To protect the rights of homebuyers, Maharashtra has introduced the Standard Allotment Document in the RERA Act. The need for the Telugu states to make a similar decision is increasingly being felt.
According to the Telangana Real Estate Regulatory Authority (RERA) Act, builders must register each project with RERA. However, some builders are not adhering to the regulations even after registering with RERA. Victims claim that RERA has not been effectively addressing the disputes between builders and consumers. In order to benefit the public, people are suggesting that TG RERA should learn from Maha RERA.
So, what has Maha RERA done? It has introduced a special regulation for the Standard Allotment Document. This regulation has been highly beneficial in resolving disputes between builders and buyers. By introducing these standard allotment documents, Maha RERA has enhanced transparency in real estate transactions and reduced conflicts between builders and buyers.
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According to the new regulation, when a buyer purchases a flat, independent house, or villa from a builder, the Standard Allotment Document must include crucial details such as the delivery timeline, parking allocation, and the percentage of fee to be paid if the booking is canceled. Buyers often face difficulties in getting their advance refunded when canceling bookings. To address these issues, Maharashtra RERA introduced the Standard Allotment Document.
When a builder registers a project with RERA, they must include this document. If the builder fails to provide the details, the application will be rejected, and a 5% penalty on the project cost will be imposed. Experts are urging the Telangana RERA to implement a similar regulation for the Standard Allotment Document. This would ensure full protection of homebuyers’ rights, they believe.
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