What is the RERA Scheme? The RERA Scheme, also known as the Real Estate Regulatory Authority, operates in Jharkhand to protect the rights of potential homebuyers while facilitating high-quality services from real estate developers and agents.

The authority has established an Appellate Tribunal where dissatisfied consumers can appeal against the authority’s decisions to ensure swift resolution of grievances. This Tribunal is responsible for expediting the appeals process within a 60-day timeframe. Under RERA Jharkhand regulations, all real estate agents must be registered. The Act prohibits estate agents from advertising the sale or acquisition of real estate assets without proper registration.

Key Features of RERA Jharkhand Approved Projects: The RERA Jharkhand system introduces a streamlined dispute resolution process, employing a specialized appellate tribunal to handle this process. All housing projects must be registered under RERA’s jurisdiction. Non-compliant projects may face approval denials by the authority.

The main features of Jharkhand RERA include:

1. Authority to halt actions subject to complaints during ongoing inquiries against buyers, promoters, or agents.
2. The right to appeal the authority’s decisions to the Appellate Tribunal if they are unsatisfactory.
3. Imposition of penalties on promoters who defy RERA’s directives, up to 5% of the property’s assessed value.
4. Penalties for non-compliance with the Appellate Tribunal’s instructions, which can involve fines, imprisonment, or both.
5. Mandatory allocation of at least 70% of investor and buyer funds to a separate account for land development and construction.
6. Limitation on collecting more than 10% of the property’s total cost from buyers before the sale agreement is signed.
7. Requirement for builders to provide original project papers and seek buyer permission before making substantial project modifications.
8. Emphasis on specifying the carpet area while selling, and restriction on selling units solely based on highly populated regions.
9. Option for buyers to receive a full refund or retain investment with monthly payments if a project is delayed.
10. Mandate for builders to rectify property damage within five years of sale and resolve complaints within 30 days.
11. Prohibition of marketing, selling, or advertising property before becoming a member of RERA.
12. Inclusion of a unique RERA number in property advertisements and brochures post-registration.

Application of the RERA Scheme in Jharkhand: Once registered with Jharkhand RERA, you can follow these steps to check application status:

1. Visit the RERA Jharkhand website.
2. Navigate to the Application Status page.
3. Choose Agent or Project Status.
4. Provide application type, PAN, and acknowledgement numbers.
5. Click “Submit.”
6. Your status will be displayed on the screen.

Applicability of RERA Scheme to Housing Projects: Developers planning commercial or residential properties on land exceeding 500 square meters or involving more than eight flats (across all phases) must register with RERA.

In Conclusion: The implementation of the RERA Ranchi Act requires occupancy or completion certificates before registering a project unit’s selling deed. RERA Jharkhand-approved projects discourage unscrupulous builders, ensuring market competition. For financing RERA Jharkhand-approved projects, consider availing a Home Loan from LICHFL, which offers various options, competitive interest rates, extended tenures, and flexible repayment plans.