UNDER RERA ORG A NISED B Y AHMEDABAD B RANCH OF WIRC OF ICAI - - PowerPoint PPT Presentation

REGISTRATION OF PROJECT UNDER RERA

ORG A NISED B Y AHMEDABAD B RANCH OF WIRC OF ICAI

Presented by : CA Pooja Shah Date of Presentation:29/03/2019

Lets start with some statistics….

Objects of RERA Act,2016 Compliance Transparency Accountability Finance Control Customer Protection

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Objectives of RERA 2016

Applicability of RERA ACT , 2016

 Real Estate project  Promoters (Builders)  Allottees (Buyers)  Real Estate Agent

What is a Real Estate Project ???

 Section 2(zn) defines as :  The

development

• f

a building

• r

a building consisting of apartments or

 Converting an existing building or apart thereof into

apartments or

 The development of land into plots or apartments,  Where such development or conversion is for the

purpose of selling all or some of the said apartments

• r plots or building.

Who is liable to get Registered under the Act

 Real Estate projects &  Real Estate Agents

Section 3 - Prior registration of real estate project with RERA

 Section 3(1) shall advertise, market, book, sell or

• ffer for sale or invite persons to purchase in any

manner any plot, apartment or building, as the case may be, in any real estate project or part of it, in any planning area, without registering the real estate project with the RERA established under this Act

Penalties imposed till date w.r.t. contravention of Sec 3(1)

 Authorities has passed 62 orders of penalties

till date ,out of which 46 orders are related to sec 3(1).

 Minimum penalty of Rs.10,000 and the maximum

penalty of Rs.17,29,000 has been charged till date.

Type of Default Quantum of Penalty Promoter Non registration Extend upto 10% of ECP* Not complying with

• rder

, decisions or directions ofAuthority Imprisonment extend upto 3 years OR Fine extend upto 10% of the ECP OR Both Providing False Information Extend upto 5% of the ECP Any other default Extend upto 5% of the ECP

Penalties for non-registration under RERA

* ECP= Estimated cost of real estate Project

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SEC 3(2) Exemption from Registration

Area of land proposed to be developed does not exceed 500 sq mt or

• no. of apartments proposed to be developed does not exceed 8

inclusive of All Phases.

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1 Where the Promoter has received Completion certificate prior to commencement of the ACT . For the purpose of renovation or repair or re-development which does not involve marketing, advertising, selling or new allotment of any apartment, plot or building

Sec 4 Application of Registration of Real estate projects

 Sec 4(1) Every Promoter shall make an application to

the Authority for registration of real estate projects in such form ,manner, within such time and accompanied such fee as may be prescribed .

 Sec 4(2) List of Documents required ( Provided : (1

)Checklist of project (2) Checklist of key documents require (3) project info checklist )

Step by step to guide for the registration

Time limit For Grant of Registration

Registration by RERA shall be granted within 30 days from DATE OF APPLICATION Whether Action is taken within 30 Days RERA shall also provide Registration number , Login ID and password to applicant for accessing website of Authority and to create his/her web page and to fill details of proposed project. The Project will be deemed to be registered & the Authority shall within a period of 7 days of the expiry of the said 30 days period, provide registration no., login id and password

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Y es No

Registration Validity Revocation Extension Registration shall be valid for a period declared by promoter for completion of project /phase On receipt of a complaint or on recommendation of the Competent Authority Registration granted to a project for such time as it considers necessary, which shall, in aggregate , not exceed a period of 1 year

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1.

Promoter makes default in doing anything under ACT/ RULES/REGULATIONS.

2.

Promoter violates any terms or conditions

• f approval given by Competent Authority.

3.

Promoter is involved in any kind of unfair practice/ irregularities.

4.

Promoter indulges in any fraudulent practices.

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In case of revocation of registration, association of allottees shall have the first right of refusal for carrying out of the remaining development works. The Appropriate Government to take such action as it may deem fit including carrying out of the remaining development works by competent authority or by association of allottees or in any other manner as may be determined by the authority No Direction, Decision or order of the authority shall take effect until the expiry of the period of appeal provided under the act

Obligation of Authority consequent upon lapse of or on revocation of registration

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Thank You

For any detailed clarifications you can reach me at poojashahco@gmail.com

• r

can contact me

• n

8980240373.