[PPT] - Real Estate (Regulation & Development) Act,2016 Key Highlights PowerPoint Presentation

SLIDE 1

Real Estate (Regulation & Development) Act,2016 Key Highlights and Important Provisions

SLIDE 2

Scheme of the Presentation

Intr Introduction (Slid Slide no.1 no.1) Stru Structure re of the the act act (Slid Slide no.2 no.2) Obje bject ctive of the the act act (Slid Slide no.3 no.3) Appli lica cabil ilit ity (Slid Slide no.4 no.4) Exe Exemptions (Slid Slide no.5 no.5) Def efin initions (Slid Slide no.6 no.6 to to 11) Prio rior Reg Registrati tion (Slid Slide no.1 no.12) Appli lica cation for Reg Registrati tion (Slid Slide no.1 no.13) Gran Grant For For Regi Registrati tion (Slid Slide no.1 no.14) Rev Revoca cation of Regi Registrati tion (Slid Slide no.1 no.15)

Registrati tion of f Rea eal l Esta Estate te Agent (Sli (Slide no.

no. 16)

Fu Functi tions s of f Real l Esta Estate te Agent (Sli (Slide no.

no. 17 to 18)

SLIDE 3

Scheme of the Presentation

Func Functions & & Duti Duties es of Pro Promoter (Slid Slide no.1 no.19 to to21) Obli bliga gations of Pro romoter (Slid Slide no.2 no.22) NO dep deposit or r Adv dvance ce by by Pro romote ter (Slid Slide no.2 no.23)

Retu eturn of Am Amount & Compensatio ion (Slide no no.2 .25 to to 26)

Righ Rights & & Duti Duties of Allo llott ttees (Slid Slide no.2 no.27 to to 29) Cha Chapter VIII III- Offe fences es, Pena enalt lties es and and Pro rosecution (Slid Slide no.

no. 31 to

to 42) Nati ational l Cap Capit ital Te Terr rrit itory

f Delh

Delhi RE RERA Rul Rules es, 2016 (Slid Slide no.4 no.43 to to 60, , 62 to to 63)

Allo llott ttees Approval (Slid (Slide no

no. 61)

61)

SLIDE 4

Introduction

➢ The Act came in into to fo forc rce w.e.f. May 1st

st, 20

2017 ➢ Each & Every Real Estate te Project, t, 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 state Regula lato tory Authority (R (RERA). ➢ Develo lopers/Agents shall not able le to to offer any Real Estate Pro roject(s (s) or

r Product(s) to

to Custo tomers & Investors without registering themselv lves and there project or

r product, with

RERA.

1

SLIDE 5

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:-

Preliminary ry

Reg egis istratio ion of Rea eal Esta Estate Pro Proje ject and and Reg egis istratio ion of Rea eal Esta Estate Ag Agents

Fun Functions and Dut uties of

f

Promoter Rig Rights and Dut uties of

f

Allo llottees The Re Real Est state Reg Regulat atory ry Aut uthority Ce Central Adv dvisory Cou Council The Re Real Est state App ppellate Tri Tribunal al Off ffences, Pen enalties and Adj djudication Fin Finance, Acc ccounts, Aud udits and Re Report rts Mis iscellan aneous 2

SLIDE 6

Objective

➢ To To esta stablis ish th the Real Esta state Regula latory Authorit ity. ➢ Regula latio ion and Pro romotio ion of

f th

the Real Est state Secto tor; ➢ To To ensure sale le of

f plot, apartment or
r build

ldings or

r sale

le of

f

re real esta state pr project in in an an effic fficie ient and tra transparent manner; ➢ To To protect the interest of

f the consumers in

in real estate se secto tor; ➢ To To establi lish an an adjudic icating mechanism for speedy dis ispute re redress ssal and to to esta stablis ish th the App ppell llate Trib ribunal.

3

SLIDE 7

Applicability

➢ Act app ppli lies to to:- – Commercial Real Estate projects ts inclu luding shops,

ffic

ffices, s, sh showrooms, Godowns, – Resi sidentia ial Apa partments, – Plo lott tted Develo lopments, – Ongoing proje jects in in respect of

f which comple

letion cert rtific icates have not been is issu sued. ➢ 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

SLIDE 8

Exemptions

➢ Pro rojects ts being develo loped on

n la

land le less than 500 500 square mete ters( s(0.05 05 hectare or

r 0.12

12 acre re) ➢ Number of

f unit

its does not exc xceed 8 (a (all ll ph phase ses) ➢ Obtained comple letion certificate fo for the project before the commencement of

f 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

r all

llotment of

f any apartment, plo

lot

r
r buil

ilding ➢ Does not cover sale le of

f ready to

to occupy property in in the re resale le market

5

SLIDE 9

Definitions (Sec.2)

➢ “Advertisement”- means any document described or

r issued as

as advertisement through any medium and includes any notice, circular or

r other documents or
r publicity in

in any form, informing persons about a real estate proje ject, or

r offe

fering fo for sale of

f a plot,

building or

r apartment or
r invitin

ing persons to to purchase in in any manner such plot, building or

r apartment or
r to

to make advances or

r 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

r building, as

as the case may be, has been allotted, sold (wheth ther as as fr freehold or

r le

leasehold) or

r otherwise

transferred by by the promoter, and includes the person who who subsequently acquires the said allotment through sale, transfe fer or

r
therwise but does not include a person to

to whom such plot, apartment or

r bui

uilding, as as th the ca case may be, is is giv given on

n re

rent

6

SLIDE 10

➢ “Apartment”

whether called block, chamber, dwelling unit, flat, office,

showroom, shop, godown, premises, suit, tenement, unit or

r by

by any other name, means a separate and self-contained part of

f any immovable property, including
ne or
r more rooms or
r enclosed spaces, located on
n one or
r more floors or
r any part

thereof, in in a building or

r on
n a plot of
f land, used or
r intended to

to be be used for any residential or

r commercial use such as

as residence, office, shop, showroom or

r

godown or

r for carrying on
n any business, occupation, profession or
r trade, or
r for any
the

ther ty type of

f use

use an ancillary to to the the pu purpose spe specified. ➢ “Carpet Area” - means the net usable floor area of

f an

an apartment, excluding the area covered by by the external walls, areas under services shafts, exclusive balcony

r
r verandah area and exclusive open terrace area, but includes the area covered by

by the the int internal par partition wal alls of

f the

the apa apartment. Explanation :-For the purpose of

f this clause, the expression "exclusive balcony or
r

verandah area" means the area of

f the balcony or
r verandah, as

as the case may be, be, which is is appurtenant to to the net usable floor area of

f an

an apartment, meant for the exclusive use of

f the allottee; and "exclusive open terrace area" means the area of
f
pen terrace which is

is appurtenant to to the net usable floor area of

f an

an apartment, meant fo for the the exc xclusive us use of

f the

the all allottee

Definitions (Sec.2)…

7

SLIDE 11

➢ "Commencement Certif ificate" - means the commencement certific icate

r
r the buil

ilding permit it or

r the const

structio ion permit it, by by whatever name called is issued by by the competent authorit ity to to allow or

r permit

it the promoter to to begin in development works on

n 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

r such
ther certif

ificate, by by whatever name called, issued by by the competent auth thorit ity cert rtifyin ing that the real al 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 com compete tent auth uthority ty un under th the loc local law laws. ➢ "Im "Immovable Pro roperty" in includes lan land, , bui uildings, , ri rights ts of f ways, , li ligh ghts

r
r any

y ot

ther ben

enefit it ari rising ou

ut

t of

f lan

land d and d th thing ings att ttach ched to to th the e ea earth rth or

r 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

t sta

standing tim timber, , sta standin ing cro crops or

r gra

grass.

Definitions (Sec.2)…

8

SLIDE 12

➢ “Internal Development works” - means roads, footpaths, water supply, sewers, drain ins, parks, tree plantin ing, str treet lig ightin ing, provis isio ion for communit ity buildin ings and and for treatment and dis isposal of

f sewage and

and sullage water, solid waste management and and disposal, water conservation, energy management, fire protection and and fire safety requir irements, socia ial in infrastructure such as as educatio ional health and and other public ic am amenitie ies or

r any

any oth ther work rk in in a pr project fo for its ts benefit it, as as pe per sanc anctio ioned pla plans. ➢ “Planning Area” - means a planning area or

r a development area or
r a local plannin

ing area or

r a regio

ional development plan area, by by whatever name called, or

r any other area

specif ifie ied as as such by by the appropria iate Government or

r any competent authorit

ity and in includes any area desig ignated by by the appropria iate Government or

r the competent

authorit ity to to be be a plannin ing area for future planned development, under the law relatin ing to to Town and Country Plannin ing for the tim ime being in in force and as as revis ised fro from ti time to to ti time. ➢ "Sanctio ioned Plan" means the sit ite plan, buil ildin ing plan, servic ice plan, parkin ing and and cir irculatio ion plan, landscape plan, layout plan, zonin ing plan and and such other plan and in includes structural desig igns, if if applic icable, permis issio ions such as as envir ironment permis issio ion and such other permis issio ions, whic ich are approved by by the competent au authority pr prior to to star tart of

f a real

al esta tate pr project.

Definitions (Sec.2)…

9

SLIDE 13

➢ "Real al Estat ate Agent" - means an any pers rson, who who negotiat ates or

r acts on
n behal

alf of

f one pers

rson in in a tra ransac action of

f tran

ansfer of

f his plot, ap

apar artment or

r building, as

as the cas ase may be, in in a re real al estat ate pro roject, by by way of

f sal

ale, with another pers rson or

r tran

ansfer of

f plot, apar

artment or

r building, as

as the case may be, of

f any other person to

to him and receives remuneration or

r fees or
r any other

char arges for his serv rvices whether as as commission or

r otherwise an

and includes a pers rson who who intro roduces, through an any medium, pro rospective buyers rs an and sel ellers rs to to eac ach other for negotiat ation for sal ale or

r purchas

ase of

f plot, ap

apart rtment or

r building, as

as the cas ase may be, and inc includes pro property dea deale lers, bro brokers, midd iddle lemen by by whatever na name ca call lled. ➢ "Real Estate Project" - means the development of

f a building or
r a building consisting of
f

ap apar artments, or

r convert

rting an an existing building or

r a par

art thereof into ap apart rtments, or

r the

development of

f lan

and into plots or

r ap

apart rtment, as as the cas ase may be, for the purp rpose of

f selling

all all or

r some of
f the sai

aid ap apar artments or

r plots or
r building, as

as the cas ase may be, and includes the common are reas as, the development work rks, al all impro rovements an and structure res there reon, and al all ea easement, rig ights and nd app ppurtenan ances bel belonging there reto. ➢ “Company” :- means a company incorp rpora rated an and registere red under the Compan anies Act, 2013 2013 and nd in includes,— (i) a cor corporat ation est estab ablished by by or

r und

under any Ce Central Act or

r Stat

State Act ct; (ii) a development authori rity or

r an

any public authori rity established by by the Government in in this beh behalf un under any la law for for the the ti time bei being in in for force.

Definitions (Sec.2)…

10

SLIDE 14

➢ “Promoter” :- mea means,— (i) a person who constr tructs or

r causes to

to be be constr tructe ted an an ind ndependent build lding or

r a building consisti

ting of

f

apartments, or

r converts

ts an an existi ting building or

r a part thereof into apartments

ts, for the purpose of

f sel

elling all or

r

so some of

f the apar

apartments ts to to oth

ther per

persons and and incl includes hi his ass assig ignees; or

r

(i (ii) i) a person who develops land into to a project, t, whether or

r not the person also constr

tructs str tructu tures on

n any

any of

f the

plots ts, for the purpose of

f selli

ling to to other persons all or

r some of
f the plots

ts in in the said project, t, whether with or

r

wit without st structu tures thereon; or

r

(ii (iii) i) any any deve evelopment auth authority ty or

r any

any oth

ther pub

public bod body in in res respect of

f allo

allott ttees of

f—

(a) (a) buil buildings or

r apa

apartm tments, as as the he cas ase may may be, be, con

nstr

tructe ted by by suc such auth authority ty or

r bod

body on

n land

lands owned by by them or

r pl

placed ed at at the heir dis isposal al by by the he Government; or

r

(b) b) plots owned by by such authority or

r body or
r placed at

at their disposal by by the Government, t, for the pur purpose of

f sell

selling all all or

r so

some of

f the

he apar apartments ts or

r pl

plots ts; or

r

(i (iv) an an apex Sta tate te level co co-operati tive housing finance society ty and and a primary co co-operati tive housing society which constructs apartments ts or

r buildings for its Members or
r in

in respect of

f the allott

ttees of

f such apartments

ts or

r buildings;
r
r

(v) v) any any other person who acts ts himself as as a builder, coloniser, contr tractor, developer, esta tate te developer or

r by

by any

ther name or
r claims to

to be be acti ting as as the holder of

f a power of
f atto

torney from the owner of

f the land on
n which the

bui build lding or

r apar

apartment is is constr tructed or

r pl

plot is is deve eveloped fo for sale sale; or

r

(vi) (vi) suc such oth

ther per

person who constr tructs ts any any buil building or

r apa

apartm tment for for sale sale to to the gene general pu publi lic. Explanati tion.—For the purposes of

f this clause, where the person who constructs

ts or

r converts

ts a building into apartments or

r develops a plot for sale and

and the persons who sells apartments or

r plots

ts are different persons, both of

f

them shall be be deemed ed to to be be the promoters and and shall be be jointl tly lia iable as as such for th the functi tions and and responsibiliti ties spe specifie ied, und under this Act or

r the

he rule rules and and regu regulati tions ma made there und under.

Definitions (Sec.2)…

11

SLIDE 15

Prior Registration of Real Estate Project with Real Estate Regulatory Authority (Sec.3)

➢ No No project can be be advertised, booked, sold ld, offered in in any fo form prior to to registrati tion and

bta

taining necessary construction app pprovals ls. ➢ No re regist stratio ion of f th the re real l esta state pr proje ject sh shall ll be re required where th the are rea of f la land pr proposed to to be develo loped does s not t exceed 50 500 square mete ters or r th the number of f apartments pr propose sed to to be develo loped does s not t exceed 8 8 unit its in inclu lusiv ive

f

f all ll ph phase ses. ➢ Pro rojects ts wit ithout comple letion certifi ficate is is now required to to be be registe tered within a peri riod of

f 3 months from the date

te of

f

commencement of

f th

this act. ➢ Each phase of

f the project is

is to to be be registered separately ly as as a sta stand alo lone pr project.

12

SLIDE 16

Application for Registration of Real Estate Project (Sec.4)

➢ Every promoter shall make an an appli licati tion to to the Authority fo for registrati tion of

f the real estate project in

in such form, manner, within such time and accompanied by by such fee as as may be be specifi fied by by th the regula lations made by by the

Authority. (As per NCT of
f Delh

lhi RERA Rules, 2016 Additio ional documents required to to submit sli lide No No.48 48 to to 49 49) ➢ The Authori rity shall operationali lise a web based onli line syste tem for submitting appli licati tions for registrati tion of

f

proje jects wit ithin a perio iod of

f one year from the date of
f its

esta stabli lishment.

13

SLIDE 17

Grant of Registration (Sec.5)

➢ RERA RERA to to grant or

r reject registratio

ion appli licati tion within 30 30 days ys. ➢ RERA RERA within 30 30 days to to accept or

r reject the registration. If

If no no intimati tion within 30 30 days, project is is deemed to to be be accepted. ➢ Regist stration is is vali lid fo for the perio iod of

f comple

letion of

f the

proje

ject. May be

be extended by by a year on

n very li

limited gro rounds and pa paym yment of

f fe

fees. ➢ On On registrati tion, promoter gets ts a registrati tion number, lo log- in in id id and password to to Authority’s websi site to to create his

wn pa

page and pro provide pr project deta tails ls.

14

SLIDE 18

Revocation of Registration (Sec.7)

➢Regis istratio ion may be be re revoked on

n a compla

laint/ su suo moto to if if:-

(i) pr promoter defa faults un under th the Act, Ru Rules, Re Regulations, (ii) (ii) vio iolates th the te terms of

f th

the ap approval for for th the pr project, (iii) (iii) in involved in in un unfa fair or

r ir

irre regular pr practices. (iv (iv) th the pr promoter in indulges in in any fra fraudule lent pr practices.

➢The registratio ion granted to to the promoter under secti tion 5 shall ll not be be revoked unle less the Authorit ity has given to to the promoter not le less ss than 30 30 days noti tice, in in writing, stati ting the grounds on

n which it

it is is proposed to to revoke the registratio ion, and has considered any cause shown by by the promoter within the period of

f that notic

ice against the pr propose sed re revocatio ion.

15

SLIDE 19

Registration of Real Estate Agent (Sec.9)

➢ No No real estate agent shall fa facilitate the sale or

r purchase of
f or
r act on
n

behalf of

f any person to

to fa facilitate the sale or

r purchase of
f any plot,

apartment or

r building, in

in a real estate project or

r part of
f it,

it, being the part of

f the re

real estate proje ject registere red u/s 3, bein ing sold by by the promoter in in any planning area, without obtaining re registration under th this is sec section. ➢ The Authority sh shall, within such period, in in such manner and accompanie ied by by such fe fees and upon satisfy fying itself of

f the

ful fulfil illment of

f su

such co conditions, as as may be be pr prescribed— (a) grant a sin ingle re registration to to the real estate agent fo for the entire re Sta State of

f Unio

ion te terr rritory, as as th the ca case may be be; (b (b) re reje ject the application fo for reasons to to be be recorded in in writing, if if such application does not confo form to to the provisions of

f the Act or
r the

ru rules or

r re

regu gulations made th there re un under.

16

SLIDE 20

Functions of Real Estate Agent (Sec.10)

➢Every re real es esta tate ag agent re registered u/s /s 9 shall ll:- a) a) Not facilitate the sale or

r purchase of
f any plot,

apartment or

r building, in

in a real estate project or

r part
f
f it, being sold by

by the promoter in in any planning ar area, which is is not re registered wit ith th the Authority, b) b) maintain and preserve such books of

f account, records

an and documents ts as as may pre rescribed, c) c) not in involve him imself lf in in an any unfair tr trade pra ractices, d) d) facilitate the possession of

f all the information and

documents ts, as as the all llottee, is is entitled to, at at the time

f
f booking of
f an

any plo lot, t, ap apartment or

r buil

ilding, e) e) Dis ischarge such oth ther fu functions as as may ay be be pre rescribed.

17

SLIDE 21

Functions of Real Estate Agent (Sec.10)..

➢Unfair Tra rade Pra ractices namely ly:- (i) the practice of

f making any statement, whether
rally or
r in

in writing or

r by

by visible representation which— (A) fals lsely represents that the services are are of

f a

particular sta tandard or

r grade;

(B) represents that the promoter or

r himself has

approval or

r affiliation which such promoter or
r

himself lf does not hav ave; (C) makes a false or

r misleading representation

co concerning th the ser ervices; (ii) permitting the publication of

f any advertisement

whether in in any newspaper or

r otherwise of
f services

th that ar are not in intended to to be be off ffered.

18

SLIDE 22

Functions and Duties of Promoter(Sec.11)

➢ The promoter after receiving his Login Id Id and password shall ll create his web page on

n the website of
f the Authority and enter all

ll details ls of

f the

propo posed project as as provided u/s 4(2) , in in all ll the field lds as as provided, for publi lic vie iewing, in including— (a) (a) det details ls of

f th

the reg registration gr granted by by th the Auth thority; (b (b) quarterly up up-to to-date the li list of

f number and types of
f apartments or
r

plo plots, as as th the cas ase may ay be, e, booked ed; (c) (c) qu quarterly ly up up-to to-date th the list ist of

f number of
f gar

garages booked ed; (d) quarterly ly up up-to to-date the li list of

f approvals taken and the approvals

ls whi hich ar are pen pending su subsequent to to commencement cer erti tificate; (e) (e) qu quarterly ly up up-to to-date sta status of

f th

the pr project; an and (f (f) such other information and documents as as may be be specified by by the re regula lations mad ade by by th the Auth thority. ➢ The advertisement or

r prospectus issued or
r publi

lished by by the promoter shall ll mention prominently ly the website address of

f the Authority, wherein all

ll details of

f the registered project have been entered and inclu

lude the registration number obtained from the Authorit ity and such other matters in incidental th ther ereto.

19

SLIDE 23

Functions and Duties of Promoter(Sec.11)..

➢ The promoter er at at the tim ime of

f the bookin

ing and is issue of

f all

llotmen ent let etter shall ll be be res esponsib ible to to make availa lable to to the allottee, the fo foll llowing in info formation, namel ely:— (a) sanctioned ed pla lans, la layout plans, along wit ith specific ications, approved by by the compet etent authority, by by display at at the sit ite or

r

such other place as as may be be specified by by the regula lations made by by the Authority; (b) the stage wis ise time schedule of

f completion of
f the project,

in includin ing the provi vision

ns for civic

ic in infrastructure lik ike water, sanit itatio ion and el elec ectricity. ➢ “Occupancy Certificate” :- It It is is a certificate is issued by by the competen ent (l (local) authorit ity permit itting

ccupation
f
f

any build ldin ing, as as provid ided under local laws, whic ich has provision for civ ivic ic in infr frastructures such as as water er, sanit itatio ion and el elec ectricity.

20

SLIDE 24

Functions and Duties of Promoter(Sec.11)..

➢ Th The pro promoter sh shall be be res esponsible le - (a) a) For al all obligations, re responsibilities and functions under the pro rovisions of

f this Act or
r the

rules and re regulations mad ade there under or

r to

to the al allottees as as per the ag agreement for sal ale, or

r

to to the the asso ssociation of

f allot

llottees, (b) (b) To To obt

btai

ain the com compl pletion cert certificate or

r the occ
ccupan

ancy cert certificate, or

r bot

both, (c) (c) To To obt

btai

ain the lea lease ce cert rtificat ate, (d) be be re responsible for pro roviding and mai aintai aining the essential al serv rvices, on

n re

reas asonable char arges, till the tak aking over of

f the mai

aintenance of

f the pro

roject by by the as association of

f the

allot llottees; (e) enable the form rmat ation of

f an

an as associat ation or

r society or
r co

co-opera rative society, as as the cas ase may be be, of

f the allot

llottees, or

r a fe

federat ation of

f the sa

same, un under the la laws app ppli licab able, (f) execute a re registered conveyance deed of

f the ap

apar artment, plot or

r building, as

as the cas ase may be, in in fav avour of

f the al

allottee al along with the undivided pro roport rtionat ate title in in the common areas to to the asso ssociat ation of

f allot

llottees or

r com

competent authority, (g) pay al all outgoings until he he tra ransfers rs the physical al possession of

f the re

real al estat ate pro roject to to the allott llottee or

r the ass

ssociations of

f allot

llottees (h) af after he he executes an an agreement for sal ale for an any ap apart rtment, pl plot or

r building, as

as the cas ase may ay be be, not not mor

rtgag

age or

r cre

creat ate a ch char arge on

n suc

such apa part rtment, plot plot or

r bu

build lding. 21

SLIDE 25

Obligations of promoter regarding veracity of the Advertisement or Prospectus (Sec.12)

➢ Where any person makes an an advance or

r a deposit on
n the

basis

f
f

the information contained in in the notice advertisement or

r prospectus, or
r on
n the basis of
f any

any model apartment, plo lot or

r building, as

as th the case may be, be, ➢ And sustains any loss or

r damage by

by reason of

f any incorrect,

false statement included therein, he he shall be be compensated by by th the pro romoter in in th the manner as as pro rovided under th this Act. ➢ If If the affected person intends to to withdraw from the proposed project, he he shall be be returned his entire investment along with interest at at such rate as as may be be prescribed and and the compensation in in th the manner provided under th this Act.

22

SLIDE 26

No deposit or advance to be taken by promoter without first entering into agreement for sale (Sec.13)

➢ Only Up Up to to 10 10% of

f cost of
f apartment, plot of
f building can be

be received as as advance payment / application fee before entering into a written agr agreement of

f sal

sale an and bal alance to to be be re received on

nly af

after agr agreement. ➢ The agr agreement fo for sal sale sh shall be e in in su such fo form as as may ay be e pr prescribed an and sh shall l sp specify th the e par particulars of

f de

development t of

f th

the pr proje ject t inc inclu luding th the constr truction of f buil ilding an and ap apartments, alo along wit ith sp specifications an and int internal de development t works an and ex external de development t works. ➢ The da dates an and th the e manner by y which pa payments ts to towards th the e cost

st of
f th

the ap apartment, plo plot t or

r buil

ilding, as as th the cas ase may be, e, ar are to to be e made by y th the all allott ttees an and th the e da date on which th the e po possession of f th the ap apartment, plo plot or buil ilding is is to to be e handed ov

ver.

➢ The ra rates of

f int

interest t pa payable by y th the pr promoter to to th the allo allottee an and th the all allott ttee to to th the e pr promoter in in cas ase of

f de

default, t, an and su such ot

ther pa

parti ticulars.

23

SLIDE 27

Some Important Sections

➢Section 14 14 :- Adherence to to sanctioned plans and project specifications by by the promoter ➢Section 15 15 :- Obligations of

f promoter in

in case of

f

transfer of

f a real estate project to

to a thir ird party ➢Section 16 16 :- Obligations of

f promoter regarding

in insurance of

f Real Estate project

➢Section 17 17 :- Transfer of

f Tit

itle

24

SLIDE 28

Return of Amount and Compensation (Sec.18)

(1) If If the promoter fails to to complete or

r is

is unable to to give possession of

f an

an apartment, plot or

r

bu buil ildin ing,— (a) a) in in ac accordance with th the ter terms of

f the

the ag agreement fo for sal sale or,

r, as

as the the cas case may ay be, be, duly co completed by by th the dat ate spe specif ified th therein in; or

r

(b (b) due to to dis iscontinuance of

f his

is business as as a developer on

n account of
f suspension
r
r

revocatio ion of

f th

the regis istratio ion und nder this this Act Act or

r fo

for any any ot

ther reason,

he he shall be be lia iable on

n demand to

to the allottees, in in case the the allottee wis ishes to to wit ithdraw from the proje ject, wit ithout preju judic ice to to any other remedy avail ilable, to to return the amount received by by him im in in respect of

f that apartment, plot, buil

ilding, as as the the case may be, wit ith in interest at at such rate as as may be be prescrib ibed in in this is behalf including compensation in in the manner as as provid ided under this is

Act. (As per Rule 16

16 of

f NCT of
f Delhi RERA Rules, 2016

2016 interest and compensation has to to be be paid id wit ithin 45 45 days from the date on

n whic

ich such refund along with interest and com compensatio ion, beco becomes due.) ➢ Where an an allottee does not intend to to wit ithdraw from the project, he he shall be be paid id, by by the promoter, interest for every month of

f delay, til

ill the the handing over of

f the possession, at

at such rat ate as as may ay be be pre prescribed. (2) The promoter shall compensate the allottees in in case of

f any loss caused to

to him im due to to defective tit itle of

f the land, on
n whic

ich the proje ject is is being developed or

r has been developed, in

in the manner as as pro provided und nder this this Ac Act, an and th the cla claim im fo for co compensation und nder this this subsection shall no not be be bar barred by by limitatio ion pro provid ided und nder an any law fo for the the ti time bein being in in fo force.

25

SLIDE 29

Required to pay Compensation

➢ Develo lopers are required to to refund and pay compensatio ion to to the allottees with an an Interest rate of

f State Bank of
f

India’s highest marginal cost of

f le

lending rate (MCLR) plu lus 2% , within 45 45 days of

f it

it becoming due

due. Interest rates are

expected to to ra range anywhere aro round 11 11% -12 12 %.

26

SLIDE 30

Rights and Duties of Allottees (Sec. 19)

➢ The The allo allottee sh shall all be be en entit title led to to- (1) Obtai ain the the infor

rmatio

ion relati ting to to sanctione ned plans, layou

ut plans along with th

the speci cifi ficati tions, approve ved by by the the compete tent authority and such ch oth ther informatio ion or

r th

the agr agreement for for sale sale sign signed with ith th the prom

moter.

(2) Know stage-wise se time sch chedu dule le of

f comple

leti tion of

f the projec

ject, incl cludi ding the provi visi sions for for water, sanitation, ele lectr trici city and other ameni nitie ties and se servic vices as as agreed to to between the promote ter and th the al allo lotte tee in in ac accor

rdance

ce with th the terms and condit itions

f
f th

the agr agreement for for sale sale. (3) Clai aim the the pos

sse

sessi sion of

f apartment, plot or
r buil

ildi ding, as as th the case se may be, and the assoc

ciati

tion of

f allo

llotte tees shall all be be entitle tled to to cl clai aim the the pos

sse

sessi sion of

f the common areas, as

as per th the de decl clarati tion give ven by by the promote ter unde der sub-cl clause (C) of

f cl

clause se (I) of

f sub-

sec sectio tion (2) of

f sec

section tion 4. (4) Claim the refu fund of

f amount paid

id along with th inte terest at at such rate te as as may be be presc scribed and co compensation in in the the manner as as provi vide ded unde der th this is Act, from the promote ter, if if the the promote ter fai ails ls to to comply ly or

r is

is unable to to gi give ve posses sessio ion of

f the

the apartment, plot or

r buil

ildi ding, as as the the case se may be, in in acc ccordance ce with the te terms of

f

agreement for for sale ale or

r due to

to di disc sconti tinuance of

f his busi

siness as as a de deve velo loper on

n accou
unt
f
f su

suspe pensio ion or

r revoc
cation of
f his regi

gistr tratio ion under the provi visi sions of

f this Act or
r th

the rule les or

r regu

gula latio ions made ade th there under under.

27

SLIDE 31

Rights and Duties of Allottees (Sec. 19)…

(5) The allottee shall be be entitled to to have the necessary documents and plans, including that of

f common areas, after handing over the physical possession of
f

th the ap apartment or

r plo

plot or

r buil

ilding as as th the ca case may ay be, e, by by th the pro promoter. (6) Every allottee, who who has entered into an an agreement for sale to to take an an apartment, plot or

r building as

as the case may be, under section 13 13, shall be be responsible to to make necessary payments in in the manner and within the time as as specified in in the said agreement for sale and shall pay at at the proper time and place, the share of

f the registration charges, municipal taxes, water and

electricity charges, maintenance charges, ground rent, and other charges, if if an any. (7) The allottee shall be be liab able to to pay interest, at at such rate as as may be be prescribed, for any delay in in payment towards any amount or

r charges to

to be be pa paid under sub sub-section (6). (8) The obligations of

f the allottee under sub-section (6) and the liab

ability towards interest under sub-section (7) may be be reduced when mutually agreed to to betw etween th the pro promoter an and suc such allo allottee ee.

28

SLIDE 32

Rights and Duties of Allottees (Sec. 19)…

(9) Every all llottee of

f the apartment, plo

lot or

r build

lding as as the case se may be, shall ll participate towards the formation of

f an

an ass ssociati tion or

r socie

iety or

r cooperati

tive society of

f the

allo llottees, s, or

r a fed

federati tion of

f th

the sa same. (10 10) Every all llotte tee shall take physical po poss ssessi sion of

f the

apartment, plo lot or

r build

lding as as the case may be, within a perio iod of

f two months of
f the occupancy certifi

ficate issued fo for th the sa said id apa partment, plo plot or

r buil

ilding, as as th the case se may be be. (11 11) Every all llotte tee shall participate te to towards registrati tion of

f

the conveyance deed deed of

f the apartment, plo

lot or

r build

lding, as as th the case se may be, as as pr provid ided u/s /s 17 17(1) of

f th

this is Act.

29

SLIDE 33

Chapters

➢Section 20 20 to to 40 40 :- The Real Estate Regulatory Authority ➢Section 41 41 to to 42 42 :- Central Advisory Council ➢Section 43 43 to to 58 58 :- The Real Estate Appellate Trib ibunal

30

SLIDE 34

Chapter VIII OFFENCES, PENALTIES AND ADJUDICATION

31

SLIDE 35

Punishment for non-registration u/s 3 (Sec.59)

Any Promoter

Doe Does not not comp comply with ith the the orders, dec decis isions or r dire direct ctions iss issued und under sub sub-secti tion (1) or r cont continues to to vio iolate te the the pro rovis isions of

f secti

section 3, He He sha shall ll be be punis unishable le with ith imp impris isonment nt for a a term term whic which may may exte extend up up to to 3 year years or

r

With ith fine ine whic which may may exte extend up up to to a a furt urther 10 % of the the esti estimated cost cost of the the real real esta estate te proje roject, , or

r with

ith bo both.

Any Promoter

Con Contravenes the the pro rovisions of sec sec 3 Then Then he he shal shall l be be liab liable le to to a a pena enalt lty whic hich may may exte extend d up up to to 10% 10% Of the the esti estimated cost cost of the the real real esta estate te pro roje ject t (as as dete determined by by the the Auth uthorit ity).

32

SLIDE 36

Penalty for contravention of sec.4 (Application for Registration) (Sec.60)

Any promoter provides false information Or contravenes the provisions of sec.4

Then penalty shall be leviable up to 5% of the Estimated cost of the Real Estate Project (As determined by the Authority)

33

SLIDE 37

Penalty for contravention of other provisions of the act (Sec.61)

Any pro promoter con contra ravenes any oth

ther

pro provisions of

f

this this act ct Oth Other r than an tha that pro provided u/s u/s 3 3 and nd 4

He e sha shall ll be be liabl liable e for

r pen

enal alty whic hich may may exten extend up up to to 5 %

f the

the esti estimated cost cost of the the Rea Real l Es Estate te Pro roje ject t (As s dete determined d by by the the Auth uthorit ity)

34

SLIDE 38

Penalty for non-registration and contravention u/s 9 & 10 (Sec.62)

Any re real al esta state age agent fails fails to to co comply with ith or r co contravenes the the pro provisions of f se section 9 9 or r se sect ction 10 10

Than, Penalt lty of

f

Rs Rs.10,000 for for eve every day day dur during which suc such def defau ault lt con continues Which may cu cumula latively ext extend up up to

5%

5% of

f the

e cost cost of

f plot,

plot, apa part rtment or

r

bu build ldings

As s the the cas case may ay be, of f the the re real al esta state pro proje ject, fo for r whic hich the the sal sale or r pu purchase has has been fac facilitated as as de dete termined by the the Aut uthority

35

SLIDE 39

Penalty for failure to comply with orders of Authority by promoter (Sec.63)

Any pro promoter He e sh shal all be e liab liable le to to pe penalty fo for ev ever ery da day du during which suc such de default co continues, Whic ich may ay cu cumulatively ly ex extend up p to to 5 5 % Of f th the e est estimated co cost of f th the e rea real l est estate pro project as as de determined by th the au auth thority Fail ails to to co comply ly wit ith ,o ,or Contravenes an any of f th the e

rd

rders or r dir directions of f th the e Authority

36

SLIDE 40

Penalty for failure to comply with orders of Appellate Tribunal by promoter (Sec.64)

An Any pro promoter He He sh shal all be be pu punishable with ith im impri risonment for for a term erm which may ay ext extend up up to

3

3 ye year ars, or

r

with th fine for

r eve

every da day dur during which such def default co conti tinues, whi hich may cum cumulati tively ext extend up up to

10

10% Of Of the esti estimated cos cost of

f the

real al esta estate proj project, or

r with

ith Bo Both Fai Fails to

com

comply wit ith ,or

r

Co Contravenes any of

f the

e

rd
rders, dec

decisions or

r

dire directions of

f the App

ppellat ate Tri Tribunal al 37

SLIDE 41

Penalty for failure to comply with orders of Authority by Real Estate Agent(Sec.65)

Any Re Real al Esta state Age gent Who fa fails to

com

comply with ith, or

r

Co Contravenes any of

f

the ord

rders or
r

dire directions of

f the

authori rity He He sh shal all be be liab liable to

a

pen penalty for for eve every da day dur during which suc such def default co continues, which may cum cumulatively ext extend up up to

5%

5% of

f the

esti estimated cos cost of

f plo

plot, apar artment or

r bui

building As the he case case may be, be, of

f

the he rea real es esta tate pro project, for

r which the sal

ale or

r

pur purchase ha has s bee been fac acilita tated and and as as dete determined by by the he Auth thority ty. 38

SLIDE 42

Penalty for failure to comply with orders of Appellate Tribunal by Real Estate Agent(Sec.66)

Any Re Real al Esta state Age gent Who fa fails to

com

comply with ith, or

r

Co Contravenes any of

f

the ord

rders, dec

decisions

r
r dire

directions of

f the

e App ppellate Tri Tribunal He He sh shal all be be pu punishable with ith im impri risonment for for a term erm which may ay ext extend up up to

1

1 ye year ar, or

r

With ith fine ine for r ever every day day duri during g whic hich such such def default lt cont continues, , whic hich may may cum cumula latively exte extend up up to to 10% Of the the esti estimated cost cost of plot lot, , apar apartment or r buil buildin ing, , as as the the case case may may be, be, of

f the

the real real esta estate te pro roje ject, , for whic which the the sale sale or r purc urchase has has been been faci acili litate ted, or r with ith bo both th.

39

SLIDE 43

Penalty for failure to comply with orders of Authority by Allottee(Sec.67)

Any Allo llottee Who fa fails to

com

comply with ith,

r
r

Co Contravenes any of

f the

e

rd
rders, dec

decisions or

r

dire directions of

f the aut

uthority He He sh shal all be be liab liable to

a

pen penalty for for the per period dur during which suc such def default con continues, which may ay cum cumulatively ext extend up up to

5%

5% of

f the

e plo plot, apar artment or

r

bui building cos cost As s the ca case may be, be, as s det determ rmined by by the e Aut uthority. 40

SLIDE 44

Penalty for failure to comply with orders of Appellate Tribunal by Allottee(Sec.68)

Any Allo llottee Who fa fails to

com

comply with ith,

r
r

Co Contravenes any of

f the

e

rd
rders or
r dir

directions of

f the

the App ppellate Tri Tribunal He He sh shal all be be pu punishable with ith im impri risonment for for a term erm which may ay ext extend up up to

1

1 ye year ar, or

r

With ith fi fine for for eve every ry da day dur during which suc such def default con continues, whic ich may cum cumulatively ext extend up up to

10%

10% Of Of the plo plot, apar artment or

r

bui building cos cost, as s the cas case may be, be, or

r with

ith bo both. 41

SLIDE 45

Chapters

➢Section 69 69 :- Offences of

f Companies

➢Section 70 70 :- Compounding of

f Offences

➢Section 71 71 :- Power to to Adjudicate ➢Section 72 72 :- Factors to to be be taken into account by by the Adjudicating Officer ➢Section 73 73 to to 78 78 :- Finance, Accounts, Audit & Reports ➢Section 79 79 to to 92 92 :- Mis iscellaneous

42

SLIDE 46

Key Highlights and Important Provisions

43

National Capital Territory of Delhi Real Estate Regulation & Development (General) Rules,2016

SLIDE 47

Scheme of the Rules

➢ In In exerc rcise of

f the powers

rs conferr rred by by section 84 84 of

f the

the Real Estate (Regulation and Development) Act, 2016 (Central Act No

No. 16

16 of

f 2016

2016), ), the State Govern rnment, has made the National Capital Terri ritory of

f Delhi Real Estate (Regulation and Development (General) Rules,

201 2016:-

Pre reli liminary Rea Real Esta state Pro roject Rea Real Esta state Age gent

Deta etails to

be

be pu published on

n the

website of

f the

Aut uthority Inte Intere rest pa payable by by the e Promoter and Allo llottee & & Tim Timelines for for ref efund Re Real al Esta state Reg Regulat atory ry Aut uthority Re Real al Esta state App ppellate Tri Tribunal al Off Offences and Pen enalties

Filin Filing of

f Com

Complain int with ith the the Aut uthority and and the the Adj djudic icating ng Offi fice cer

Bud Budget & Rep Report 44

SLIDE 48

Forms

➢ Form A (see (see rule le 3(2)) )) :- App pplicati tion fo for Reg egist stration of

f Projec

ject ➢ Form B (see (see rule le 3(4)) :- Dec eclar arati tion, su supported by an an affi affidavit, which sh shal all be e sig signed by th the e Promote ter or an any pe perso son au auth thorise sed by th the e Promote ter ➢ Form C (see (see rule le 5(1)) )) :- Reg egist stration Cer erti tificate of

f Projec

ject ➢ Form D (s (see rule le 5(2), ), 6(4), ), 7) :- Rej ejectio ion of

f Applicatio

ion for registr stratio ion of

f

Proje ject/ Rejectio ion of

f applicat

ation for extension of

f registr

trat ation of

f project/

Rev evocati tion of

f Regi

egistr trati tion of

f Projec

ject ➢ Form E (see (see rule le 6(1)) )) :- App pplicati tion fo for Ex Exte tensi sion of

f Reg

egist stration of

f Projec

ject ➢ Form F (see (see rule le 6(4)) )) :- Cer erti tifi ficate fo for Ex Exte tensi sion of

f Reg

egist stration of

f Projec

ject ➢ Form G (see (see rule le 8(1)) )) :- Applicati tion fo for Reg egist stration of

f Rea

eal Esta state Age gent ➢ Form H (see (see rule le 9(2)) )) :- Reg egist stration Cer ertifi ficate of

f Real

eal Es Estat tate Age gent

45

SLIDE 49

Forms…

➢ Form I (see rule 9(3), ), 10 10(4), ), 11 11) :- Rejection of

f Application for registration of
f Real

Estate Agent/ Rejection of

f application for Renewal of
f Registration of
f Real Estate

Age gent / Revocation of

f Regi

gistration of

f Real

al Est state te Age gent

➢ Form J (see rule 10 10(1)) )) :- Application for Renewal of

f Registration of
f Real

Est state Age gent ➢ Form K (see rule 10 10(4)) )) :- Certificate for Renewal of

f Registration of
f Real Estate

Age gent ➢ Form L (se (see ru rule le 24 24(2)) )) :- App ppea eal to to App ppellate Tri ribunal ➢ Form M (see (see ru rule 33 33(1)) )) :- Complaint to to Authority ➢ Form N (see (see ru rule 34 34(1)) )) :- Complaint to to Adj djudicating Officer ➢ Form O (see (see ru rule 35 35(1)) )) :- Annual St Statement of

f Acco

ccounts ➢ Form P (see (see ru rule 36 36(1)) )) :- Annual Rep eport to to be be Pre repared by by Authority

46

SLIDE 50

Definitions (Rule 2)

➢ “Association of

f Allottees” :- means a coll

llectiv ive of

f the all

llottees of

f a real

estate project, by by whatever named call lled, registered under any law for the time being in in force, acting as as a group to to serve the cause of

f its members, and

shall ll inclu lude the autho horised representatives

f
f

the all llottees. ➢ “Authenticated Copy” :- sha shall ll mea ean a self self-att ttested copy of

f an

any document. ➢ “Form” :- means a Form rm ap appended to to th these ru rule les ➢ “Appropriate Government” :- means the Ministry of

f Urb

rban Develo lopment, Government of

f Ind

India.

47

SLIDE 51

Information and documents to be furnished by the promoter for registration of real estate project (Rule 3)

➢ The promoter shall ll furnish the foll llowing information and documents, alo long with those specified u/s 4 of

f the Act, for registration of
f the real estate

pro roject wit ith th the Auth thority nam amely ly:- (a) (a) au authenticated co copy py of

f th

the PAN PAN car ard of

f th

the pr promoter; (b (b) annual report rt inclu luding audited profit it and lo loss account, balance sheet, cash flo low statement, directo tors report and the audito tors report of

f the

promoter for the immediately ly preceding 3 financial years; and where annual report is is not available le, the audited profit it and lost account, bala lance sheet, cash flow statement and the audito tors report of

f the promoter fo

for the im immediately ly pr preceding 3 fin financial years; (c (c) the number of

f open park

rking areas and the number of

f covered parking

ar areas av availa lable le in in th the re real es estate pr proje ject; (d) authenticated copy of

f the le

legal title le deed refle lecting the title le of

f the

promoter to to the land on

n which development of
f project is

is proposed alo long with le legall lly vali lid documents for chain of

f title

le with authentic ication of

f

su such tit title le;

48

SLIDE 52

Information and documents to be furnished by the promoter for registration of real estate project (Rule 3)….

(e) (e) det etails ls of f en encumbrances on th the e lan and on whi hich dev evelo lopment of f pr project t is is pr proposed in including det etails ls of f an any rig rights, tit title, in inte terest, dues, liti itigation an and nam ame of f par arty in in or r over er su such lan and or r non en encumbrance cert ertificate th thro rough an an ad advocate ha having ex experience of f atl atleast t 10 10 yea ears fro from th the e rev revenue au autho hority not t bel elow th the e ran rank of f teh tehshild ildar, (f) (f) whe here th the pr promoter is is not t th the owner of f th the e lan and on whi hich dev evelo lopment

f

f pr project t is is pr proposed det etails ls of f th the e consent t of f th the e owner of f th the lan and al along with ith a a copy py of f th the e collaboration ag agreement, dev evelo lopment ag agreement, jo join int t dev evelo lopment ag agreement t or r an any oth ther er agr agreement, en entered in into to bet etween the e pr promoter an and su such h owner an and copi pies of f tit title an and oth ther documents ref refle lecting th the tit title le of f su such owner on th the e lan and on whi hich pr project is is pr proposed to to be e dev evelo loped; (g) (g) nam ame, ph photo tograph, conta tact det etails ls an and ad address of f th the e pr promoter if if it it is is an an in individual an and th the e nam ame, ph photo tograph, conta tact det etails ls an and ad address of f th the cha hairman, pa partners, dir irecto tors, as as th the e cas ase may be, e, an and th the au auth thorised per erson in in cas ase of f oth ther en entiti ties.

49

SLIDE 53

Information and documents to be furnished by the promoter for registration of real estate project (Rule 3)….

➢ The pro romoter shall pay a re registra ration fee at at the time of

f ap

applicat ation for registra ration by by way

f
f a deman

and draf aft, a bankers rs cheque draw awn on

n an

any scheduled ban ank or

r thro

rough online pay payment mode

de, as

as the ca case may ay be be, for for a sum sum ca calculat ated at at the he rate of,

f, -
Rs

Rs.5 .5 per er square re met eter for

r pro

rojec ect wh wher ere the e ar area ea of

f land

and pro ropose sed to

be developed

ed does es not excee ceed 100 000 square met eters rs, or

r
Rs

Rs.1 .10 per er square re met eter for

r pro

rojec ect wh wher ere the e ar area ea of

f land

and pro ropose sed to

be developed

ed exce ceed eds s 100 000 square met eters rs but ut shall not be e more re than Rs Rs 5 lak akh

Grou

up Hou
usi

sing Proje

ject

cts

Rs

Rs.1 .10 per er square re met eter for

r pro

rojec ect wh wher ere the e ar area ea of

f land

and pro ropose sed to

be developed

ed does es not excee ceeds s 100 000 square e met eters rs, , or

r
Rs

Rs.1 .15 per square meter for

r project wh

where the ar area of

f land

and propose sed to

be developed exce

ceeds s 100 000 square met eters rs but ut shall not be e more re than Rs Rs 7 lak akh

Mixe ixed Deve velopment t (R (Resid identi tial and and Com

mmerci

cial)

Rs

Rs.2 .20 per er square re met eter for

r pro

rojec ect wh wher ere the e ar area ea of

f land

and pro ropose sed to

be developed

ed does es not excee ceeds s 100 000 square e met eters rs , or

r
Rs

Rs.2 .25 per er square re met eter for

r commercia

ial or

r any

any ot

ther pro

rojec ects s wh wher ere the e ar area ea of

f land

and pro ropose sed to

be

e dev evel eloped ed exce ceed eds 100 000 square met eters rs but ut shall not be e more re than Rs Rs 10 0 lak akh

Com

mmerci

cial Proje

jects
Rs

Rs. . 5 per er square e met eter r but ut shall not be e more re than Rs.

Rs. 2 lak

akh

Plot lotte ted Deve velo lopment Projec

jects

50

SLIDE 54

Additional Disclosure by promoters of ongoing projects( Rule 4)

➢ Upon the the co commence cement of

f sec

secti tion 3(1), ), promote ters of

f all

ll ongoing proj

ject

cts whic ich have ve not rece ceive ved comple leti tion ce certi tific icate te as as requir ired unde der loc local law shall ll within the the period

d of
f 3 months from 1st

st May

ay, 2017 2017 i.e. th the date te of

f the commenc

ncement of

f the

the act, mak ake an an ap applic licatio ion to to th the Auth thorit ity in in rule le 3. ➢ The The promoter shall all in in additi tion to to discl sclosu sures provi vide ded in in rule 3 di discl sclose se the foll llowing inf information, nam namely ly:- (a) the or

riginal sancti

tioned plan, layout plan and speci cific ficati tions and the the su subse sequent mod

dific

ficatio ions carrie ied out, if if any, incl cludi ding the exi xisti ting sanct ctioned plan, layout plan and and spe speci cific ficatio ions; (b) the total amou

unt of
f money coll
llect

cted from the the allo lotte tees and the total amount of

f

mone ney used sed for for de deve velo lopment of

f th

the proje

ject incl

cluding the the total al amount of

f balance

ce mon

ney ly

lying ing with ith th the prom

moter;

(c (c) status of

f the projec

ject (exte tent of

f deve

velopment carrie ied out till ill date and the extent of

f

de deve velopment pend nding) inc nclu ludi ding the or

rigi

ginal time period

d discl

sclose sed to to the the al allot

ttee for

for co comple leti tion of

f the projec

ject at at the ti time of

f sale incl

cludi ding the de delay and the the tim ime perio iod within whic ich he he undertakes to to comple lete te the the pendi ding proje

ject, whic

ich sh shall ll be be co commensurate te with the the exte tent of

f deve

velo lopment already co comple leted, and this infor

rmatio

ion shal all be be cer ertifie fied by by an an engineer, an an archite tect and a charte tered ac accou

untant

in in pract actic ice.

51

SLIDE 55

Additional Disclosure by promoters of ongoing projects( Rule 4)…. ➢ The promoter shall disclose the size of

f the apartment based on
n carpet

area even if if earlier sold on

n any other basis such as

as super area, super built lt up up area, built lt up up area etc. which shall not affect the validity of

f the

agreement entered into between the promoter and the allottee to to that ex extent. ➢ In In case of

f plotted development the promoter shall disclose the area of
f

th the plo plot bei eing so sold to to th the all allott ttees as as pe per th the lay layout pla plan. ➢ For projects that are ongoing and have not received completion certificate, on

n the date of
f commencement of
f the Act, the promoter

shall, within a period of

f 3 months of
f the application for registration of
f

the project with the Authority, deposit in in the separate bank account, 70 70% of

f the amounts already realized from the allottees, which have not

been utilized for construction of

f the proje

ject or

r the land cost for the

project as as required u/s /s 4(2)(I)(D), which shall be be used for the purposes sp specified th ther erein.

52

SLIDE 56

Application for Registration by Real Estate Agent (Rule 8)

➢ Ever ery rea real l est estate ag agent t re required to to re register as as per per sec secti tion 9(2 9(2) sha shall ll mak ake an an ap appli licati tion in in wri riti ting to to th the e Auth thority ty in in Form ‘G’, in in tri tripli licate, unti til l th the e ap appli licati tion pro rocedure is is mad ade web eb bas ased, alo along wit ith th the e fo following documents, nam amely ly:- (a) (a) th the brie rief det etails ls of f hi his s en enterprise in inclu luding its its nam ame, re registered ad address, ty type of f en enterprise (pro (proprietorshi hip, so societies, pa partn tnership, company etc etc.); (b (b) ) th the e par articula lars of f reg registration (w (whether as as a a pro roprietorship, partn tnership, company, so society etc etc.) ) in inclu luding th the e bye-la laws, mem emorandum of f as associati tion, art artic icle les of f asso association etc etc.; (c) (c) nam ame, ad address, conta tact det etails ls an and ph photo tograph of f th the re real l est estate ag agent, if if it it is is an an in individual l an and th the e nam ame, ad address, conta tact det etails ls an and ph photo tograph of f th the e pa partn tners, dir irectors etc

etc. in

in cas ase of f oth ther er en enti titi ties; (d) (d) th the e au authenticated copy py of f th the e PAN car ard of f th the e re real l est estate ag agent; (e) (e) th the e au auth thenti ticated copy py of f th the e ad address pr proof f of f th the e pla place of f busi siness.

53

SLIDE 57

Application for Registration by Real Estate Agent (Rule 8)….

➢ Th The re real esta state age gent sh shall ll pa pay a re regi gistration fee fee at t th the tim time of f application for for re regi gistration by way of f a a demand dra raft or r a bankers ch cheque drawn on any sch scheduled bank or th through onlin line pa payment, as s th the ca case may be, , for for a su sum – ➢ Regis istration gr granted un under Rul ule 9 9 sh shall l be vali lid for for a pe period of f 5 years.

54

In In case

f
f

the applicant bei eing an an In Indiv ividual:- Then a sum of

f Rs

Rs. 10000 10000 In In case

f
f

the applicant other than an an In Indi divid idual:- Then a sum of

f Rs

Rs. 50000 50000

SLIDE 58

Renewal of Registration of Real Estate Agent (Rule 10)

➢ Th The appli licatio ion for for re renewal of f re regi gistration sh shall l be acc ccompanied wit ith a demand dra raft or r a bankers ch cheque dra rawn on any sch schedule led bank or th through onlin line pa payment, as s th the ca case may be, , for for a sum sum – ➢ Regis istration gr granted un under Rul ule 10 10 sh shall l be vali lid for for a pe period of f 5 years.

55

In In case

f
f

the applicant bei eing an an In Indiv ividual:- Then a sum of

f Rs

Rs. 5000 5000 In In case

f
f

the applicant other than an an In Indi divid idual:- Then a sum of

f Rs

Rs. 25000 25000

SLIDE 59

Solid credentials needed to start any project

➢ Develo lopers would ld be be required to to submit authenticated copy of

f PAN card, Annual Report comprisi

sing audited profit it and lo loss account, bala lance sheet, cash flo low statement and auditor’s report. Not only ly this, if if the promote ter is is not the owner of

f the plo

lot they would ld have to to give a copy of

f

the le legal ti title le deed deed and copy of

f coll

llaborati tion agreement and Joint Develo lopment Agreement. They would ld als lso have to to giv ive info formation regarding the number of

f open and

clo lose sed pa parking are reas in in th the pr project.

56

SLIDE 60

Complete information on the Developer / Promoter ➢ Comple lete details ls of

f develo

loper / promoter has to to be be made availa lable le on

n th

the Authority’s website

te. The information

would ld inclu lude company profile le, track record, deta tails ls of

f

any le legal case ses, Project Details ls, Regist stered Agent Details ls, Consult ltants, s, Develo lopment Plan, fi financia ial details ls of

f the

promoters, status of

f approvals

ls and projects ts among other th things.

57

SLIDE 61

Quarterly Online Disclosures (Updation) For Developer

➢ The promoter shall upload the following updates on

n the webpage for the project,

with ithin 15 15 day days fro from the the exp xpiry of

f each

ach qua uarter: (i) (i) li list of

f number an

and ty types of

f apa

apartments or

r plo

plots, booked; (i (ii) li list of

f number of
f gar

garages booked; (i (iii) stat status of

f the

the pro proje ject: (a (a) sta status of

f co

construction of

f each

ach bui uilding with ith pho photographs; (b (b) stat status of

f co

construction of

f eac

ach flo floor wit ith Pho hotographs ; an and (c) status of

f construction of
f internal infrastructure and common areas with

ph photo tographs. (i (iv) Stat Status of

f app

approvals: (a (a) app approval re rece ceived; (b (b) app approvals app applied an and exp xpected date date of

f re

rece ceipt; (c (c) app approvals to to be be ap applied an and dat date pla planned fo for app application; an and (d) modifications, amendment or

r revisions, if

if any, issued by by the competent authority with regard to to any sanctioned plans, layout plans, specifications, li license, pe permit or

r app

approval fo for the the pro proje ject.

58

SLIDE 62

Quarterly Online Disclosures (Updation) For Agent

➢ The Authorit ity shall ensure that the following in informatio ion shall be be made avail ilable

n
n it

its websit ite in in respect of

f each real estate agent registered wit

ith it it or

r whose

ap applic icatio ion fo for re regis istra ratio ion has as been re reje jecte ted or

r re

revoked: A. A. Fo For re real al esta tate te ag agents re regis istere red with th th the Aut uthorit ity: (i) regis istratio ion number and and the perio iod of

f valid

idit ity of

f the regis

istratio ion of

f the real

esta tate ag agent with th the Aut uthori rity; (ii ii) brie ief details of

f his

is enterpris ise in includin ing it its name, regis istered address, type of

f

ente nterprise (w (whether as as pr proprietorship, societies, par partnership, company etc tc.); (ii iii) i) partic iculars of

f regis

istratio ion as as proprie ietorship ip, socie ietie ies, partnership ip, company etc. in including the bye-laws, memorandum of

f associa

iatio ion, artic icles of

f associa

iatio ion etc. as as th the cas ase may ay be be; (iv iv) name, address, contact detail ils and photograph of

f the real estate agent, if

if it it is is an an in indiv ivid idual and the name, address, contact detail ils and and photograph of

f the partners,

dire recto tors etc

tc. in

in cas ase of

f oth

ther pe persons; (v (v) aut authentic icated copy of

f th

the PAN car ard of

f th

the re real al esta tate ag agent; (vi) i) authentic icated copy of

f the address proof or
r the place of
f busin

iness and and the contact address, contact numbers and email-id id of

f the real estate agent and its other
ffic

fficia ials;

59

SLIDE 63

Quarterly Online Disclosures (Updation) For Agent

B. In

In case of

f applicants whose application fo

for registration as as a real estate agent have been re reje jected or

r re

real estate agents whose regi gistration has been revoked by by th the Authority: (i) (i) re regis gistratio ion num umber and th the pe perio iod of f vali lidity of f th the re regis gistratio ion

f

f th the re real esta state age gent wit ith th the Authority; (ii) (ii) bri rief f details of f his is ente terprise in incl cluding its its name, re regi gistered address, ty type of f ente terprise (w (whether as s pr proprietorship, soc societie ies, pa partnership, co company etc tc.); ); (iii) (iii) name, address, co contact details and ph photograph of f th the re real esta state age gent if if it it is is an in individual l and th the name, address, co contact details and ph photograph of f th the pa partners, dir irectors etc.

tc. in

in ca case of f oth ther pe persons; ➢ Th The Authority sh shall ll maintain a back-up, in in dig igital for form, of f th the co contents of f its its website in in te terms of f Ru Rule 14 14 , , and ensu sure th that suc such back-up is is up updated on th the la last day of f each ch month.

60

SLIDE 64

Allottees Approval- Requirements

➢ 2/3rd

rd of

f the all

llottees (by number) shall ll consent to to the changes. ➢ Obtain prior consent of

f all

llottees fo for making any additi tion, alte lteratio ion to to th the app pproved and sa sanctioned pla plans. ➢ Even for any structural desig igns, specificati tions, amenities, buil ilding sp specific icatio ions, s, common are reas. ➢ Tra ransfer of

f pr

promote ters rig rights and lia liabili litie ies to to a th thir ird pa party.

61

SLIDE 65

Terms and conditions and the fine payable for compounding of offence (Rule 32)

➢ The he co cour urt sha shall, fo for r the the pu purposes of f co compounding an any offe ffence pu punishable with ith im imprisonment t un under the the Act ct, acc accept an an am amount as as spe specified in in the the Tab able below :-

S.N S.NO. Off Offence Amount to

be

be pai paid for for com compo pounding the e off

ffence

1 Punishab able with ith im impri risonment un under r su sub-section (2) (2)

f
f secti

section 59 59 ( (Promoter) 10% 10% of

f the

e est estimat ated cost cost of

f

the the rea eal l est estate pro project 2 Punishab able with ith im impri risonment un under r sec section 64 64 (P (Promoter) 10% 10% of

f the

e est estimat ated cost cost of

f

the the rea eal l est estate pro project 3 Punishab able with ith im impri risonment un under r sec section 66 66 (Re (Real l Est stat ate Age gent) 10% 10% of

f the

e est estimat ated cost cost of

f

the e plot, plot, apa part rtment or

r

bu build lding, as s the e ca case may ay be be,

f
f the

e real al esta estate pro project, for for which the the sa sale le or

r pu

purchase has s be been fa facilitat ated 4 Punishab able with ith im impri risonment un under r sec section 68 68 (All llottee) 10% 10% of

f the

e cost cost of

f the

e plot plot, apa part rtment or

r bu

build lding, as s the e ca case may ay be be 62

SLIDE 66

Some Important Rules

➢ Rule ule 5 :- Gra rant or

r re

reje jection of

f re

registration of

f pro

proje ject ➢ Rule ule 6 :- Ext xtension of

f re

registration of

f pro

proje ject ➢ Rule ule 7 :- Revocation of

f re

registration of

f the

the pro project ➢ Rule ule 9 :- Gra rant of

f re

registration to to the the Real eal Est state te Age gent ➢ Rule ule 11 11 :- Revocation of

f re

registration of

f the

the Real al Esta state Age gent ➢ Rule ule 12 12 :- Books of

f acco

accounts, re reco cords an and do documents ➢ Rule ule 13 13 :- Othe ther fun functions of

f a re

real esta state age agent ➢ Rule ule 14 14 :- Deta tails to to be be pu published on

n the

the website of

f the

the Aut uthority ➢ Rule ule 15 15 :- Int Interest pay payable by by the the pro promoter an and all allottee ➢ Rule ule 16 16 :- Tim imelines fo for Refu fund ➢ Rule ule 17 17 to to Rul ule 23 23 :- Real al Est state Regu gulato tory Auth uthority ➢ Rule ule 24 24 to to Rul ule 31 31 :- Real al Est state Appellate Tri ribunal ➢ Rule 33 33 to to Rule 34 34 :- Filing of

f complaint with the Authority and the Adjudicating

Offi fficer ➢ Rule ule 35 35 to to Rul ule 36 36 :- Bud udget an and Report

63

SLIDE 67

RERA Address

➢ URBAN DEVELOPMENT DEPARTMENT GOVERNMENT OF NCT OF DELHI 9TH 9TH & 10 10TH LE LEVEL, DELHI I SE SECRETARIA IAT I.P I.P. EST STATE, NEW DELHI - 11 110 002 Te Tel l No. 01 011-23392270

64

SLIDE 68

An Effort By: CA Himanshu Goyal CA Praneti Agarwal CA Kirti Fatehpuria +919602796993 mail@rngca.com www.rngca.com