Patna: The Real Estate Regulatory Authority, Bihar (Rera), in a bid to keep prospective customers aware of the financial worth of builders, is uploading the financial details of builders along with other details once they register with the Authority.

These details have been uploaded on the Rera website the link of which is available on the website of urban development and housing department ( www.urban.bih.nic.in) of the state government.

According to the provisions of the Real Estate (Regulation and Development) Act, 2016, all the new and ongoing projects which have an area of more than 500sqm or an apartment having more than eight flats, need to register the project with Rera of the state concerned.

Rera, Bihar, member RB Sinha told The Telegraph: "While going through the documents of different developers, who have applied for registration of their projects, it came to notice that a good chunk of them were investing just a meagre amount from their side and were executing the project with bank loans and advances taken from customers.

"Hence, it was decided to upload the financial details of the builders as well to keep customers informed while deciding to invest in any project."

Sinhahappens to be a retired Indian Audit and Account Services officer and has a keen eye for financial details.

He himself has gone through the financial details of over 300 builders, from amongst those who have applied for registration and noticed this point.

The Rera member said there were less than 10 builders who had invested Rs 50 lakh or more in their projects and in about 80 per cent of the cases the equity investment from the builders' side was something between Rs 1 and 10 lakh only.

Real estate market sources said in many cases builders enter into agreement with landowners and pay a token sum initially.

They start construction work on the advances taken from customers and thus keep their personal financial risk at minimal.

Commenting on the initiative of Rera, Abhijeet Kumar, who works with a private bank and is posted outside Patna, said: "I am planning to buy a flat in Patna. I would now go through the financial details of the approved projects and would check the financial worth of the builder as well before taking a final call on my investment."