RERA Property Advocate in Mumbai / Andheri
The Real Estate (Regulation and Development) Act 2016, popularly known as RERA, was enacted to safeguard the interest of Home buyers in the country and have regulatory frame work for Real Estate Development.
RERA is the term for the Real Estate Regulatory Authority by the government. The government in the year 2016 introduced. The Real Estate (Regulation & Development) Act, 2016, aiming to establish transparency in the process of buying and selling flats in new construction and thereby regulate and promote discipline in the real estate sector. The basic aim of the Act is to protect the interest or buyers and promote timely delivery of properties or projects.
Real Estate (Regulation and Development) Act, 2016 (RERA)
Functions and duties of promoter
- Section 3(1) No promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building in any planning area, without registering the real estate project with the Real Estate Regulatory Authority.
- Section 4(1) Every promoter shall make an application to the Authority for registration of the real estate project in prescribed form and manner. Section 4(1)
- Section 4(2) The promoter shall enclose the prescribed documents along with the application.
- Section 4(2)(l) The promoter shall also enclose a prescribed declaration along with application.
- Section 4(2)(l)(D) The promoter shall keep 70% of the amount received from allottees in a separate bank account in a scheduled bank
- Section 4(2)(l)(D) The promoter shall withdraw the amounts from the separate account, to cover the cost of the project, in proportion to the percentage of completion of the project.
- Section 4(2)(l)(D) The promoter shall withdraw the amounts from the separate account after it is certified by an engineer, an architect and a chartered accountant in practice and the withdrawal is in proportion to the percentage of completion of the project.
- Section 4(2)(l)(D) The promoter shall get his accounts audited within six months after the end of every financial year by a chartered accountant in practice.
- 4(2)(l)(D) The promoter shall furnish a statement of accounts duly certified and signed by auditor verifying that the amounts collected for a particular project have been utilized for the project and the withdrawal has been in compliance with the proportion to the percentage of completion of the project.
- Section 5(2) The promoter shall obtain a registration number and a Login Id and password to the promoter for accessing the website of the Authority and to create his web page and to fill therein the details of the proposed project.
- Section 6 The promoter shall file application for extension of registration in prescribed form and manner before the Authority if the project could not be completed within time due to force majure.
- Section 7(1)(a) The promoter shall comply with anything required by or under the Act or the rules or the regulations.
- Section 7(1)(b) The promoter shall not violate any of the terms or conditions of the approval given by the competent authority.
- Section 7(1)(c) The promoter shall not be involved in any kind of unfair practice or irregularities.
- Section 7(2) The promoter shall respond to the Notice of Revocation, if any, issued by the Authority.
- Section 7(3) The promoter shall follow any further terms and condition imposed by Authority permitting the registration to remain in force, instead of revoking the registration under Section 7 (1).
- Section 7(4)
The promoter shall follow the directions issued by the Authority upon revocation of
registration, unless right of appeal is exercised.
- Section 9(1) The promoter shall use the services of only registered real estate agents for sale of apartment, plot or building of any registered project.
- Section 11(1) The promoter shall create his web page on the website of the Authority and enter all the prescribed details of the proposed project in all the fields for public viewing.
- Section 11(2) The promoter shall mention prominently the website address of the Authority in all advertisements or prospectus issued or published.
- Section 11(3) The promoter shall be responsible to make available to the allottee, all the prescribed information at the time of the booking and issue of allotment letter.
- Section 11(4)(a) The promoter shall be responsible for all obligations, responsibilities and functions under the provisions of this Act or the rules and regulations.
- Section 11(4)(b) The promoter shall be responsible to obtain the completion certificate or the occupancy certificate, or both, as applicable, from the relevant competent authority.
- Section 11(4)(c) The promoter shall be responsible to obtain the lease certificate, where the real estate project is developed on a leasehold land.
- Section 11(4)(d) The promoter shall be responsible for providing and maintaining the essential services, on reasonable charges.
- Section 11(4)(e) The promoter shall enable the formation of an association or society or co- operative society of the allot tees.
- Section 11(4)(f) The promoter shall execute a registered conveyance deed of the apartment, plot or building in favour of the allottee.
- Section 11(4)(f) The promoter shall execute a registered conveyance deed of the undivided proportionate title in the common areas to the association of allottees or competent authority.
- Section 11(4)(g) The promoter shall pay all outgoings until he transfers the physical possession of the real estate project to the allottee or the associations of allottees.
- Section 11(4)(g) Provision The promoter shall be liable for the cost of any legal proceedings which may be taken up by authority or person for recovery of outstanding outgoings, if not paid by the promoter.
- Section 11(4)(h) The promoter shall not mortgage or create a charge on any apartment, plot or building after execution of an agreement for sale.
- Section 11(5) The promoter may cancel the allotment only in terms of the agreement for sale.
- Section 11(6) The promoter shall prepare and maintain all details as may be specified, from time to time, by regulations made by the Authority.
- Section 12 The promoter shall be liable to pay compensation to the allottee where he makes an advance or a deposit on the basis of the information contained in the notice advertisement or prospectus, or on the basis of any model apartment, plot or building and sustains any loss or damage by reason of any incorrect, false statement.
- Section 13(1) The promoter shall enter into an agreement for sale and register the same before he accepts a sum more than ten per cent of the cost of the apartment, plot, or building.
- Section 13(2) The promoter shall ensure that the agreement for sale is in prescribed form and contain specified particulars.
- Section 14(1) The promoter shall develop and complete the proposed project in accordance with the sanctioned plans, layout plans and specifications as approved by the competent authorities.
- Section 14(2)(i) The promoter shall not make any additions and alterations in the sanctioned plans, layout plans and specifications and the nature of fixtures, fittings and amenities in any apartment, plot or building without the previous consent of the allottee(s) concerned.
- Section 14(2)(II) The promoter shall not make any other alterations or additions in the sanctioned plans, layout plans and specifications of the buildings or the common areas within the project without the previous written consent of at least two-thirds of the allottees. Section 14(2)(ii)
- Section 14(3) The promoter shall be obliged to rectify without further charge, within thirty days, any structural defect or any other defect in workmanship, quality or provision of services or any other obligations of the promoter as per the agreement for sale relating to such development brought to the notice by allottee within a period of five years from the date of handing over possession.
- Section 14(3) The promoter shall be responsible to pay to the aggrieved allottees appropriate compensation in prescribed manner if he fails to rectify any structural defect or any other defect in workmanship, quality or provision of services or any other obligations of the promoter as per the agreement for sale.
- Section 15(1) The promoter shall not transfer or assign his majority rights and liabilities in respect of a real estate project to a third party without obtaining prior written consent from two-third allottees and without the prior written approval of the Authority.
- Section 16(1) The promoter shall obtain all such insurances in respect of title and construction, as may be notified by the appropriate Government.
- Section 16(2) The promoter shall be liable to pay the premium and charges in respect of the insurance.
- Section 16(3) The promoter shall transfer all benefits of insurance to allottees and/or the association of allottees at the time of promoter entering into an agreement for sale with the allottee.
- Section 16(4) The promoter shall hand over all documents relating to the insurance to the association of the allottees on its formation.
- Section 17(1) The promoter shall execute a registered conveyance deed in favour of the allottee.
- Section 17(1) The promoter shall execute a registered conveyance deed of undivided proportionate title in the common areas to the association of allottees or the competent authority.
- Section 17(1) The promoter shall hand over the physical possession of the plot, apartment of building to the allottee.
- Section 17(1) The promoter shall handover or physical possession of the common areas to the association of allottees or the competent authority.
- Section 17(2) The promoter shall handover the necessary documents and plans, including common areas, to the association of the allottees or the competent authority.
- Section 18(1) The promoter shall on demand by the allottees, return the amount received by in respect of that apartment, plot, building with interest and compensation.
- Section 18(2) The promoter shall compensate the allottees in case of any loss caused to him due to defective title of the land.
- Section 18(3) The promoter shall be liable to pay compensation if he fails to discharge any other obligations imposed on him under this Act or the rules or regulations.
- Section 35(1) The promoter shall be obliged to furnish in writing such information or explanation relating to its Affairs, as the Authority may require from time to time.
- Section 37 The promoter shall be responsible to comply with any directions issued by the Authority unless he makes an appeal against such directions.
- Section 38(1) The promoter shall be liable to pay penalty or interest imposed by the Authority unless he makes an appeal.
- Section 59(1) The promoter shall be shall be liable to a penalty, which may extend up to ten per cent. of the estimated cost of the real estate project, if he contravenes provisions of section 3.
- Section 59(2) The promoter shall be liable to be punished with imprisonment for a term which may extend up to three years or with fine which may extend up to a further ten per cent of the estimated cost of the real estate project, or with both if he does not comply with the orders, decisions or directions issued under Section 3(1).
- Section 60 The promoter shall be liable to a penalty, which may extend up to five per cent of the estimated cost of the real estate project, if he provides false information or contravenes the provisions of Section 4.
- Section 61 The promoter shall be shall be liable to a penalty which may extend up to five per cent of the estimated cost of the real estate project, if he contravenes any other provisions of this Act.
- Section 63 The promoter shall be liable to a penalty for every day during which such default continues, which may cumulatively extend up to five per cent of the estimated cost of the real estate project, if any promoter, who fails to comply with, or contravenes any of the orders or directions of the Authority.
- Section 64 The promoter shall be punishable with imprisonment for a term which may extend up to three years or with fine for every day during which such default continues, which may cumulatively extend up to ten per cent of the estimated cost of the real estate project if any promoter, who fails to comply with, or contravenes any of the orders, decisions or directions of the Appellate Tribunal.
All the projects either on land with more than 500 sqm or having the minimum of eight apartments, including the ones without completion or occupancy certificate needs to register for RERA. Developers need to present details like layout plan, project plan, approvals, land title status, details of promoters, contractors, architects, date of completion with the State RERA. Buyers can access the information from the RERA websites. The carpet area is clearly defined in the law, The Developers need to put aside 70% of project funds in an Escrow account linked with the project. Builders will be penalized if there is any delay in project deliveries.
The RERA acts make it compulsory for all commercial and residential real estate projects where the land is over 500 square meters or eight apartments to register with the regulator before launching the project. Every promoter will make an application to the authority for registration of real estate project. Even the ongoing Projects that are in development on the date of commencement of this act and for which completion certificate has not been received needs to get registered with RERA. If any real estate project failing to register a property will attract penalty.
Advocate Aniket Nerurkar and his team provide the complete solution for RERA registration and compliance, that is Project Planning, Project Registration, Documentation, Online Management with regular updates. Advocate Aniket Nerurkar is the best RERA Consultant in Mumbai Advocate Aniket Nerurkar are very well known RERA Property Advocate in Mumbai / Andheri, Top Lawyers for RERA cases in Mumbai / Andheri. So if you are looking for Top Lawyers for RERA cases in Mumbai / Andheri call Advocate Aniket Nerurkar the best RERA Consultant in Mumbai. The benefits of RERA registration areas below to both buyers and builders Accountability, Transparency, Trust, Standardization, Professionalism, Boost in Investments, Timely Delivery of the projects etc. The RERA act has got the stability in the process.
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