REGISTRATION OF PROJECT UNDER RERA ORG A NISED B Y AHMEDABAD B RANCH OF WIRC OF ICAI Presented by : CA Pooja Shah Date of Presentation:29/03/2019
Lets start with some statistics….
Objectives of RERA 2016 Transparency Accountability Finance Control Customer Compliance Objects of RERA Protection Act,2016 3 Rajesh J Shah & Associates
Applicability of RERA ACT , 2016 Real Estate project Promoters (Builders) Allottees (Buyers) Real Estate Agent
What is a Real Estate Project ??? Section 2(zn) defines as : The development of a building or a building consisting of apartments or Converting an existing building or apart thereof into apartments or The development of land into plots or apartments, Where such development or conversion is for the purpose of selling all or some of the said apartments or plots or building.
Who is liable to get Registered under the Act Real Estate projects & Real Estate Agents
Section 3 - Prior registration of real estate project with RERA Section 3(1) shall advertise, market, book, sell or offer for sale or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it, in any planning area, without registering the real estate project with the RERA established under this Act
Penalties imposed till date w.r.t. contravention of Sec 3(1) Authorities has passed 62 orders of penalties till date ,out of which 46 orders are related to sec 3(1). Minimum penalty of Rs.10,000 and the maximum penalty of Rs.17,29,000 has been charged till date.
Penalties for non-registration under RERA Type of Default Quantum of Penalty Promoter Non registration Extend upto 10% of ECP* Not complying with Imprisonment extend upto 3 order , decisions or years directions ofAuthority OR Fine extend upto 10% of the ECP OR Both Providing Extend upto 5% of the ECP False Information Any other default Extend upto 5% of the ECP * ECP= Estimated cost of real estate 15 Rajesh J Shah & Associates Project
Area of land proposed to be developed does not exceed 500 sq mt or no. of apartments proposed to be developed does not exceed 8 inclusive of All Phases. SEC 3(2) Exemption from Registration For the purpose of renovation or Where the Promoter has received repair or re-development which does Completion certificate prior to not involve marketing, advertising, commencement of the ACT . selling or new allotment of any apartment, plot or building 1 Rajesh J Shah & Associates 0
Sec 4 Application of Registration of Real estate projects Sec 4(1) Every Promoter shall make an application to the Authority for registration of real estate projects in such form ,manner, within such time and accompanied such fee as may be prescribed . Sec 4(2) List of Documents required ( Provided : (1 )Checklist of project (2) Checklist of key documents require (3) project info checklist )
Step by step to guide for the registration
Time limit For Grant of Registration Registration by RERA shall be granted within 30 days from DATE OF APPLICATION Whether Action is taken within 30 Days No Y es RERA shall also provide The Project will be deemed to be Registration number , Login ID and registered & the Authority shall password to applicant for within a period of 7 days of the accessing website of Authority and expiry of the said 30 days period, to create his/her web page and to provide registration no., login id fill details of proposed project. and password 49 Rajesh J Shah & Associates
Registration Extension Validity Revocation Registration shall be On receipt of a Registration granted to a valid for a period complaint or on project for such time as it declared by promoter for recommendation of considers necessary, which completion of project the Competent shall, in aggregate , not /phase Authority exceed a period of 1 year 50 Rajesh J Shah & Associates
Promoter makes default in doing anything 1. under ACT/ RULES/REGULATIONS. Promoter violates any terms or conditions 2. of approval given by Competent Authority. Promoter is involved in any kind of unfair 3. practice/ irregularities. Promoter indulges in any fraudulent 4. practices. 51 Rajesh J Shah & Associates
Obligation of Authority consequent upon lapse of or on revocation of registration In case of revocation of registration, association of allottees shall have the first right of refusal for carrying out of the remaining development works . The Appropriate Government to take such action as it may deem fit including carrying out of the remaining development works by competent authority or by association of allottees or in any other manner as may be determined by the authority No Direction, Decision or order of the authority shall take effect until the expiry of the period of appeal provided under the act 52 Rajesh J Shah & Associates
Thank You For any detailed clarifications you can reach me at poojashahco@gmail.com or can contact me on 8980240373.
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