Follow RERA rules, builders told

Vijayawada: Real Estate Regulatory Authority (RERA) director Ch V Sambasiva Rao has said all the builders and realtors across the country should follow RERA rules and regulations.

He was addressing the Builders Association of India’s, Vijayawada chapter’s general body meeting, organised here on Thursday.He said that all the builders should follow the newly implemented RERA Act.

Through a power point presentation, he explained the procedures, terms and conditions of registration and briefed the required documents for registration. He said that builders should register their property under RERA if the built up area was more than 500 square meters or more than eight plots construction. RERA registration can be done through online and will receive the registration documents within a month, he added.

RERA Joint Director Vallabaneni Sunitha said the builders should submit the work progress to RERA once in three months. For every construction project, they should open a separate new account and 70 percent of the construction amount of apartment, villa and individual house should be deposited in the bank account, she said.

Builders Association of India (BAI) state president Vallabaneni Venkateswara Rao, said by getting registered through RERA, both the builder and the purchaser would have many conveniences.

BAI Vijayawada chapter chairman A Nageswara Rao, president M Phani Kumar, secretary T Vamsikrishna and others were present.