VISAKHAPATNAM: AP RERA chairman A Siva Reddy has asked every housing project in the state with an area of 500 square metres or more, or having more than eight apartments, to mandatorily register with AP RERA Authority.
Noting that construction sector is the most important economic sector after agriculture, he said awareness programmes are being conducted across the state to educate the public and builders about the RERA Act.
“The Act was created to promote the development of the construction sector and to protect and ensure the welfare of homebuyers. Projects that fail to obtain RERA registration will face a penalty of 10% of the total project cost. Projects that have not yet been registered are being given an opportunity to do so till March 31, with a 50% subsidy on the penalty amount. I urge everyone to utilise this opportunity,” he added.
If a project is not completed as promised in the agreement or if the facilities are not provided, action will be taken under the RERA Act based on complaints, he warned. “I advise both builders and buyers to have proper awareness of the Act. For effective implementation, it is necessary to register projects, submit quarterly reports, and, after completion, establish an apartment association and hand over the project to it. The agreement remains valid for five years after handing over the apartment. RERA registration is also mandatory for releasing 10% of mortgaged land or for obtaining bank loans for the project,” Reddy said.
