Form-3 for Public Authorities to be issued by the Chartered Accountants only in GUJRERA

Form-3 for Public Authorities to be issued by the Chartered Accountants only in GUJRERA
  • General
  • Friday 2nd August 2019
  • Author: Shreya Uppal

Highlights

  • To ensure financial discipline and to bring more transparency in the GUJRERA system, the amendment has been done in the method of issuing Form-3 in case of public authorities.

  • Earlier the public authorities, local bodies and government undertakings engaged in the constructing properties for the real estate sector were registering their projects with the GUJRERA in the capacity of the promoter of real estate under development.

  • The basic motive behind this amendment was to monitor the key performance indicators of the promoters.

To ensure financial discipline and to bring more transparency in the GUJRERA system, the amendment has been done in the method of issuing Form-3 in case of public authorities. A circular dated 19th July, 2019 has been issued by the GUJRERA authority regarding the amended Form-3 in GUJRERA. Earlier the public authorities, local bodies and government undertakings engaged in the constructing properties for the real estate sector were registering their projects with the GUJRERA in the capacity of the promoter of real estate under development. Therefore, via Circular No.5- 2017, the GUJRERA has given the authority to the financial heads of Public Authorities to sign the certificates for the purpose of registration and for withdrawal of money as prescribed under Rule 3 and Rule 5 of the GUJRERA (General) Rules, 2017. The basic motive behind this amendment was to monitor the key performance indicators of the promoters. The amended Form-3 explained by the circular being approved by the Secretary of the GUJRERA authority requires a Chartered Accountant to carry out certain professional verifications and the form is to be submitted using the digital signature of a practicing CA registered with ICAI, Delhi.


Also Read: Extension of due date of QPR Submission in GUJRERA

Also, the systemic changes in the official web-portal of the GUJRERA authority have made it compulsory to use the digital signature of a practicing Chartered Accountant.
 

Therefore, withdrawing the earlier exemption given by circular no. 5-2017, the GUJRERA authority has made it clear that, with effect from 8th June, 2019, all the future Form-3 and Form-5 from the Government authorities for all the registered projects will have to be issued by the practicing chartered accountant in digital format using his digital signature.

Recommended Read- Form 3v/s Form 5 in RERA

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