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Transparency in the Real Estate Market

RERA's Role in Ensuring Transparency

The Real Estate Regulatory Authority (RERA) of Bihar plays a crucial role in ensuring transparency in the real estate market. Here are some key aspects of how RERA promotes transparency:

  • Verification of clear land titles and sustainable encumbrances
  • Validation of sale documents to ensure legality and enforceability
  • Monitoring of physical progress and financial discipline by independent engineers and financial experts
  • Facilitating the development and operation of owners' associations

Transparency Measures Under the Act

The Real Estate (Regulation and Development) Act drives transparency in the real estate sector through various provisions, including:

  • Approval and publication of sanctioned plans, layout plans, and specifications by competent authorities
  • Disclosure of proposed plans, layouts, and Floor Space Index (FSI) of the project
  • Provision of stage-wise time schedules for project completion and civic infrastructure development
  • Regular updates on booked apartments or plots, covered parking, pending approvals, and project status
  • Publication of other relevant information specified by regulations

Furthermore, advertisements or prospectuses issued by promoters must prominently feature the website address of RERA Bihar, where details of registered projects are available, along with the registration number obtained from the Authority.

(1)For any issues in online registration, please send email on rerabihar[at]gmail[dot]com or rera[at]bihar[dot]gov[dot]in with all details (PAN No. of Promoter is mandatory). (2.) For legal related matters send mail on rerabiharlegal[at]gmail[dot]com with Complaint Case Number.