Real Estate (Regulation & Development) Act,2016 Key Highlights and Important Provisions
Scheme of the Presentation Obje bject ctive of the the Introduction Intr Stru Structure re of the the act act Appli lica cabil ilit ity act act (Slid Slide no.1 no.1) (Slid Slide no.2 no.2) (Slid Slide no.4 no.4) (Slid Slide no.3 no.3) Appli lica cation for Prio rior Reg Registrati tion Def efin initions Exe Exemptions Reg Registrati tion (Slid Slide no.1 no.12) (Slid Slide no.6 no.6 to to 11) (Slid Slide no.5 no.5) (Slid Slide no.1 no.13) Gran Grant For For Rev Revoca cation of Registrati tion of f Functi Fu tions s of f Real l Regi Registrati tion Registrati Regi tion Rea eal l Esta Estate te Agent Esta Estate te Agent (Sli (Slide no. no. 16) (Slide no. (Sli no. 17 to 18) (Slid Slide no.1 no.14) (Slid Slide no.1 no.15)
Scheme of the Presentation Func Functions & & Duti Duties es of NO dep deposit or r Obli bliga gations of Pro romoter Promoter Pro Adv dvance ce by by Pro romote ter (Slid Slide no.2 no.22) (Slid Slide no.1 no.19 to to21) (Slid Slide no.2 no.23) Chapter VIII Cha III- Rights & Righ & Duti Duties of Retu eturn of Am Amount & Offe fences es, Pena enalt lties es Compensatio ion Allo llott ttees and and Pro rosecution (Slide no no.2 .25 to to 26) (Slid Slide no.2 no.27 to to 29) (Slid Slide no. no. 31 to to 42) Nati ational l Cap Capit ital Te Terr rrit itory Allo llott ttees Approval of Delh Delhi RE RERA Rul Rules es, 2016 (Slide no (Slid no. 61) 61) (Slid Slide no.4 no.43 to to 60, , 62 to to 63)
Introduction st, 20 ➢ The Act came in rce w.e.f. May 1 st into to fo forc 2017 ➢ Each & Every Real Estate te Project, t, Real Estate Develope per & Real Estate Agent in in India has to to “ Compuls lsorily ly ” register under the Act as as per the prescribed procedures with Real Esta state Regula lato tory Authority (R (RERA). ➢ Develo lopers/Agents shall not able le to to offer any Real Estate Pro roject(s (s) or or Product(s) to to Custo tomers & Investors without registering themselv lves and there project or or product, with RERA. 1
Structure of the Act ➢ Real Estate Regula lati tion and Develo lopment Act has 10 10 Chapters and 92 92 Secti tions. These are re as as under:- Reg egis istratio ion of Rea eal Functions and Fun Rig Rights and Esta Estate Pro Proje ject and and Preliminary ry Dut uties of of Dut uties of of Reg egis istratio ion of Rea eal Promoter Allo llottees Estate Ag Esta Agents Off ffences, The Re Real Est state Ce Central The Re Real Est state Pen enalties and App ppellate Adv dvisory Reg Regulat atory ry Adj djudication Tri Tribunal al Cou Council Aut uthority Fin Finance, Acc ccounts, Mis iscellan aneous Aud udits and Re Report rts 2
Objective ➢ To To esta stablis ish th the Real Esta state Regula latory Authorit ity. ➢ Regula latio ion and Pro romotio ion of of th the Real Est state Secto tor; ➢ To To ensure sale le of of plot, apartment or or build ldings or or sale le of of re real esta state pr project in in an an effic fficie ient and tra transparent manner; ➢ To To protect the interest of of the consumers in in real estate se secto tor; ➢ To To establi lish an an adjudic icating mechanism for speedy dis ispute re redress ssal and to to esta stablis ish th the App ppell llate Trib ribunal. 3
Applicability ➢ Act app ppli lies to to:- – Commercial Real Estate projects ts inclu luding shops, offic ffices, s, sh showrooms, Godowns, – Resi sidentia ial Apa partments, – Plo lott tted Develo lopments, – Ongoing proje jects in in respect of of which comple letion cert rtific icates have not been is issu sued. ➢ Real Estate projects ts develo loped in in phases would ld require re regis istration fo for each ph phase se sepa parately ly 4
Exemptions ➢ Pro rojects ts being develo loped on on la land le less than 500 500 square mete ters( s(0.05 05 hectare or or 0.12 12 acre re) ➢ Number of of unit its does not exc xceed 8 (a (all ll ph phase ses) ➢ Obtained comple letion certificate fo for the project before the commencement of of th the Act ➢ Redevelo lopment Real Estate projects where no no new allo llotments are re to to be be made ➢ Renovatio ion/ Repair – Not involving marketing, advertisement, sell lling or or all llotment of of any apartment, plo lot or or buil ilding ➢ Does not cover sale le of of ready to to occupy property in in the re resale le market 5
Definitions (Sec.2) ➢ “Advertisement” - means any document described or or issued as as advertisement through any medium and includes any notice, circular or or other documents or or publicity in in any form, informing persons about a real estate proje ject, or or offe fering fo for sale of of a plot, building or or apartment or or invitin ing persons to to purchase in in any manner such plot, building or or apartment or or to to make advances or or deposits fo for suc such pu purposes. ➢ “Allottee” - in in relation to to a real estate proje ject, means the person to to whom a plot, apartment or or building, as as the case may be, has been allotted, sold (wheth ther as as fr freehold or or le leasehold) or or otherwise transferred by by the promoter, and includes the person who who subsequently acquires the said allotment through sale, transfe fer or or otherwise but does not include a person to to whom such plot, apartment or or bui uilding, as as th the ca case may be, is is giv given on on re rent 6
Definitions (Sec.2)… ➢ “Apartment” - whether called block, chamber, dwelling unit, flat, office, showroom, shop, godown, premises, suit, tenement, unit or or by by any other name, means a separate and self-contained part of of any immovable property, including one or or more rooms or or enclosed spaces, located on on one or or more floors or or any part thereof, in in a building or or on on a plot of of land, used or or intended to to be be used for any residential or or commercial use such as as residence, office, shop, showroom or or godown or or for carrying on on any business, occupation, profession or or trade, or or for any othe ther ty type of of use use an ancillary to to the the pu purpose spe specified . ➢ “Carpet Area” - means the net usable floor area of of an an apartment, excluding the area covered by by the external walls, areas under services shafts, exclusive balcony or or verandah area and exclusive open terrace area, but includes the area covered by by the the int internal par partition wal alls of of the the apa apartment. Explanation :-For the purpose of of this clause, the expression "exclusive balcony or or verandah area" means the area of of the balcony or or verandah, as as the case may be, be, which is is appurtenant to to the net usable floor area of of an an apartment, meant for the exclusive use of of the allottee; and "exclusive open terrace area" means the area of of open terrace which is is appurtenant to to the net usable floor area of of an an apartment, meant fo for the the exc xclusive us use of of the the all allottee 7
Definitions (Sec.2)… ➢ "Commencement Certif ificate" - means the commencement certific icate or the buil or ilding permit it or or the const structio ion permit it, by by whatever name called is issued by by the competent authorit ity to to allow or or permit it the promoter to to begin in development works on on an an im immovable property, as as per per th the sa sanctio ioned pla plan. ➢ "Completio ion Certificate” - means the completion certific icate, or or such other certif ificate, by by whatever name called, issued by by the competent auth thorit ity cert rtifyin ing that the real al estate project has been developed accordin ing to to the sanctioned pl plan, layout plan and specif ific icatio ions, as as app ppro roved by by th the com compete tent auth uthority ty un under th the loc local law laws. ➢ "Im "Immovable Pro roperty" in includes lan land, , bui uildings, , ri rights ts of f ways, , li ligh ghts or or any y ot other ben enefit it ari rising ou out t of of lan land d and d th thing ings att ttach ched to to th the e ea earth rth or or per permanently ly fa faste tened to to anyt ythin ing whic ich is is att ttached to to th the e ea earth rth, , but ut not ot sta standing tim timber, , sta standin ing cro crops or or gra grass. 8
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