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RERA

How can we help you?

Inhouse Training : To create awareness about this act for your staff
Monitoring Finances and Physical Development of the Project : To stay within budget and avoid penalties from the Authority.
Review and Suggest Improvement in Customer Relationship Management : Review present practice, strategies and techniques throughout the project lifecycle and suggestions to improve business with a view to drive higher sales.
Opinion / Advice & Compliance : Time to time updates, opinions / advice on issues for better compliance of the Law.
Audit project books of accounts work : Audit of the project's books of accounts which is one of the requirements of the Act.
Monthly Retainership : For all compliance under the act.

FAQ on Real Estate (Regulation and Development) Act, 2016

(Click on questions to find their answers.)

Following are the objects of RERA Act, 2016:

  • To establish the Real Estate Regulatory Authority for regulation and promotion of real estate sector.
  • To ensure sale of plot, apartment or building, or sale of real estate project, in an efficient and transparent manner.
  • To protect interest of consumers in real estate sector.
  • To establish an adjudicating mechanism for speedy dispute redressal.
  • To establish Appellate Tribunal to hear appeals from decisions, directions or orders of Real Estate Regulatory Authority and adjudicating officer.

The RERA Act was assented to by the President of India on 25th March, 2016 and was notified in the Gazette of India for public information on 26th March, 2016. However, commencement of specific sections of the Act will be done in a step by step manner.

First the sections regarding making of Rules and the establishment of the Authority and the Tribunal will be notified. After that the sections regarding duties and responsibilities of all the stakeholders will be notified. The entire process will take around 12 months.

The Apartment Ownership Act have a different jurisdiction what comes into act after the handing over of possession and is aimed at managing the associations of buyers in regard to matters like maintenance of common areas, elections, monthly charges etc.

However, if by any chance there is any conflict between a State law and RERA, RERA provisions will prevail. The Constitution is very clear on this issue, as RERA is a Central law.

Yes, as per section 3(1) of the Act, ongoing / existing projects, which have not received completion certificate are covered under the Act.

Exact words of the said section from the Act, “……Provided that projects that are ongoing on the date of commencement of this Act and for which the completion certificate has not been issued, the promoter shall make an application to the Authority for registration of the said project within a period of three months from the date of commencement of this Act……”

In following cases, no registration of real estate project shall be required -

  • Where area of land proposed to be developed does not exceed 500 Sq. Meters or number of apartments proposed to be developed does not exceed 8 inclusive of all phases,
  • Where promoter has received completion certificate for Real Estate Project prior to commencement of this Act,
  • For purpose of renovation or repair or re-development which does not involve marketing, advertising, selling or new allotment of any apartment, plot or building, under real estate project.

Yes, no promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase any plot, apartment or building, in any real estate project or part of it, in any planning area, without registering Real Estate Project (REP) with Real Estate Regulatory Authority (RERA).

It is stated that RERA shall operationalize a web based online system for submitting applications for registration of projects within a period of 1 year from date of its establishment.

However, RERA is yet to be established. Until a web based online system is established, all applications shall be made in paper format.

RERA shall be granted or rejected the application within 30 days from date of such application.

If RERA fails to grant registration or reject application, then project shall be deemed to have been registered. RERA shall also within 7 days (from expiry of 30 days) provide registration number, Login ID and password to applicant for accessing website of Authority and to create his web page and to fill details of proposed project.

Registration certificate shall be valid for a period declared by promoter for completion of project or phase.

Yes, RERA can revoke registration on receipt of a complaint or suo motu or on recommendation of competent authority.

Following type of acts, which may be lead to revoke the granted registration certificate by the Authority:

  • Promoter makes default in doing anything under Act / Rules / Regulations,
  • Promoter violates any terms or conditions of approval given by competent authority,
  • Promoter is involved in any kind of unfair practice (please refer Explanation of Section 7 of the Act for meaning of the “unfair practice”) or irregularities,
  • Promoter indulges in any fraudulent practices.

Registration granted may be extended in time by the RERA on an application made by promoter due to following reasons -

  • Force majeure like war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature affecting development of the project,
  • Reasonable circumstances, without default on part of promoter, based on the facts of each case,

For such time as it considers necessary which shall in aggregate not exceed a period of 1 year.

The promoter shall deposit 70% of amounts realised for real estate project from allottees, in a separate bank account to be maintained in a scheduled bank to cover cost of construction including land cost and shall be used only for that purpose.

The promoter shall withdraw amounts from this separate bank account, to cover cost of construction including land of the project, in proportion to percentage of completion of the project. The amounts from this separate bank account shall be withdrawn by promoter after it is certified by an engineer, an architect and a chartered accountant in practice that withdrawal is in proportion to percentage of completion of project.

Upon lapse of or on revocation of registration -

  • RERA may consult Appropriate Government to carry out remaining development works by competent authority or by association of allottees or in any other manner, as may be determined.
  • Association of allottees shall have first right of refusal for carrying out of remaining development works.

 

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Who we are

We are Ahmedabad based professional consulting firm. We are providing various services to Construction, Real Estate and Project Companies in various areas like Indirect Taxation – Service Tax & Multi state VAT consultancy, ERP implementation, Site & Management audit, Designing Tender & other related contractual documents etc.