Are you willing to buy flats in Kolkata? Or you are a suburb-lover when it comes to buying your own home?
‘Buying home’ symbolizes a sense of pride and security for every homebuyer. But while buying flats in Kolkata or in any other districts, in West Bengal especially these days, you need to be an extra alert.
A series of legal amendments have happened in the real estate sector of West Bengal in recent times and being a home-buyer or an investor you need to have a close track of the market updates when buying properties are on the cards.
We tell you, investing in a real estate project without having knowledge about the real estate act and the co-laterals, happening in and around the state can dent your savings. Shocked?
Skipping this article can make you lose a few lakhs. Can you afford?
Have a quick look at the updates first –
Amidst the central state squabble around state’s tweaking attitude with the name and the key facets of the central act Real Estate (Regulation and Development) Act, 2016 finally the portal of WBHIRA has set to go.
West Bengal Housing Industry Regulation Authority (WBHIRA) has at last launched its official RERA registration portal: www.hira.wb.gov.in; which means developers and real estate agents can no longer take homebuyers on a ride in name of project legitimacy and its deliverance.
Abiding by the rules every on-going realty project, whether it is in the capital or suburb has to be registered with the state RERA authority.
The state act has categorized the registration process into 3 broad segments which are as follows –
For real estate projects – One can register real estate projects as per Section-3 of West Bengal Housing Industry 2017, read with West Bengal Housing Industry Regulation Rules 2018.
For real estate agents – An agent has to register him/herself as per Section 9 of West Bengal Housing Industry 2017, read with West Bengal Housing Industry Regulation Rules 2018.
Registrations for both projects and agents have already started and under the purview of RERA projects and agents without their respective registration numbers would be subject to desertion.
Now, this is indeed great news from the homebuyers’ standpoint; but the registration is somehow pinching real estate stakeholders a bit hard.
The registration fees that the government has prescribed are like these –
For an individual registration, it will cost a person Rs. 25,000.
Other than individual the registration fee is Rs. 2, 50, 000.
The charge for the registration is so far higher than that of the rest of the states and UTs where the Act is there in the picture.
“Real estate is one sector that has been the worst blamed for the counterfeiting activities by its stakeholders at large. Even it’s really late, but the state has started the registration process which will mandate the registration of the realty stakeholders and safeguard the rights of the homebuyers in amalgam. Again, the charge for the registration is pretty high for them which they will end up passing on to the homebuyers at the end,”- said Mr. Mahesh Somani, Chairman: National RERA Committee, National Association of Realtors (NAR), India and Vice President: Realtors & Estate Consultants’ Association of Kolkata, (RECA Kolkata).
However, the successful implementation of WBHIRA is still in question as the act has curbed two of the key provisions of the central Act on which the union government has not given a nod. By far, the central government repealed Section 92 of the Maharashtra Housing Act 2012 and the same has been followed by the Kerala government.
Now all the eyes are upon the central advisory council, (constituted under Section 42 of central RERA) how it fixes the applicability of HIRA/RERA in accordance with the consensus of both the governments.