Ans. RERA act was notified on 26 March 2016 by Government of India . It is applicable to whole of India except the state of Jammu and Kashmir.
Ans. This act is established to promote transparency and uniformity in real estate sector. Basically this act is for regulation and promotion of real estate sector. The main objective is to promote interest of consumers and investors in this industry. This act was passed by Rajya Sabha on 10 march 2016 and by lok sabha on 15 March 2016.
Ans. Yes , it is compulsorily to get registration under RERA.
Ans. Yes , carpet area is clearly defined in the act .
Carpet area means the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.
1) Where the area of land proposed to be developed does not exceeds 500 square meters or no of apartments does not exceed 8 in number.
3) 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.
Ans. No .In this act every phase is considered a stand alone real estate project and the promoter shall obtain registration under this Act for each phase separately.
Ans. Following are the details required to be submitted by promoter:
1. brief details of the enterprise
2. Brief details of projects launched by him in the past five years whether already completed or being developed, including current status of said projects, any delay in its completion, details of cases pending, details of type of land and payments pending.
3 .Authenticated copy of approvals and commencement certificate from competent authority for real estate project mentioned in application.
4. The sanctioned plan, layout plan and specifications of the proposed project
5. The plan of development works to be executed in the proposed project and the proposed facilities to be provided including fire fighting facilities, drinking water facilities, emergency evacuation services, use of renewable energy.
6. The location details of the project, with clear demarcation of land dedicated for the project along with its boundaries including the latitude and longitude of the end points of the project.
7. Proforma of the allotment letter, agreement for sale, and the conveyance deed proposed to be signed with the allottees;
8.Tthe number, type and the carpet area of apartments for sale in the project along with the area of the exclusive balcony or verandah areas and the exclusive open terrace areas apartment with the apartment .
9. The number and areas of garage for sale in the project
10. The names and addresses of his real estate agents, if any, for the proposed project
11. The names and addresses of the contractors, architect, structural engineer, if any and other persons concerned with the development of the proposed project.
12. Declaration, supported by an affidavit, which shall be signed by promoter or any person authorised by promoter
Ans. a) That he has a legal title to the land on which the development is proposed along with legally valid documents with authentication of such title, if such land is owned by another person.
Ans. 70 % of the amount realised for real estate project shall be deposited in separate account to maintained with scheduled bank which will cover the cost of construction and land cost and will be used solely for that purpose only.
Ans. Amounts shall be withdrawn by the promoter only after it is certified by an engineer ,architect and a chartered accountant that withdrawal is in proportion to percentage of completion of project .
Ans. Promoter shall get his accounts audited within 6 months after the end of the financial year .
Ans. The authority shall within 30 days grant registration to the applicant .
Ans.If the authority fails to grant registration or reject the application , project shall be deemed to have been registered and authority shall within a period of 7 days provide a registration number and a Login Id and password to the promoter for accessing the website of the Authority and to create his web page and to fill therein the details of the proposed project.
Ans. The authority may on receiving any complaint or suo moto (Self) may revoke the registration granted .
Ans. (a) Promoter makes default in doing anything under Act / Rules / Regulations.
b) Promoter violates any terms or conditions of approval given by competent authority.
c)Promoter is involved in any kind of unfair practice or irregularities
(d) Promoter indulges in any fraudulent practices
Ans. If the real estate developer violates the registration procedures prescribed by the Act, he will be required to pay up to 10% of the total estimated cost of the project in question. If found continuing the offence, the real estate developer will be punishable either with imprisonment (up to 3 years) or a fine which may extend up to a further 10% of the above project cost.
Ans. If an agent violates the rules prescribed by the RERA, he will be liable to a penalty for every day of the violation caused and the sum could increase up to 5% of the total estimated cost of the unit in question.
Copyright © 2017 Rivik India Private Limited. All rights reserved.