No advertisement for booking or sale etc of a Real Estate Project can be made without registration of Real Estate Project with Real Estate Regulator.
All Real Estate Projects having a Plot Area of 500 Sq. Mtr. Or 8 Flats are mandatorily required to be registered with Real Estate Regulatory Authority of the concerned State. All Ongoing Projects, subject to certain conditions too need to be registered.
Each phase of the project will be considered as standalone project which should be registered.
Each State to have its own Regulator & its Own Rules modeled on Central Rules. Thereby making registration and compliance a state wise mechanism. Complexity in interpretation of RERA vs Local laws and Other Laws./Rules etc.
Registration of the Project is valid for a specified period as related to project completion which shall then be subject to extension only on certain conditions.
Transparent mechanism has been evolved by making it obligatory on the developer to host a world of information including details of its Real Estate Agents and other Intermediaries of the Project.
Project Plan, Layout Plan, Carpet Area, Land Status, Approvals, Project Schedule ,Specifications, etc, to be made available both at registration, at every alteration and with all periodic filings. Huge no of disclosures, periodic updations and monitoring.
Developers site/page to be created on RERA web portal and updated periodically
Project’s 70% amounts to be kept in a Separate Account to cover cost of construction & land. Withdrawal from Account is linked with percentage of project completion and need to be certified by Engineer, Architect and Chartered Accountant before such withdrawal.
Periodic/Quarterly updation including booking status, approval statusf, project status has been made mandatory.
Various obligations have been cast on Promoter including but not limited to the detailed information to be the prospective buyer/ allottee, land title certification, getting the completion/occupancy, handing over etc.
Promoters have been given strict and specific compliances to adhere to as integral to projects registered with RERA.
The Real Estate Regulatory Authority of the specific state would be Administrative Body and Real Estate Appellate Tribunal shall be the Appellate Authority.
The Authority is authorized to look into complaints or take up suo motto the compliances under the Act of the Real Estate Project or for any unfair practices indulged into by the Promoter in respect of the Project etc.
Conduct inquiry investigation in relation to the affairs of Promoter/ and impose penalties and interest.
All grievances and disputes to be addressed first by the Authority (60 days) then by the Real Estate Appellate Tribunal (REAT) and post that the petitioners can approach High Court(s) within 60 days.
Stringent penalties have been proposed
Cancellation of project registration
Enabling the Allottees to carryout the remaining work, freezing of the Separate Account.
Black listing of the Promoter.
Further stringent penalties prescribed for non adherence to orders of Authority /Tribunal
Penalties up to 10% of the Estimated Project Cost at first or 3 years of imprisonment for non registration.
For false information or contravenes Section 4 of the Act or any other section of the Act and Rules made thereunder the penalty is up to 5% of the Estimated Project Cost.
RERA being is an exhaustive yet very recent law that, needs eye for detailing and expertise to dissect the provisions for implementing.
Unique Approach of "INTYGRAT": Has a unique proposition when it comes to RERA advisory and compliances. In the first place, "INTYGRAT"’S top management has extensive experience in the Real Estate industry. Secondly, "INTYGRAT"’S ability and approach to pool in subject matter experts for every project gives it an advantage to deliver cutting edge comprehensive solution.
We offer comprehensive diagnosis of the existing compliance and reporting system for a project’s readiness to comply with RERA. RERA Compliant Documentation: It is a very important aspect as very stringent obligations are placed on the Developer. "INTYGRAT" will help its client to come up with RERA compliant commitments /documents. These documents include advertising material and & campaign, Allotment Letter, Agreement for Sale and Conveyance Deed, etc.
A comprehensive term related to Real Estate Project compliance management under RERA. This covers the services of providing end- to- end solution of handholding and compliance support mechanism. Herein, our expert team will embark on covering aspects from registration of the project, periodic compliance (as per the understanding) till the project completion. RPM seeks to alternate and save on the in- house expenses for the Developer. As the "INTYGRAT" team handling the Project is exclusively operating in the domain, it brings to the table domain expertise, logistic support thereby saving time and & cost bringing in the economies of scale.
Under RERA, every project having plot size of 500 Sq. Mt. or having 8 or more units is mandated to be registered with RERA. The registration process is quite comprehensive in itself.
Under RERA, all registered developers / projects need to file / update the status of the project including but not limited to project completion status, sale status etc. "INTYGRAT" provides compliance advisory and handholding compliance support & management.
This is a comprehensive Independent analysis of RERA compliance status of Project and Reporting Service. Our Expert team will assess, analyze and report on the compliance status of project. This can be a one- time exercise or periodic depending on the needs. Especially useful for Managements and other stake holders such as Investors (Funds & other Strategic Investors), Lenders (Banks/Institutions).
This covers a wide range of advisory, handholding and legal support for enabling the Promoter in dealing with Authority /Tribunal/Allottees etc.
Intygrat Business Advisory (P)Ltd.
(CI No. U74900DL2011PTC216088)
Corp. Off.: 2 nd Floor, Building No. 13
Community Centre, East of Kailash
New Delhi – 110065
Ph.:+91 9599002354, +91-11-40514977
Copyright © 2018 All Rights Reserved. Hosted and Powered by Jeewan Garg