Disclosures to be made by promoter on RERA website

Disclosures to be made by promoter on RERA website
  • General
  • Tuesday 3rd September 2019
  • Author: Shreya Uppal

Highlights

  • To ensure the compliance of Section 34 (b) of the RERA Act, 2016, the Authority shall ensure that all the disclosures made by the promoters to the Authority with regard to their respective Real Estate project are made available on its website.

  • disclosure” means the information and documents to be uploaded by the promoter on the website of the Authority

  • Some general points applicable to the rules of all the states have been discussed.

  • Some unique disclosures according to the particular state which is made in addition to the above-stated requirements have been given below:

To ensure the compliance of Section 34 (b) of the RERA Act, 2016, the Authority shall ensure that all the disclosures made by the promoters to the Authority with regard to their respective Real Estate project are made available on its website.

Section 2 (k) of MAHARERA Rules, 2017, “disclosure” means the information and documents to be uploaded by the promoter on the website of the Authority as well as the information and documents, which he is liable to give or produce under the Act to the public at large through print media, electronic media, and shall include the communications made to the Authority.

Some general points applicable to the rules of all the states
1. The promoter shall disclose the size of the apartment based on carpet area even if earlier sold on any other basis such as super area, built-up area, etc. which shall not have any effect the on the previous agreement entered into between the promoter and the allottee.
2. The
number of open parking areas and the number of covered parking areas available in the said real estate project.
3.
Copy of the legal title deed reflecting the title of the promoter to the land on which development is proposed to be developed along with legally valid documents with authentication of such title where the owner is other than the promoter.
4. The
details of encumbrances relating to concerned land including any rights, title, interest or name of any party in or over such land along with details.
5. In the case of
plotted development, the promoter shall disclose the area of the plots sold to the allottees including the extent of the share of common areas and amenities.
6. The promoter shall disclose the
time period originally given to the allottees for completion of the project at the time of sale including the delay for which the period shall start with the extent of development already completed.
7. The promoter shall submit
a certificate from a practicing Chartered Accountant, certifying the balance amount of receivables from the apartments sold in respect of which agreement have been executed and estimated amount of receivables in respect of unsold apartments/premises calculated at the prevailing ASR rate on the date of the certificate.
8.  An annual report including audited profit and loss account, balance sheet, cash flow statement, Director’s report and the auditor’s report of the promoter for the immediately
preceding 3 financial years.

Some unique disclosures according to the particular state which is made in addition to the above-stated requirements have been given below:

As per MAHARERA/TSRERA Rules, 2017, the following additional disclosure shall be made:
1. The proposed layout plan of the whole project and Floor Space Index proposed to be consumed in the whole project as mentioned by the promoter should be disclosed.
2. The architecture and design methods, earthquake-resistant measures and the like to be adopted for buildings and for common areas and the layout plan of the real estate project.


As per PUNJABRERA Rules, 2017, the following additional disclosure shall be made on the RERA Website by the promoter:
1. The details of encumbrances for the proposed land including details of any rights, title, interest, dues, litigation, and name of the party or non-encumbrance certificate through an advocate having experience of atleast 10 years from the revenue authority not below the rank of Tehsildar, as the case may be.

As per APRERA Rules, 2017 within a period of 15 days from the receipt of the Login ID and password from the authority, the promoter shall enter all the required documents, plans and information of the project to be published on the RERA Website:
1. The details of insurances obtained by the promoter regarding title and construction of the project.
2. The particulars in respect of the design, type of concrete, material to be used in the construction of the building and the technology, prefabricated, precise, earthquake resistance.

For Project Registration, Click
here.

Tags:
APRERA RulesTSRERAencumbrances MAHARERA Rules.

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