RERA Speak!

- Haryana has started RERA project registration- Event organised by NAREDCO
By Venket Rao

(Haryana has started RERA project registration on the basis of Draft Rules clarified by Interim Regulator at the Panel Discussion held 28/06/2017 @ event organised by NAREDCO, Haryana)

I was part of the Panel on the dais with # Interim Regulator(Haryana)and very interesting position has emerged.

Interim Regulator also clarified on some critical issues :

• That for any project to be registered first and foremost condition is 'License' has to be valid as on the date of registration/ application. Builder can give his timeline for completion under RERA, provided he keeps his licences renewed at the time of registration and during the period given by him for completion under RERA.
• Fee to be calculated on the basis of rate multiplied by permissible FAR for Group Housing. Gross Land area in the case of plotting
• DD has to be made in favour of Haryana Real Estate Authority. Currently Interim Authority is functioning out of HUDA Bhawan, Punchkula (Haryana)
• Part Completion/OC projects shall be excluded to the extent of such Part completion or OC.
• 70% of Customer receipts till date less amounts utilised on land and construction costs (include any bank interest and repayments), remaining if any, may be deposited into a separate Bank Account within 3 months from the date of application for registration
• Timeline for completion would be decided by the Regulator on case to case basis in case of already delayed projects.
• Strict action would be taken against erring developers.

There were other clarification also and I am thankful to NAREDCO and other panelist for having as part of them.

This is the quick recall and my understanding. I may be corrected on any of the above and it may not be taken as Regulator / Govt legal stand or position.

About Author

Mr.Venket Rao, Founder & Chief Executive of Intygrat Business Advisory (P) Ltd has over two decades of rich experience in the areas of management, finance, regulatory compliances, secretarial & legal. Over the years, Mr.Rao occupied senior management positions in industry and spent over a decade in Real Estate Industry and is widely popular in real estate circles. He is a Graduate in Arts (English Hons ) from Madras University, Chennai, Associate Company Secretary from ICSI,New Delhi, holds Post Graduate Diploma in International Business from Indian Institute of Foreign Trade (IIFT) and Licentiate of Insurance from Insurance Institute of India, Pune. He has served as Member of the Managing Committee of PHD Chamber of Commerce & Industry and as Director with Delhi Stock Exchange. He was on various committees of PHD Chambers & Delhi Stock Exchange .He has been on various panel discussions on Real Estate & Capital Markets.He is currently member of Capital Markets Committee of PHD Chambers.

Disclaimer

The views and opinions expressed in this article are of the author and do not necessarily reflect the official policy or position of any other agency, organization, employer or company. Assumptions made in the analysis are not reflective of the position of any entity other than the author– and, since we are critically-thinking human beings, these views are al-ways subject to change, revision, and rethinking at any time.