The Real Estate Regulatory Authority (RERA) will start functioning in Madhya Pradesh from May and property buyers can approach the authority to get their grievances addressed. RERA has been constituted in state and a final shape is being given before it starts taking up the grievances.
Under the RERA, details of entire commercial and residential projects will be online. A developer has to get himself registered before starting a project, list all project clearance details and update about the project, including the exact number of units sold and unsold in every three months.
Not only developers, real estate agents too would have to get themselves registered under the RERA. Broadly, authority will ensure that a developer delivers what he promised to a buyer as mentioned in the sale agreement, including the adherence to the completion schedule.
Read more: The Economic Times