Real Estate (Regulation & Development) Act,2016 Key Highlights - - PowerPoint PPT 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) Ex Exemptions (Slid Slide no.5 no.5) Def Defin initions (Slid Slide no.6 no.6 to to 11) Prio rior Regi Registrati tion (Slid Slide no.1 no.12) Appli lica cation for Regi 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)

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

• no. 16)

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

• no. 17 to 18)

SLIDE 3

Scheme of the Presentation

Func Functions & & Duti Duties of Pro romoter (Slid Slide no.1 no.19 to to21) Obli bliga gations of Pro romoter (Slid Slide no.2 no.22)

NO de depo posit t or

• r Adv

Advance by y Pr Promote ter (S (Slide no no.2 .23) Ad Adhe here rence e to

• Sanctioned

Pl Plans (Slide no.

• . 24

4 to

• 25)

5) Obligations of

• f Pr

Promoter r in case se Tra ransfer r of

• f Real

eal Esta state te Pr Proje ject (Slide no.

• . 26)

6)

Retu eturn of Am Amount & Compensatio ion (Sl Slid ide no no.2 .28 to 29)

Righ Rights & & Duti Duties of Allo llott ttees (Slid Slide no.3 no.30 to to 32) Cha Chapter VIII III- Offe fences es, Pena enalt lties and and Pro rosecution (Slid Slide no.

• no. 34 to

to 45) Raja Rajasthan RE RERA Rule Rules, 2017 (Slid Slide no.4 no.46 to to 63, , 65)

Al Allotte tees App Approval (Slide no.

• . 64)

4)

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, 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 tate 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 Th The Re Real al Esta state Reg Regulatory Aut uthority Ce Central Adv dvisory Cou Council Th The Re Real al Esta state App ppellate Tri Tribunal al Off Offences, 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 redressal and to to esta tablis ish th the Appell llate Tri ribunal.

3

SLIDE 7

Applicability

• Act app

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

• ffi

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

• f which comple

letion certifi ficates have not been iss ssued (Exclu lusions as as per Raja jast sthan RERA Rule les, s, 20 2017 sta stated at at slid slide no no.52 52)

• 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 exceed 8 (a (all ll phases)

• 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 resa sale 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 fo form, info forming 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

transfe ferred by by the promoter, and includes the person who who subsequently acquires the said allotment through sale, transfer 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

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
• t
• ther certif

ificate, by by whatever name called, issued by by the competent auth thorit ity cert rtifyin ing that the real 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 co compete tent auth uthority ty un under th the loc local law laws.

• "Im

"Immovable Prop roperty" inc includes lan land, d, buil uildings, , ri rights ts of

• f ways

ys, , li ligh ghts

• r

r any oth ther ben enefit it ari rising out ut of f lan land and th thin 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 dis isposal, water conservatio ion, energy management, fir ire protectio ion and and fir ire 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.

• "Sanctioned Plan" means the site plan, building plan, service plan, parking 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 aut authori rity pr prio ior to to start tart of

• f a re

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 cas ase may be, of

• f any other pers

rson to to him and re receives re remunera ration or

• r fees or
• r an

any other charges for his services whether as as commission or

• r otherwise and includes a person 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 whate hatever na name ca call lled.

• "Real

al Estat ate Project" - means the development of

• f a building or
• r a building consisting of
• f

apartments, or

• r converting an

an existing building or

• r a part thereof into apartments, 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 behal alf un under any la law for for the tim ime bein being in in forc 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

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 selli

selling all all or

• r so

some of

• f the

he apar apartments ts or

• r plo

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 sp specifie ied, und under this Act or

• r the

he rul rules and and regu regulati tions mad 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

• btaining

necessary construction approvals ls.

• Any real est

state proje ject more than 500 square meters or

• r

more than 8 apartment has to to be be registe tered with the Regula lator.

• 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 the regula lations made by by the Authority. (As per Rajasthan RERA Rule les, 2017 2017 Addit itional documents re required to to su submit slid slide No No.48 48)

• 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 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.

• Registration 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 website to to create his

• wn pa

page and pr 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 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 re real estate proje ject 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

and documents ts as as may prescribed, c) c) not in involve him imself lf in in an any unfair tr trade pra ractices, d) d) facilitate the poss ssess ssion 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 any plo

lot, t, 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

par articular sta tandard or

• r gra

rade; (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 services; (ii) permitting the 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 pu public lic vie iewing, in including— (a) (a) det etails 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 Author

• rity;

(b) the stage wis ise time schedule of

• f completion of
• f the project,

in includin ing the provis isions 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 asso ssociat ation 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 autho hority, (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 allot 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 con

• nstr

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

• n which th

the e po possession of

• f th

the ap apartment, plo plot or

• r

buil ilding is is to to be e handed over.

• 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

Adherence to sanctioned plans and project specifications by the promoter (Sec.14)

• The proposed project shall be

be developed and completed by by the promoter in in accordance with the sanctioned plans, layout plans and specifications as as approved by by the the co competent aut authorities.

• The

he pro promoter sha shall not mak ake:-

i. i. an any ad additions and al altera rations in in the san anctioned plan ans, lay ayout plans an and specificat ations an and the nat ature re of

• f fixture

res, fittings and am amenities descri ribed there rein in in respect of

• f the

ap apar artment, plot or

• r building, as

as the cas ase may be, which are re ag agreed to to be be taken, with ithout the pre previous con consent of

• f that per

perso son. The promoter may make such minor additions or

• r alterations as

as may be be required by by the al allottee, or

• r such minor chan

anges or

• r al

alterat ations as as may ay be be necessar ary due to to ar architectura ral and structura ral re reas asons duly recommended and veri rified by by an an au authori rised Arc rchitect or

• r Engineer af

after pro roper declar arat ation and intimat ation to to the allot llottee.

• "m

"minor ad additions or

• r al

altera rations" excludes structura ral change including an an ad addition to to the area or

• r change in

in height, or

• r the removal of
• f part of
• f a building, or
• r any change to

to the structure re, such as as the construction or

• r re

removal al or

• r cutting into of
• f an

any wal all or

• r a

par art of

• f a wal

all, par artition, column, beam am, joist, flo loor including a mezzan anine floor or

• r
• ther support

rt, or

• r a change to

to or

• r closing of
• f any re

require red means of

• f ac

access ingre ress or

• r

egr egress ss or

• r a ch

chan ange to to the fi fixture res or

• r equ

equipment, et etc. 24

SLIDE 28

Adherence to sanctioned plans and project specifications by the promoter (Sec.14)…..

ii ii. any other alterations or

• r additions in

in the the sanctioned plans, layout plans and specifications of

• f the buildings or
• r the common areas within the project

without the previo ious written consent of

• f at

at least 2/3rd rd of

• f the

the allottees, other th than an th the pro promoter, who ho ha have agreed to to take apartments in in such bui uilding. Explanation—The allottees, irrespective of

• f the number of
• f apartments or
• r plots,

booked by by him or

• r booked in

in the name of

• f his family, or
• r in

in the case of

• f other persons

such as as companies or

• r firms or
• r any association of
• f individuals, etc., by

by whatever name called, booked in in its name or

• r booked in

in the name of

• f its associated entities or
• r

re related enterprises, sha shall be be co considered as as one all allottee only. iii iii. In In cas case an any str structural de defe fect or

• r an

any othe ther de defect in in work rkmanship, quality

• r
• r pro

provision of

• f se

services or

• r an

any othe ther oblig ligations of

• f the

the promoter as as per the agre agreement fo for sal sale re relating to to su such de development is is brought to to the notice of

• f

th the pr promote ter with ithin a pe period of

• f 5 years by

by th the allottee from the date of

• f

han handing over po possession, it it sha shall be be the the du duty

• f
• f the promoter to

to rectify such de defe fects wit ithout fur further ch charge, with ithin 30 30 days, and in in the event of

• f promoter's

failu failure to to re rectify suc such de defe fects within such time, the aggrieved allottees shall be be enti titled to to re receive app appropriate co compensation.

25

SLIDE 29

Obligations of promoter in case of transfer of a real estate project to a third party(Sec.15)

• The promoter shall

ll not transfer or

• r assi

sign his majority rights and li liabili liti ties in in respect of

• f a real estate proje

ject to to a third party without obtaining prior written consent from 2/3rd rd all llottees, except the promoter, and without the prior wri ritten app pproval of

• f th

the Authority.

• Such transfer or
• r assi

signment shall not affect the allo lotment

• r
• r sale

le of

• f the apartments, plo

lots or

• r build

ldings, in in the real esta state pr project made by by th the ers rstwhile le pr promoter.

26

SLIDE 30

Some Important Sections

• Section 6 :- Extension of
• f Registration
• Section 8 :- Obligation of
• f Authorit

ity consequent upon la lapse of

• f or
• r on
• n revocation of
• f registration.
• Section 16

16 :- Obligations of

• f promoter regarding

in insurance of

• f Real Estate project
• Section 17

17 :- Transfer of

• f Tit

itle

27

SLIDE 31

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 the 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 com completed by by th the dat ate spec 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 Rajasthan RERA Rules, 2017

2017 interest and compensation has to to be be paid wit ithin 45 45 days from the date on

• n which such refund along wit

ith interest and compensation, becomes due.)

• Where an

an allottee does not intend to to wit ithdraw from the proje ject, 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 Act 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.

28

SLIDE 32

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 %.

29

SLIDE 33

Rights and Duties of Allottees (Sec. 19)

• The

The allo allottee sh shall all be be ent ntit itle 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 pos

• sse

sessi sion of

• f apartment, plot or
• r buil

ilding, 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 the refu fund of

• f amount paid

id along with th inte terest at at such ch 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

suspensio ion or

• r revoc
• cation of
• f his regi

gistr tratio ion under the 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.

30

SLIDE 34

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 al allo lottee ee.

31

SLIDE 35

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 associati tion or

• r socie

iety or

• r cooperati

tive society of

• f the

allo llottees, s, or

• r a fe

federatio ion 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 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.

32

SLIDE 36

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

33

SLIDE 37

Chapter VIII OFFENCES, PENALTIES AND ADJUDICATION

34

SLIDE 38

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 secti section 3, He He sha shall ll be be punis unishable le with ith impr impris isonment nt for a a term term whic hich may may exte extend up up to to 3 year years or r With ith fine ine whic hich 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 pro roje ject, , 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).

35

SLIDE 39

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)

36

SLIDE 40

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

He He sha shall ll be be liabl liable e for penal enalty 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)

37

SLIDE 41

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

Th Than an, Pe Penalt alty 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 ay cu cumulat latively ext extend up up to to 5% 5% of

• f the

the 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

38

SLIDE 42

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 auth thority Fail ails to to co comply ly wit ith ,o ,or Contravenes an any of f th the e

• rde

rders or r dir directions of f th the e Authority

39

SLIDE 43

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

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 ex exte tend 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

rs, dec decisions or

• r

dir directions of

• f the

the App ppellate Tri Tribunal al 40

SLIDE 44

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 ay 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 whi

hich the he sale 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. 41

SLIDE 45

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

42

SLIDE 46

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

rs, dec decisions or

• r

dire directions of

• f the aut

uthority He e sh shall be be liab liable to to a pen penalty for for the per period dur during which suc such def default con continues, which may 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 he Aut uthority. 43

SLIDE 47

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

rs or

• r dire

directions of

• f the

App ppellate 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. 44

SLIDE 48

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

45

SLIDE 49

Rajasthan Real Estate (Regulation & Development) Rules,2017 Key Highlights and Important Provisions

46

SLIDE 50

Scheme of the Rules

• In

In exercise of

• f the powers

rs conferre red by by section 84 84 of

• f the Real

al Estat ate (Regulat ation and Development) Act, 2016 2016 (Centra ral Act No

• No. 16

16 of

• f 2016

2016), ), the Stat ate Government, has as mad ade the Raj Rajas asthan an Real Real Est stat ate (Re (Regulat ation and nd Dev evelo lopment) Ru Rule les, 2017 2017 :- Preliminary ry

Rea eal l Estate Project

Re Real al Est Estat ate Age gent Det etails to to be be pu published on

• n the

website of

• f the

Aut uthority Rat Rate of

• f Inte

Intere rest pa payable by by the 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 Bu Budget & Rep Report Mis iscellaneous 47

SLIDE 51

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

• Form C (see

(see rule le 6(1)) )) :- Reg egist stration Cer erti tificate of

• f Projec

ject

• Form D (s

(see rule le 6(2), ), 7(4), ), 8) :- Intimatio ion of

• f Rej

ejectio ion of

• f Applicat

ation for for registr tratio ion of

• f Projec

ect/ Rejection of

• f applicat

ation for extension of

• f registr

trat ation

• f
• f pr

projec ject/ Rev evocati tion of

• f Regi

egistr trati tion of

• f Pr

Projec ject

• Form E (see

(see rule le 7(1)) )) :- Applicati tion fo for Ext xtensi sion of

• f Reg

egist stration of

• f Projec

ject

• Form F (see

(see rule le 7(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 9) :- Agr greement fo for Sal Sale

• Form H (see

(see rule le 10 10(1)) )) :- App pplication fo for Reg egist stration of

• f Real

eal Es Estat tate Age gent

• Form I (see

(see rule le 11 11(1)) )) :- Reg egistr trat ation Cer erti tificat ate of

• f Real

eal Es Estate tate Age gent

48

SLIDE 52

Forms…

• Form J (see rule 11

11(2), ), 12 12(4), ), 13 13) :- Intimation of

• f Rejection of
• f Application for

registration of

• f Real Estate Agent/ Rejection of
• f application for Renewal of
• f

Registration of

• f Real Estate Agent / Revocation of
• f Reg

egistration of

• f Real Estate

Age gent

• Form K (see rule 12

12(1)) )) :- Application for Renewal of

• f Reg

egistration of

• f Real

Est state Age gent

• Form L (se

(see ru rule le 12 12(4)) )) :- Ren enewal of

• f Reg

egis istration of

• f Rea

eal Estate Age gent

• Form M (see rule 27

27(2)) )) :- Appeal to to Appellate Tribunal u/s 44 44 of

• f the Real

Est state (R (Reg egulation & Dev evel elopment) Act ct, 20 2016

• Form N (see rule 35

35(1)) )) :- Complaint to to the Real Estate Regulatory Authority u/s /s 31 31 of

• f th

the Rea eal Est state (R (Reg egulation & Dev evelopment) Act ct, 20 2016

• Form O (see

(see ru rule 36 36(1)) )) :- App pplication to to Adj djudicating Offi fficer

• Form P (see

(see ru rule 37 37) :- Annual St Statement of

• f Acco

ccounts

• Form Q (see

(see ru rule 38 38) :- Annual Rep eport to to be be Prep repared by by th the Authority

49

SLIDE 53

Definitions (Rule 2)

• “Layout Plan” :- means a pla

lan of

• f the project depicting the division or
• r

propo posed division of

• f la

land into to plo lots, roads, open spaces, amenities, etc. and

• ther details

ls as as may be be necessary and inclu ludes build lding la layout plan.

• “Limited Common Areas and Facilities” :- means tho

hose common areas and facili lities which are designated in in writing by by the promoter befo fore the all llotment, sale le or

• r other transfer of
• f any apartment as

as reserved for use of

• f

cer ertain ap apartment or

• r ap

apartm tments to to th the exc exclu lusion of

• f th

the oth ther ap apartments.

• “Planning Area” :- means a planning area or
• r develo

lopment area as as specified under th the mas aster pla plan.

• “Project Land” :- means any piece, parcel or
• r parcels

ls of

• f la

land on

• n which the

pr project is is dev evelo loped an and const structed by by a pr promoter.

50

SLIDE 54

Additional information and documents to be furnished by the promoter for registration of project (Rule 3)

• The

The promote ter sh shall ll furni nish sh the foll

• llowing add

dditi tional informati tion and docu cuments for for regist gistratio ion of

• f th

the real al estat state proje

• ject

ct with ith th the Auth uthor

• rit

ity nam namely ly:- (a) (a) aut authentic icated co copy of

• f th

the PAN PAN car card of

• f th

the prom

• moter;

(b (b) aud audit ited bala alance ce sh sheet of

• f th

the prom

• moter for

for th the prece cedin ding fin financia ial year ar; (c (c) the the number of

• f parking areas in

in eac ach type of

• f parking such as

as open, basement, stilt, mech chan anica cal, par arkin ing etc

• tc. avai

availa lable le in in th the said said real al estat state proje

• ject

ct; (d) copy of

• f the

the le legal ti titl tle deed refle flecting the the ti title tle of

• f the

the promote ter to to th the land on

• n whic

ich th the real al estate te projec ject is is proposed sed to to be be de deve velo loped alo long with th le legall lly val alid id doc

• cuments

for for ch chain ain of

• f titl

title with ith aut authentica catio ion of

• f suc

such titl title; (e (e) the detail ails of

• f encumbrances on
• n the land on
• n whic

ich deve velopment is is propose sed inc ncluding any righ ghts, title tle, interest or

• r name of
• f any party in

in or

• r ove

ver such ch land along with ith de detai tails ls; (f) where th the promote ter is is not not the owne ner of

• f the land on
• n which de

deve velo lopment is is proposed sed de detail ails of

• f the conse

sent of

• f the owner of
• f the land along with a copy of
• f the col
• llaboration

agreement, deve velopment agreement, joi

• int de

deve velo lopment agreement or

• r any other

agreement, as as the case se may be, duly exe xecute ted, entered into between the the promote ter and su such ch owner and co copies of

• f title

tle and other doc

• cuments refle

lecti ting the title tle of

• f such

ch owner

• n
• n th

the lan land prop

• pose

sed to to be be de deve velop loped; and and (g) (g) suc such oth

• ther inf

informatio ion and and do docu cuments ts, as as may ay be be spe speci cifi fied by by th the regu gula latio ions.

51

SLIDE 55

Additional information and documents to be furnished by the promoter for registration of 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 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

• jects
• 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 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 10 0 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 Proje

• jects

52

SLIDE 56

Additional information and documents to be furnished by the promoter for registration of project (Rule 3)….

• In

In case the promoter applies for withdrawal of

• f application for

re registration of

• f the proje

ject befo fore the expiry of

• f the period of
• f 30

30 days pr provided u/s u/s 5,

• Registration fe

fee to to the extent of

• f 5% paid under sub-rule (3) above, or
• r

Rs

• Rs. 25

25,000 000 whichever is is more, shall be be retained as as processin ing fee by by th the Authority and

• The re

remaining amount shall be be refunded to to the promoter within 30 30 days fro from th the date of

• f suc

such wit ithdrawal.

53

SLIDE 57

Disclosure by promoters of ongoing projects ( Rule 4)

• Upo

pon the commencement of

• f sectio

ion 3(1), ), promoters of

• f all

ll ongoing projects which have not received comple letion certificate as as required under lo local law shall ll within the period of

• f 3 months from 1st

st May, 2017 i.e. the date of

• f the

commencement of

• f th

the ac act, t, mak ake an an ap application to to th the Auth thority in in ru rule le 3.

• The promoter shall

ll disclo lose all ll project details ls as as required under the Act, rule les and regula lations made there under inclu luding the status of

• f the project

an and th the ext extent of

• f comple

letion.

• The promoter shall

ll disclo lose the size of

• f the apartment based on
• n carpet area

even if if earli lier sold ld on

• n any other basis such as

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

• f th

the agreement en entered in into to betw etween th the pr promoter an and th the al allo lottee to to th that at ext extent.

• In

In case of

• f plotted develo

lopment the promoter shall ll disclo lose the area of

• f the

plo plot bein eing so sold to to th the al allott ttees.

• Where the project is

is to to be be develo loped as as separate build ldings in in phases, every such build lding or

• r group of
• f build

ldings as as decided or

• r decla

lared by by the promoter at at the time of

• f registration shall

ll be be considered as as a phase and the promoter sha shall ll obtai tain re registrati tion under th the Act fo for eac each ph phase sep separately ly.

54

SLIDE 58

Exclusions-Disclosure by promoters of ongoing projects ( Rule 4)….

• “Ongoing project” :- means a pro

roject where re development is is going on

• n and for which

completion cert rtificat ate has as not been issued but excludes such pro rojects which fulfill an any of

• f

the follo following cri criteria on

• n the dat

date of

• f com

commencement of

• f rel

elevan ant prov provisions of

• f the Act

ct:- (i) where re common are reas as an and fac acilities hav ave been han anded over to to the as associat ation of

• f al

allottees

• r
• r the com

competent aut uthority, for for maintenan ance; (ii) where re sal ale/leas ase deeds or

• r possession letter of
• f minimum 60

60% of

• f the ap

apart rtments /houses/plo lots in in the ph phase/pro roject have ve be been exe executed; (iii) where re all all development work rks hav ave been completed and completion cert rtificat ate has as been

• bt
• btai

ained fr from ch char artered eng engineer in in prac practice as as per per pre prevale lent To Township Pol

• licy;

(iv) where completion cert rtificat ate has as been obtai ained fro rom the competent authority or

• r where

re all all development work rks hav ave been completed an and ap applicat ation has as been filed with the com competent authority; (v) where re development is is done in in phas ases then eac ach phas ase shal all be be considered as as a separ arat ate pro project and nd the ph phases which fulfi fulfill ll any of

• f the above co

conditions sh shall ll be be exc excluded; (vi) where competent authorities/local bodies have started issuing lease deeds for plots by by

• rg
• rgan

anising ca camps or

• r othe
• therwise in

in tow

• wnship sche

schemes; or

• r

(vii) where re serv rvices hav ave been han anded over to to the local al au authori rity for maintenance or

• r more

re than an fifty perc rcent of

• f the development charg

rges for the sam ame hav ave been deposited to to the local al aut uthority. 55

SLIDE 59

Withdrawal of sums deposited in separate account( Rule 5)

• As

As pe per sub sub-clause (D (D) of

• f cla

clause (l (l) of

• f sub

sub-section (2) of

• f sec

sectio ion 4:- i. i. 70 70% of

• f amount realized fr

from allottees to to be be deposited in in separate bank account for each proje ject and used only for the co concerned pr proje ject. ii. ii. Th The pr promoter sh shall ll wit ithdraw th the amounts fro from th the sep separate account, to to co cover th the co cost of f th the pr proje ject, in in pr proportion to to th the pe percentage of f co completion of f th the pr project.

• Proje

ject Bank Account shall be be fr freezed in in case of

• f non-compliance of
• f

pr provision of

• f th

the RE RERA.

• Withdrawal to

to be be certifi fied by by an an engin ineer, an an architect and chartered accountant in in practice that the withdrawal is is in in pr proportion to to th the pe percentage of

• f co

completio ion of

• f th

the pr proje ject.

• Proje

jects accounts shall be be audited and copies of

• f those shall be

be sub submitted to to th the RE RERA.

56

SLIDE 60

Withdrawal of sums deposited in separate account( Rule 5)…

• (1) For

For the purp rposes of

• f sub-clause (D) of
• f clause (l

(l) of

• f sub-section (2) of
• f section 4, the lan

and cost shal all be be the cost incurre red by by the pro romoter whether as as an an outri right purchas ase, leas ase ch char arges et

• etc. and

nd in includes,- (i) re revenue or

• r are

rea share re given to to lan and owner in in lieu of

• f lan

and under any kind of

• f ag

agre reement such as as Joint Venture, Joint Development etc, in in cas ase the Pro romoter is is not the owner of

• f the

la land nd, (ii (ii) amount pai paid to to la land nd ow

• wner,

(iii) incidental al costs re relat ated to to acquisition of

• f lan

and such as as stamp duty, bro rokera rage, settlement cost costs of

• f lit

litigat ation, pre premiums pai paid to to go gove vernment aut uthorities rel elat ated to to la land, (iv (iv) inte interest on

• n fi

finance for for pu purc rchas ase of

• f la

land nd, (v) (v) lit litigat ation cost costs inc incurre red for for la land acq cquisition, (vi (vi) pro property and nd othe

• ther taxes, fe

fees es, pre premiums pai paid.

• (2) For

For the pu purp rposes of

• f su

sub-clau lause (D (D) of

• f clau

clause (l) (l) of

• f su

sub-section (2) of

• f sec

section 4, The construction cost = The total al cost incurr rred by by the pro romoter (towar ards the on

• n-site

exp expenditure for for the ph phys ysical al dev develo lopment of

• f the pro

project) + fees payable to to the arc rchitects, consultan ants, project man anag agers rs/staf aff including engineers rs, mar arketing ag agents etc. fees/charg rges/securi rity deposit payable to to vari rious depar artments/authori rities, Labor Cess, VAT which are re incurre red during the develo lopment of

• f

the pro project. 57

SLIDE 61

Application for Registration by the Real Estate Agent(Rule 10)

• Every real

al estat ate ag agent re require red to to re register as as per section 9(2) shal all mak ake an an ap applicat ation to to the Aut uthority alo long wit ith the follo following doc documents, na namely:- (a) a) brief detai ails of

• f his enterp

rpri rise including its nam ame, re registere red ad addre ress, type of

• f enterp

rpri rise (pr (propri rietorship, soci society, part partners rship, com compan any et etc.); (b) part rticulars rs of

• f re

registrat ation (whether pro ropri rietors rship, society, par artners rship, compan any etc.) including the bye-law aws, memoran andum of

• f as

associat ation, ar articles of

• f as

associat ation etc. as as the cas ase may ay be be; (c) photograp aph of

• f the re

real al estate ag agent if if it it is is an an individual al an and the photogra raph of

• f the

part partners, dire directors et

• etc. in

in ca case of

• f othe
• ther enti

entities; (d) (d) aut uthenticated cop copy of

• f the PAN ca

card rd; (e) (e) aut uthenticat ated cop copy of

• f the add

ddre ress pro proof of

• f the plac

place of

• f bu

business; and nd (f) (f) suc such othe

• ther info

information and nd doc documents, as as may be be spec specified by by reg egulat ations.

• The real

al estat ate agent shal all pay ay a re registrat ation fee at at the time of

• f ap

appl plicat ation for registra ration by by way of

• f a demand draf

aft or

• r a ban

ankers rs cheque dra rawn on

• n any scheduled ban

ank or

• r thro

rough

• nli
• nline mode
• de, as

as the ca case may be be For For a sum sum of

• f

i. i. In In ca case of

• f the app

pplican ant bein being an an ind individual :- Rs Rs 10 10,000 000 or

• r

ii. ii. In In ca case of

• f the app

pplican ant bein being anyone othe

• ther than

an an an ind individual :- Rs

• Rs. 50

50,000 000 58

SLIDE 62

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.

59

SLIDE 63

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 the Authority’s website
• te. The information

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

• f

any le legal cases, Project Details ls, Registered 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.

60

SLIDE 64

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 expi 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, as as the the cas case may be, be, booked; (i (ii) li list of

• f number of
• f gar

arages 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 ph photographs; (b (b) stat status of

• f co

construction of

• f eac

ach flo floor; 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 lice cense, pe permit or

• r app

approval fo for the the pro proje ject.

61

SLIDE 65

Quarterly Online Disclosures (Updation) For Agent

• The Authority shall ensure that the following information shall be

be made available

• n
• n its website in

in respect of

• f each real estate agent registered with it

it or

• r whose

app application fo for re registration has has been re reje jected or

• r re

revoked: A. A. Fo For re real est state ag agents re registered wit ith th the Aut uthority: (i) registration number and the period of

• f validity of
• f the registration of
• f the real

est state te age agent; (ii) brief details of

• f his enterprise including its name, registered address, type of
• f

ente terprise (p (proprietorship, so society, par partnership, co company etc tc.); (iii) particulars of

• f registration as

as proprietorship, society, partnership, company etc including the bye-laws, memorandum of

• f association, articles of
• f association etc. as

as the the cas case may ay be be; (iv) name, address, contact details and photograph of

• f the real estate agent if

if he he is is an an individual and the name, address, contact details and photograph of

• f the

par partners, dir directors etc

• tc. in

in cas case of

• f othe

thers; (v) (v) auth authenticated co copy of

• f the

the PAN car card; an and (vi) authenticated copy of

• f the address proof of
• f the place of
• f business of
• f the real

est state te age agent an and its its othe ther offi fficials.

62

SLIDE 66

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 re regi gistration has been re revoked by by th the Authority: (i (i) re registration number and the period of

• f validity of
• f the registration
• f
• f th

the re real esta state age gent; (i (ii) i) brie ief details of

• f his enterprise including its

its name, regi gistered address, type of

• f enterprise (proprietorship, society, partnership,

co company etc tc.); and (i (iii) i) name, address, contact details and photograph of

• f the re

real estate agent if if he he is is an an individual and the name, address, contact details and ph photograph of

• f th

the pa partners, dir irectors etc

• tc. in

in ca case of

• f oth

thers.

63

SLIDE 67

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.

64

SLIDE 68

Terms and conditions and the fine payable for compounding of offence (Rule 34)

• The court may compound any offence specified under section 70 on payment of

amount as specified in the table given below :-

S.N S.NO. Off Offence Amount to

• be

be pai paid for for com compo pounding the the off

• ffence

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

• f
• f secti

section 59 59 (Pro romoter) 5% 5% of

• f the

e est estimat ated cost cost of

• f

the e real eal est estat ate pro project 2 Pu Punishab able with ith im impri risonment un under r sec section 64 64 (Pr (Promoter) 5% 5% of

• f the

e est estimat ated cost cost of

• f

the e real eal est estat ate pro project 3 Pu Punishab able with ith im impri risonment un under r sec section 66 66 (Re (Real l Estat Estate Age gent) 5% 5% 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 e sa sale le or

• r pu

purc rchas ase has s be been fa facilitated 4 Pu Punishab able with ith im impri risonment un under r sec section 68 68 (All Allottee) 5% 5% 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 65

SLIDE 69

Real Estate Regulatory Authority

66

Umesh Sharma (Chairman of Appellate Tribunal) Mukesh Sharma (Chairman of Real Estate Regulatory Authority)

SLIDE 70

RERA Address

• Address : RA

RAJASTHAN RE RERA Food Bu Building, Se Secr cretariat Jai Jaipur-302015 (R (Rajasthan) In India 01 0141-5116782 ud udh@raja jasthan.gov.in mis isc@rera-raja jasthan.in in use usersupport@rera-rajasthan.in Website Lin Link: re rera ra-raja jasthan.in

• RE

REAL EST STATE RE REGULATORY AUTHORIT ITY Nagar Niy iyoja jan Bh Bhawan Near JD JDA, J.L J.L.N. Marg Jai Jaipur, PIN IN-302015 (R (Raj.)

• APPELLATE TR

TRIBUNAL UNDER RE RERA Ro Room No.28, Sw Swasthya Bh Bhawan Be Behind Se Secr cretariat, C-Scheme Jai Jaipur, PIN IN- 30 302005

67

SLIDE 71

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