real Estate Regulatory Authority (APRERA) and then in effect pass this information on to the consumers.
- The maximum imprisonment term for a developer who violates the order of the appellate tribunal of the RERA is three years with or without a fine.
- Currently, if a project is delayed, then the developer does not suffer in any way. Now, the law ensures that any delay in project completion will make the developer liable to pay the same interest as the EMI being paid by the consumer to the bank back to the consumer
- The developer cannot make any changes to the plan that had been sold without the written consent of the buyer.
- Every project measuring more than 500 square meters of site area or more than eight apartments will have to be registered with the RERA
APRERA’s philosophy is to have holistic approach towards promoting the interests of the consumers as well as builders and boost investments into real estate in an environment of trust and confidence.
APRERA helps developers in building credibility and go a long way in establishing a relationship of trust with the customers.
APRERA creates a more equitable & fair transaction between the consumer and developer / promoter thus ensuring a positive environment in the real estate sector.
APRERA provisions would ensure stricter control on management of funds and timely delivery of projects by the developers / promoters.
APRERA will facilitate the consumer while boosting the credibility of developers.
- Ensuring accountability towards allottees and protect their interest.
- Infusing transparency, ensure fair-play and reduce frauds & delays.
- Introducing professionalism and pan India standardization.
- Establishing symmetry of information between the promoter and allottee.
- Imposing certain responsibilities on both promoter and allottees.
- Establishing regulatory oversight mechanism to enforce contracts.
- Establishing fast-track dispute resolution mechanism.
- Promoting good governance, which in turn would create investor confidence.
APRERA strives to achieve its objectives by providing an integrated platform for real estate sector
APRERA will guide the stakeholders of real estate activity to streamline the procedures required for construction of a new project with a view to encourage construction industry.
APRERA will provide clarity on the roles and performance of various stakeholders / promoters and provide a level playing platform to differentiate between performers and non-performers. The Real Estate (Regulation and Development) Act, 2016 will be beneficial to both developer / promoters and buyers.
APRERA will bring in increased accountability in real estate activity, thereby improving the sector’s credibility score and re-instating a sense of security amongst all stakeholders.
APRERA will monitor all the financial transactions of each project, thus improving the governance on the real estate sector by reducing disputes and making the system more transparent and robust.
APRERA mandates the promoters to maintain the quality of materials assured in their respective projects and will see that they don’t deviate from the agreed terms in a way giving quality assurance to the prospective buyers.
APRERA will resolve the disputes raised between the promoters and the buyers by implementing the procedures stipulated in the Real Estate (Regulation and Development) Act, 2016 and intend to minimize such disputes between the promoters and to encourage healthy atmosphere in real estate activity.
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