Real Estate (Regulation & Development) Act,2016 Key Highlights and Important Provisions
Scheme of the Presentation Obje bject ctive of the the Intr Introduction 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 Regi Registrati tion Def Defin initions Ex Exemptions Regi 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 Revoca Rev cation of Regi egistrati tion of f Fu Functi tions s of f Rea eal l Regi Registrati tion Registrati Regi tion Rea eal l Esta Estate te Agent Esta Estate te Agent (Slide no. (Sli no. 16) (Sli (Slide no. no. 17 to 18) (Slid Slide no.1 no.14) (Slid Slide no.1 no.15)
Scheme of the Presentation Func Functions & & Obli bliga gations of NO de depo posit t or or Adv Advance Duties of Duti Pro romoter by y Pr Promote ter Pro romoter (S (Slide no no.2 .23) (Slid Slide no.2 no.22) (Slid Slide no.1 no.19 to to21) Obligations of of Pr Promoter r Righ Rights & & Duti Duties of Retu eturn of Am Amount & Adhe Ad here rence e to o Sanctioned in case se Tra ransfer r of of Real eal Pl Plans Compensatio ion Allo llott ttees Esta state te Pr Proje ject (Slide no. o. 24 4 to o 25) 5) (Sl Slid ide no no.2 .28 to 29) (Slide no. o. 26) 6) (Slid Slide no.3 no.30 to to 32) Cha Chapter VIII III- Offe fences es, Raja Rajasthan RE RERA Allotte Al tees App Approval Pena enalt lties and and Rule Rules, 2017 (Slide no. o. 64) 4) Pro rosecution (Slid Slide no.4 no.46 to to 63, , 65) (Slid Slide no. no. 34 to to 45)
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, 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 tate 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 Offences, Off The Re Th Real al Esta state Ce Central Th The Re Real al Esta state Pen enalties and App ppellate Adv dvisory Reg Regulatory Adj djudication Tri Tribunal al Council Cou 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 redressal and to to esta tablis ish th the Appell llate Tri ribunal. 3
Applicability Act app ppli lies to to:- – Commercial Real Estate projects ts inclu luding shops, offi ffices, showrooms, Godowns – Resi sidentia ial Apa partments – Plo lott tted Develo lopments – Ongoing proje jects in in respect of of which comple letion certifi ficates have not been iss ssued (Exclu lusions as as per Raja jast sthan RERA Rule les, s, 20 2017 sta stated at at slid slide no no.52 52) 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 exceed 8 (a (all ll phases) 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 resa sale 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 fo form, info forming 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 transfe ferred by by the promoter, and includes the person who who subsequently acquires the said allotment through sale, transfer 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 verandah area and exclusive open terrace area, but includes the or 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 ot ificate, by by whatever name called, issued by by the competent auth thorit ity cert rtifyin ing that the real 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 co compete tent auth uthority ty un under th the loc local law laws. "Im "Immovable Prop roperty" inc includes lan land, d, buil uildings, , ri rights ts of of ways ys, , li ligh ghts or r any oth ther ben enefit it ari rising out ut of f lan land and th thin ings att ttach ched to to th the e earth ea 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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