Quarterly Compliance for Gujarat
- Monday 10th June 2019
- Author: Shreya Uppal
The RERA Act, 2016 became effective from 1st May, 2016 with 69 sections notified out of 92 sections. The Ministry of Housing and Urban Poverty Alleviation notified the RERA rules for RERA Gujarat on 29 October, 2016 to protect buyerâ€™s interest, enhance professionalism and ensure transparency in the real estate sector. From 4th May, 2017 onwards it initiated the process of Online Registrations for Agents, Promoters and the Projects.
The RERA Act, 2016 became effective from 1st May, 2016 with 69 sections notified out of 92 sections. The Ministry of Housing and Urban Poverty Alleviation notified the RERA rules for RERA Gujarat on 29 October, 2016 to protect buyer’s interest, enhance professionalism and ensure transparency in the real estate sector. From 4th May, 2017 onwards it initiated the process of Online Registrations for Agents, Promoters and the Projects.
To infuse transparency into the system and have a Control Mechanism over the ongoing projects of the registered developers, the RERA Authority has come up with the Quarterly Compliance system. As per Section 4(2)(I)(D) of the RERA Act, 2016 a separate account has to be maintained in which 70% of the amount collected from the homebuyers shall be deposited which shall strictly be used by the developer in its project only. After submitting documents of quarterly compliance with the banks stating the % completion of work, this separate account amount can be withdrawn. Hence, this act as a tool of governance to verify the actions.
What is Quarterly Compliance?
1. Every quarter the developers need to submit various documents regarding their project status details which would not be allowed to be revised.
2. The GUJRERA Authority has considered the dynamic rolling quarter (3 months) of a project defined with respect to a specific logic unique to each project for which the Promoter is liable to submit the mandatory RERA Return before the end date of the quarter shown in the promoter login.
2. The trio of sequential documents of Architect Certificate (Form 1), Engineer Certificate (Form 2) and Chartered Accountant Certificate (Form 3) is categorized as RERA Return.
3. Over the period of the Project Life Cycle, the last quarter is defined as the quarter in which Project End Date falls. Over and Above regular quarterly return filing (Form 1, 2, 3), the promoter also has to upload Form 4 or 4A (Completion Certificate) and Form 5 (Annual Report if applicable) additionally using the facility provided in the promoter login.
4. Before initiating the quarterly RERA Return Filing process, the Promoter is required to insert the Unique Block/Type/Wing/Bungalow/Category of the Project as per the Form 1 (Architect Certificate) already submitted to Authority at the time of Project Registration. The promoter may take reference of Approved Layout Plan – Raja Chitthi or RERA Registration Certificate Remarks before filling this section. This is the unique identification/ property of the project under which all the unique inventories can be defined.
5. Promoter has to pay the RERA Quarterly Return Fees of Rs.2000 as decided by the Gujarat RERA Authority. The promoter will be able to pay this amount using GUJRERA Website only with the help of Payment Gateway. This will allow promoter to pay fees using Net Banking, Debit Card and Credit Card options using the payment gateway available on GUJRERA Portal – Quarterly Return Section.
4. Also, the no. of flats sold, booked and leased with their respective construction status need to be informed.
With the above-detailed compliances, the authority has assured of tracking each and every step for the registered projects which is further relieving the homebuyers. Thanks to the RERA Compliances!
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