All the real estate developers and agents should mandatorily register themselves with the TS Real Estate Regulatory Authority (TS-RERA) online before conducting their business as per law, said chairman N. Satyanarayana on Wednesday.
Addressing a ‘RERA Conclave’ organised by the Indian Institute of Real Estate and Hyderabad Realtors Association, he pointed out that the RERA Act has come into force after much deliberations and the onus is on real estate developers to provide details of their works, progress of construction and accounts periodically without fail.
The days of fly by night operators in the real estate industry is gone and now the builders concerned should rectify if there are any lapses or deviations. The developers should transfer 70% of the funds received from the customer into an escrow account and there is no scope for changing the building plan once approved, he said.
An Appellate Tribunal has also been formed to deal with complaints from the customers. Realtors advertising their respective ventures without registering them will be dealt with sternly as per the Act, added the chairman, according to a press release.
