Real estate opportunities for all stakeholders

REAL ESTATE AT GLOBAL LEVEL AND RERA AT NATIONAL
LEVEL:
GOLDMINE OF OPPORTUNITIES FOR EVERY STAKEHOLDERS

About the Author:
CA (Dr.) Adukia left no stone unturned during his career span expanding to
more than 39 years. Having graduated from Sydenham College of Commerce &
Economics in 1980 as 5th rank holder in Bombay University and he has also
received a Gold Medal for highest marks in Accountancy & Auditing. He
cleared the Chartered Accountancy Examination with 1st Rank in Intermediate
and 6th
Rank in Final. He also secured 3rd Rank in the Final Cost Accountancy
Course. He has been awarded G.P. Kapadia prize for best student of the year
1981. He also holds a Degree in law, PhD in Corporate Governance in Mutual
Funds, MBA, Diploma in IFRS (UK), and Diploma in Labour law and Labour
welfare, Diploma in IPR, Diploma in Criminology.
His mantra is to provide services to clients that help them in building better and
sustainable businesses. He is a knowledge seeker and believes that knowledge
needs to be ingrained and used for the benefit of society at large.

LEVERAGE YOUR EXPERTISE IN NATION BUILDING
Real estate have always been the attractive place of for all stakeholder whether
in terms of investment, profession, or end users. The country underwent a
massive revoluntionary change in 2016 with the enactment of RERA.
It stands for the Real Estate (Regulation and Development) Act, 2016 that is in
commencment since 1st
May 2017, it is among such few legislation that have
achieved an effective implementation and making its enacting objective a reality
in a span of just four years. In exercise of the power granted under section 20
of the act, so far there are 21 out of 28 and 3 Union Territories such as Delhi,
Chandigarh, Pondecherry out of 8 UTs have set up fully functioning Real Estate
Regulatory Authority (RERA) to govern their respective territories.
This authorities are conferred with power to moniteer the real estate project of
the concerned states. For boosting transparancy and effectiveness the act
recognises certain procedural compliance and rights and duties of the key
players of RERA that is Allottees (buyers), Real Estate Agents and Real Estate
developers (Promoters/builders).
This requires a lot of due dilligence, procedural knowledge, Authorities
approval, engaements and extensive financial and investment knowledge that
provides exclusive opportunities for professionals/experts who can leverage
their knowledge in providing full package services in terms of consultancy,
compliance, representation, due dilligence, document vetting, drafting, approval
draft, project execution, investment plans, deal advisory etc. which in turn
accelerate the real estate sector’s development and consequently add to the
nation’s economy.

IGNITE YOUR UNLIMITED GOALS WITHOUT ANY BOUNDARY
AND SHARE YOUR EXPERTISE
If success is an engine then passion is fuel to that engine. Have you ever
wondered how successful people are better able to stick to their plans and
achieve even more success in their life? Well the mantra is
PASSION- START- CONSISTENCY-SHARING THE EXPERTISE-
GROW WITH ALL
As we have said earlier passion tends to drive success, mere passion will not
help to achieve everything you want if you don’t start.
“Everything is created twice, first in the mind than in reality”
- Robin Sharma, The Monk Who Sold His
Ferrari: A Fable About Fulfilling Your
Dreams And Reaching Your Destiny
There is no good time to start than now, things will happen the way you want
them to happen only if you start working on it.
Mere saying that “I Want” won’t let it happen you need to set your goals and
remember there is no limit to your goals. Additionally set goals that motivate
you, meaning such goals that make you happy, that are important to you.
It is equally important that you are committed to your goal, to maximize the
likelihood of success. To make sure this write down all your goals and why they
are important to you this will helps you to refresh again whenever you will lose
confidence in your ability to make it happen.
They say the setting goal is much simpler than being consistent on it, perhaps
the power of consistency may be the only factor that separates successful and

unsuccessful people. Successful people are successful because they chose to be
consistent with their goals, actions, and passion. Remember there is no shortcut
to hard work.
If you make it this far let us now discuss how to share your knowledge.
See having knowledge and expertise is one thing and sharing them among
fellow aspirants is another thing. When you share your knowledge it helps to
deepen your knowledge and engrains what you know.
Be A Leader- Stand Up – Be Vocal About What You Have To Offer
The legendary Greek Philosopher “Aristotle” once said- “Man is by very nature
a social animal; Society is something that precedes the individual.”
Therefore if we know something it becomes our duty to reach out as success is
not just about achieving your goal but to inspire others. We are blessed to be
born in the internet age where we can meet 1000s of people on a single digital
platform. It helps us to reach out to society that needs our services.
Powerful social media tools such as Facebook, Linked-in, Gmail, Youtube,
Blogs websites, Twitter, What’s app, Instagram, e- articles, etc. allows us to
share our knowledge and expertise and helps connecting people even though
they are living miles apart.
Collaborating and knowledge sharing:
The Internet has been the single biggest achievement of humans in the last 20
years that has removed almost all communication barriers. Social media apps
have emerged as collaborating and knowledge-sharing tools that permit
individuals to join a community share and collect relevant knowledge. The
Facebook group can join 6000 groups, similarly, a person can send over 2000

emails daily, and professional expertise tools such as linked in allows you to be
part of 100s of the group. Additionally, a certain platform such as Twitter,
blogs, podcasts helps to put our viewpoints.
Podcast power:
Although there are lots of tools available across the internet for knowledge
sharing, audio content is more digestible and absorbable, than is possible
through the podcast.
For whom podcast is beneficial:
Consultant, Advisors, Motivational coach, experts- podcast allows such
professionals who have the desire to motivate others and possess valuable
knowledge and expertise that they can share with society. Not only this will
benefit the end-user but their experience will add to their learning.
You may be a legal professional, or a doctor, or a sports person, and there is no
code of ethics of profession that will debar you from your knowledge sharing. A
doctor will share his health tips, a sportsperson may share his fitness tips and a
lawyer may share his knowledge for general legal awareness.
Before the digital age, book writing, news articles were such few channels of
knowledge sharing, although these are equally important in the present age,
with little technological advancement you will reach your fellow learners
perhaps much faster.
We take this opportunity to invite the knowledge-sharing hub as we feel it is our
prime duty to share what we know with society.

Let us become members and address the community which needs our services.
At this juncture, we find it apt to remember English Historian and Geologist
Charles Darwin’s famous quote
“In the long history of humankind those who learned to collaborate and
improvise most effectively have prevailed.”

INDEX
1. Introduction
A. List of real estate laws in India
B. List of real opportunities in Real Estate
2. Key players of Real estate
A. Investors
B. Consumers
C. Developers
D. Infrastructure development influencing real estate
3. Brief overview of RERA
A. Key definitions
B. Registration requirement
C. Functions of real estate agent
D. Duties and rights of developers/promoter
E. Other obligations of promoter
F. Rights and duties of allottees
G. Real estate regulatory authority
H. Establishment of Real Estate Appellate Tribunal
I. Second appeal under RERA
J. Penalty provision prescribed under RERA
K. Miscellaneous provision
4. Compliance of promoter under RERA
5. Accountability of promoter
6. Role of professionals
A. Architect
B. Engineer
C. Chartered Accountants
D. Real Estate Agent
E. Advocate

F. Consultancy opportunities
G. Professionals eligible for legal represntation
7. Solutions for stalled real estate projects
8. Brief solution under RERA
9. Due diligence while purchasing property
10.Property registration
11.Buying property abroad
12.Other professional opportunities to explore

1. Introduction:
The real estate sector of India is perhaps one of the fastest growing sectors,
creating several opportunities for every stakeholders and professionals.
Additionally with the successful implementation of the Real Estate (Regulation
and Development) Act, 2016 (herein after “RERA”) effective from 1st
May
2017, the sector has shown a positive growth and significantly contributing to
the Governments vision of making India a 10 trillion economy.
As the sector of was unregulated for the longest time, the much needed
legislation of RERA accelerated the growth and the expected result in terms of
transparency and accountability started showing in short span of just four years
of its implementation benefiting every stakeholders from professionals to
consumer.
Every aspect of real estate whether it be property transfer, registration,
regulating transaction, infrastructure plan of government is regulated by set of
real estate legislation in addition to RERA.
A. The list of such laws is as below:
1. The Indian Contract Act, 1872
2. The Transfer of Property Act, 1882
3. The Indian Easements Act, 1882
4. The Indian Stamp Act, 1899
5. The Registration Act, 1908
6. The Specific Relief Act ,1963
7. The Power of Attorney Act, 1882
8. The Indian Evidence Act, 1872
9. The Consumer Protection Act, 2019
10. The Arbitration & Conciliation Act, 1996
11. The Income Tax Act, 1961

12. The Right to Fair Compenation and Transperancey in Land
Acquisition, Rehabilitation and Resettlement Act, 2013
13. The Co-operative Societies Act, 1912 and state co-operative laws
operating in each state governments
14. The Multi-State Co-operative Societies Act, 2002
15. The Foreign Exchange Management Act, 1999 / Foreign Direct
Investment Policy
16. SEBI norms for Real Estate Investement Trusts
17. The Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002
18. The state town and country planning laws
With the multi legislation regulating every aspect of sector, it brings us
professionals show our excellency in terms of regulating procedures and
compliance guidance which we can use in assiting every individual desirous of
growing in this field.
Some real opportunities in real estate sector:
1. Advising the client in the Purchase or Sale of Land
2. Verification of Title Deed of the Property
3. Choice of Location for Business
4. Drafting of Documents
5. Alterantive Dispute Resolution in real estate transactions - Arbitration,
Conciliation etc.
6. Taxation and Accounting aspects of real estate transactions
7. Advice on Registration and Stamp Duty on various documents
8. Advisory on developing Special Economic Zones
9. Investment in Real Estate by NRI
10.Investments in Real Estate in India
11.Investing in Real Estate Outside India

12.Internal Audit of Real Estate Company
13.Statutory Audit of Real Estate Company
14.Valuation of Real Estate
15.Brand Value of Real Estate Companies, Agents and Foreign Companies
16.Advise in Mall management
17. Deeds and Documents pertaining to Purchase and Sale of property 18.
Mortgages
18.Advising Real Estate Brokers
19.Obtaining Finance for Real Estate
20.Portfolio Strategy
21.Merger and Acquisition Strategy
22.Allocation and Investment Strategies
23.Real Estate/Asset-Type Allocation
24.Assessment of Financial Viability of Real Estate Projects
25.Legal Documentation - Review and Comment
26.Backing clients in sourcing/selling Transfer of Development Rights and
preparing an agreement for TDR
27.Service in relation to Direct Taxes and Indirect Taxes
28.Real Estate Venture Capital Investment Negotiations
29.Property Specific Joint Venture agreements
30.FDI Investment Funding
31.Regulation Compliance
32.Real Estate Partnership
33.Real Estate Fund
34.Issues on Green Building concept

2. Key players of Real Estate:
The Investors, Developers, & end users meaning the consumer for instance
allottee buying the residential unit, are the key players of real estate driving the
growth of sector.
A. Investors:
The investments in real estate have certainly grab attention of everyone over the
years. The size and the rate at which the industry is growing, is certainly making
it very attractive platform to invest and generate profits. There are certain
patterns of investment in real estate one is through direct purchase of property
whereby the investors make money by using the purchase property as income-
producing asset or by reselling, whereas the other ways of investing is through
managed funds that include investing in Real Estate Investment Trusts (REITs).
REITs allow you to invest in real estate without the physical real estate. Often
compared to mutual funds, they're companies that own commercial real estate
such as office buildings, retail spaces, apartments and hotels.
With the stamp of approval by SEBI, REITs are finally a formalized concept.
This is a big change from the ambiguity and uncertainty that prevailed about
this very important instrument in previous years. It is gratifying to note that
SEBI fully intends to deliver on its assurances of bringing better and faster
funding into Indian real estate.
Below are the REITs registered with SEBI:
1. Embassy Office Parks REIT (with registration no. IN/REIT/17-18/0001)
2. IIFL Real Estate Investment Trust (registration no. IN/REIT/18-
19/0002)

3. Brookfield India Real Estate Trust (registration no. IN/REIT/20-
21/0004)
4. Brookfield India Real Estate Trust (registration no. IN/REIT/20-
21/0003)
5. Mind space Business Parks REIT(with registration no. IN/REIT/19-
20/0003)
B. Consumers
A buyer purchases a property when it meets his needs. To earn more profit, the
developer needs to offer a better deal to the consumer. As now RERA being
effectuated throughout the nation the government has quite succeeded in
protecting the interests of buyers/consumers and bringing in more transparency
into the sector.
C. Developers
The role of builders in real estate is fundamental as he is the one bridging all the
gaps between the investor’s need and successful project. Housing is the prime
focus of most developers, partly because it meets the needs of the common man
and partly because home buying is a common way to invest in real estate.
Infrastructure developments
Infrastructure developments have direct impact on property values. Especially
transport infrastructure positioning has serious impacts on people, communities
and property values. Residential and commercial properties located close to
transportation infrastructure tend to command a premium-it has been common
for real estate prices to appreciate in tandem with the development of
infrastructure.
The general rule being-

The better the infrastructure, the better the property value
3. Brief overview of RERA 2016:
The 92 sections comprise under ten chapters covers every thing from key
concepts to real estate project requirment, rights and duties of all players under
act, the dispute resolving authority, appeal scheme to power and function of
such authorities in terms of awarding punishments and other provisions.
Below is structure of rera provisions:
Sr. no. Chapters Sections covered
I Preliminary Ss. 1 to 2
II Registration of Real Estate project
and Registration of Real Estate
Agents
Ss. 3 to 10
III Functions and Duties of Promoter Ss. 11 to 18
IV Rights and Duties of allottees S. 19
V Rights of Real Estate Allottees Ss. 20 to 40
VI Central Advisory Council Ss. 41 to 42
VII The Real Estate Appellate Tribunal Ss. 43 to 58
VIII Offences, Penalties and Adjudication Ss. 59 to 72
IX Finance, Accounts, Audits and
Reports
Ss. 73 to 78
X Miscellaneous Ss. 79 to 92
A. The definition part of the act falls under section 2 (a) to (zr).
a. Some of the key definitions under the act includes:
1. Real estate allottees :
Section 2 (d) "allottee" in relation to a real estate project, means the
person to whom a plot, apartment or building, as the case may be, has

been allotted, sold (whether as freehold or leasehold) or otherwise
transferred by the promoter, and includes the person who subsequently
acquires the said allotment through sale, transfer or otherwise but does
not include a person to whom such plot, apartment or building, as the
case may be, is given on rent;
2. Real estate project :
Section 2 (zn) "real estate project" means the development of a building
or a building consisting of apartments, or converting an existing building
or a part thereof into apartments, or the development of land into plots or
apartment, as the case may be, for the purpose of selling all or some of
the said apartments or plots or building, as the case may be, and includes
the common areas, the development works, all improvements and
structures thereon, and all easement, rights and appurtenances belonging
thereto;
3. Local authority:
Section 2 (zc) "local authority" means the Municipal Corporation or
Municipality or Panchayats or any other Local Body constituted under
any law for the time being in force for providing municipal services or
basic services, as the case may be, in respect of areas under its
jurisdication;
4. Estimated cost of real estate project :
Section 2 (v) "estimated cost of real estate project" means the total cost
involved in developing the real estate project and includes the land cost,
taxes, cess, development and other charges;
5. Carpet area:
Section 2 (k) "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
Explanation.— For the purpose of this clause, the expression "exclusive
balcony or verandah area" means the area of the balcony or verandah, as
the case may be, which is appurtenant to the net usable floor area of an
apartment, meant for the exclusive use of the allottee; and "exclusive
open terrace area" means the area of open terrace which is appurtenant to
the net usable floor area of an apartment, meant for the exclusive use of
the allottee;
6. Apartment :
Section 2 (e) "apartment" whether called block, chamber, dwelling unit,
flat, office, showroom, shop, godown, premises, suit, tenement, unit or by
any other name, means a separate and self-contained part of any
immovable property, including one or more rooms or enclosed spaces,
located on one or more floors or any part thereof, in a building or on a
plot of land, used or intended to be used for any residential or commercial
use such as residence, office, shop, showroom or godown or for carrying
on any business, occupation, profession or trade, or for any other type of
use ancillary to the purpose specified;
7. Promoters :
Section 2 (zk) "promoter" means,—
(i) a person who constructs or causes to be constructed an independent
building or a building consisting of apartments, or converts an
existing building or a part thereof into apartments, for the purpose
of selling all or some of the apartments to other persons and
includes his assignees; or
(ii) a person who develops land into a project, whether or not the
person also constructs structures on any of the plots, for the
purpose of selling to other persons all or some of the plots in the

said project, whether with or without structures thereon; or (b)
plots owned by such authority or body or placed at their disposal
by the Government, for the purpose of selling all or some of the
apartments or plots; or
(iii) an apex State level co-operative housing finance society and a
primary co-operative housing society which constructs apartments
or buildings for its Members or in respect of the allottees of such
apartments or buildings; or
(iv) any other person who acts himself as a builder, coloniser,
contractor, developer, estate developer or by any other name or
claims to be acting as the holder of a power of attorney from the
owner of the land on which the building or apartment is
constructed or plot is developed for sale; or
(v) such other person who constructs any building or apartment for
sale to the general public. Explanation.—For the purposes of this
clause, where the person who constructs or converts a building into
apartments or develops a plot for sale and the persons who sells
apartments or plots are different persons, both of them shall be
deemed to be the promoters and shall be jointly liable as such for
the functions and responsibilities specified, under this Act or the
rules and regulations made thereunder;
(vi) any development authority or any other public body in respect of
allottees of— (a) buildings or apartments, as the case may be,
constructed by such authority or body on lands owned by them or
placed at their disposal by the Government; or
8. Real estate agent :
Section 2 (zm) "real estate agent" means any person, who negotiates or
acts on behalf of one person in a transaction of transfer of his plot,
apartment or building, as the case may be, in a real estate project, by way

of sale, with another person or transfer of plot, apartment or building, as
the case may be, of any other person to him and receives remuneration or
fees or any other charges for his services whether as commission or
otherwise and includes a person who introduces, through any medium,
prospective buyers and sellers to each other for negotiation for sale or
purchase of plot, apartment or building, as the case may be, and includes
property dealers, brokers, middlemen by whatever name called;
B. Registration requirement under RERA:
The act requires two kinds of registration one for the real estate project by the
promoter of the concerned project or through their authorized representative and
other for the real estate agent in order to facilitate their service.
Section 3 to 8 of the act deals with the registration of real estate project whereas
sections 9 deals with registration of real estate agents.
The gist of sections 3-8 follows from – PAGE RO
Prior registration – Application to registration- Grant of registration through
concerned state RERA authority – Extension of registration- Revocation-
Obligation of authority upon lapse of registration.
Likewise the registration of real estate agents given under section 9 of the act
which provides that the Real estate agent as defined under section 2 (zm) before
offering/facilitating their service regarding sale or purchase or acting on behalf
of any person facilitating sale or purchase of any plot, apartment, building as the
case may in the real estate project that is registered under section 3 of the act is
required to acquire registration under the said act.
Such real estate estate for seeking registration from the concerned state RERA
is required to make an application under section 9(2) in the manner prescribed
by the concerned authority in the rules, regulation frame by them time to time.
The concerned state RERA may either grant a single registration or for entire

state/union territory as the case may or they may reject such application for
want of not confirming with the provision of the act, rules and regulations made
thereunder.
The act confers certains functions, duties, and rights upon the real estate agent
(section 10), promoter (Ss 11 to 18) and real estate allottees (Section 19).
C. Functions of real estate agents :
Section 10 requires that the real estate agent registered under section 9 of the act
a) Shall not facilitate sale/purchase of plot, apartment, building of the real
estate project which is not registered under the act
b) Shall maintain and preserve books of amount, records and documents in
accordance with the provisions of the Income Tax Act, 1961 or the
Companies Act, 2013 or under any other law applicable for the time
being in force or rules and regulations framed there under
c) Abstain himself from involving in any unfair trade practice
i. Making statement
A. Falsely representating the grade of service
B. Falsely stating the promoter or himself has approval which in
reality he has not
C. False, misleading representation of service
ii. Permitting advertisement of service which are not intented to offer
d) Facilitating the possession of all information or documents which the
allottees is entitled
e) Discharge other prescribed functions by the state RERA
D. Functions and duties of promoter :
Chapter III covers all the obligation of promter in terms of functions and duties
which he obliged to perform towards the real estate project.
Functions under section 11 in nutshell are as under:

(1)Upon receiving the Login ID and Password from the authority which it
issue after granting registration to access the website of the authority and
to create their web page, the promoter should fill certain details therein
such as
(a) Details of registration granted by authority
(b)quarterly up-to-date the list of number and types of apartments or plots
booked
(c) quarterly up-to-date the list of number of garages booked
(d)quarterly up-to-date the list of approvals taken and the approvals
which are pending subsequent to commencement certificate
(e) quarterly up-to-date status of the project
(f) other information prescribed by regulations by the authority
(2)mentioning the web address of authority containig details of registered
project along with registration number in the advertisement / prospectus
issued by promoter
(3)making available the allottees details given below
(a) sanctioned plans, layout plans, as approved by competent authorities
and displaying the same at the site
(b)stage wise time schedule of completion of project
(4)the promoter shall
(a) responsible towards every obligation, function under the act and the
obligation under the registered sale agreement with the allottees , till
conveyance taken place
(b)obtain completion certificate, occupancy certificate and make it
available to the allottees
(c) lease certificate where the project develop on lease hold property and
make it availabel to allottees
(d)provide the essential services till taken over the maintenance of proejct
by allottees

(e) enabling information regarding the association, society, co-operative
society of allottees or federation as the case may be
in absence of local laws, such association be formed within three
months of the majority allottess has booked the apartment, plot,
building, of the project
(f) executing the registered conveyance deed in favour of allottee along
with undivided proportionate interest in the common areas to
association of allottee or competent authority
(g)paying all the outgoing until transfer of possession to the allottees ,
such outgoing includes land cost, ground rent, municipal or other local
taxes, charges for water or electricity, maintenance charges, including
mortgage loan and interest on mortgages or other encumbrances and
such other liabilities payable to competent authorities, banks and
financial institutions, which are related to the project
if the promtoer fails to pay any outgoing prior transfer of possession,
his liability to pay continues even after transfer took place.
(h)not ot mortgage or creating charge upon the concerned apartment ,
plot, building after executing sale of agreement towards such
apartment, plot, building as the case may be
(5)the promoter can cancel agreement to sale only in accordance with the
terms of such agreement to sale
provided the allottee shall have right to approach the authroity if aggrived
by such cancellation of agreement to sale
(6)preparing and maintaining details concerning the project as specified by
the authority
E. OTHER OBLIGATION OF PROMOTER ARE

 section 12 : Obligations of promoter regarding veracity of the
advertisement or prospectus.
 section 13 : not to take any deposit or advance without first entering into
agreement for sale, also the threshold of receing the advance deposit is
10% of the cost of plot, building, apartment as the case may be.
 section 14 : Adherence to sanctioned plans and project specifications by
the promoter.
 Section 15: Obligations of promoter in case of transfer of a real estate
project to a third party.
 Section 16: Obligations of promoter regarding insurance of real estate
project.
 Section 17 : Transfering the title by executing the registered conveyance
deed in favour of allottee hand over the physical possession of the plot,
apartment of building, as the case may be, to the allottees and the
common areas to the association of the allottees or the competent
authority, as the case may be, in a real estate project,
Subsection (2) requires that After obtaining the occupancy certificate and
handing over physical possession to the allottees in terms of sub-section
(1), it shall be the responsibility of the promoter to handover the
necessary documents and plans, including common areas, to the
association of the allottees or the competent authority, as the case may be,
as per the local laws:
 Section 18: it the duty of promtoer to return consideration amount and
compensation if he fails to complete or is unable to give possession of an
apartment, plot or building
F. Rights and duties of allottees :

Such are contained under single section 19 of the act and same are listed as
below:
The allottees shall have right to
(1)obtain the information relating to sanctioned plans, layout plans along
with the specifications, approved by the competent authority and such
other information as provided in this Act or the rules and regulations
made thereunder or the agreement for sale signed with the promoter.
(2)know stage-wise time schedule of completion of the project, including the
provisions for water, sanitation, electricity and other amenities and
services as agreed to between the promoter in accordance with the terms
and conditions of the agreement for sale.
(3)claim the possession of apartment, plot or building, as the case may be,
and the association of allottees shall be entitled to claim the possession of
the common areas, as per the declaration given by the promoter under
sub-clause (C) of clause (I) of sub-section (2) of section 4.
(4)claim the refund of amount paid along with interest at such rate as may be
prescribed and compensation in the manner as provided under this Act,
from the promoter, if the promoter fails to comply or is unable to give
possession of the apartment, plot or building, as the case may be, in
accordance with the terms of agreement for sale or due to discontinuance
of his business as a developer on account of suspension or revocation of
his registration under the provisions of this Act or the rules or regulations
made thereunder.
(5)have the necessary documents and plans, including that of common areas,
after handing over the physical possession of the apartment or plot or
building as the case may be, by the promoter.
The allottee entering into agreement for sale with the promoter is responsible
to

(6)make necessary payments in the manner and within the time as specified
in the said agreement for sale and shall pay at the proper time and place,
the share of the registration charges, municipal taxes, water and
electricity charges, maintenance charges, ground rent, and other charges,
if any.
(7) The allottee shall be liable to pay interest, at such rate as may be
prescribed, for any delay in payment towards any amount or charges to be
paid under sub-section (6).
(8)The obligations of the allottee under sub-section (6) and the liability
towards interest under sub-section (7) may be reduced when mutually
agreed to between the promoter and such allottee.
(9)Every allottee of the apartment, plot or building as the case may be, shall
participate towards the formation of an association or society or
cooperative society of the allottees, or a federation of the same.
(10) Every allottee shall take physical possession of the apartment, plot
or building as the case may be, within a period of two months of the
occupancy certificate issued for the said apartment, plot or building, as
the case may be.
(11) Every allottee shall participate towards registration of the
conveyance deed of the apartment, plot or building, as the case may be, as
provided under sub-section (1) of section 17 of this Act.
G. THE REAL ESTATE REGULATORY AUTHORITY
Invoking Section 20 (1) of the act the government has established an authority
namely the Real Estate Regulatory Authority in every state and union territory
as the case may to perfom the function prescribed under the act . it comprises of
chairman and two members along with adjudicating officer. The act has devoted
an entire chapter namely chapter V for the provision of real estate regualtory

authority, covering the establishement provision (section 20) to its composition
( section 21), qualification (section 22), power to received complaints (section
31) to all the functions for promotion of real estate sector (section 32 and 34 )
Section 32:
Functions of Authority for promotion of real estate sector are as below:
(a) protection of interest of the allottees, promoter and real estate agent;
(b)creation of a single window system for ensuring time bound project
approvals and clearances for timely completion of the project;
(c) creation of a transparent and robust grievance redressal mechanism
against acts of ommission and commission of competent authorities and
their officials;
(d)measures to encourage investment in the real estate sector including
measures to increase financial assistance to affordable housing segment;
(e) measures to encourage construction of environmentally sustainable and
affordable housing, promoting standardisation and use of appropriate
construction materials, fixtures, fittings and construction techniques;
(f) measures to encourage grading of projects on various parameters of
development including grading of promoters;
(g)measures to facilitate amicable conciliation of disputes between the
promoters and the allottees through dispute settlement forums set up by
the consumer or promoter associations;
(h)measures to facilitate digitization of land records and system towards
conclusive property titles with title guarantee;
(i) to render advice to the appropriate Government in matters relating to the
development of real estate sector;
(j) any other issue that the Authority may think necessary for the promotion
of the real estate sector.

Section 34:
Other function of the authority :
(a) to register and regulate real estate projects and real estate agents
registered under this Act;
(b)to publish and maintain a website of records, for public viewing, of all
real estate projects for which registration has been given, with such
details as may be prescribed, including information provided in the
application for which registration has been granted;
(c) to maintain a database, on its website, for public viewing, and enter the
names and photographs of promoters as defaulters including the project
details, registration for which has been revoked or have been penalised
under this Act, with reasons therefor, for access to the general public;
(d)to maintain a database, on its website, for public viewing, and enter the
names and photograhps of real estate agents who have applied and
registered under this Act, with such details as may be prescribed,
including those whose registration has been rejected or revoked;
(e) to fix through regulations for each areas under its jurisdiction the standard
fees to be levied on the allottees or the promoter or the real estate agent,
as the case may be;
(f) to ensure compliance of the obligations cast upon the promoters, the
allottees and the real estate agents under this Act and the rules and
regulations made thereunder;
(g) to ensure compliance of its regulations or orders or directions made in
exercise of its powers under this Act;
(h)to perform such other functions as may be entrusted to the Authority by
the appropriate Government as may be necessary to carry out the
provisions of this Act.

The matters concerning the implementation of the act are conferred under the
Central Advisory Council established under section 41 of the act.
The composition of the central advisory council consist of representatives of
- The Ministry of Finance,
- The Ministry of Industry and Commerce,
- The Ministry of Urban Development,
- The Minsitry of Consumer Affairs,
- The Minstry of Corporate Affairs,
- The Ministry of Law and Justice,
- The Niti Aayog,
- The National Housing Bank,
- The Housing and Urban Development Corporation,
- The five representatives of State Governments to be selected by rotation,
- The five representatives of the Real Estate Regulatory Authorities to be
selected by rotation, and
- any other Central Government department as notified
There functions are listed as below: Section 42 (1) The functions of the Central
Advisory Council shall be to advise and recommend the Central Government
(a) on all matters concerning the implementation of this Act;
(b)on major questions of policy;
(c) towards protection of consumer interest;
(d)to foster the growth and development of the real estate sector;
(e) on any other matter as may be assigned to it by the Central Government.
H. Establishment of Real Estate Appellate Tribunal
The Real Estate Appellate Tribunal established under section 43 (1) of the act
consisting of one Judicial Member and one Administrative to Technical
Member to entertain the Application for settlement of disputes and appeals to

Appellate Tribunal received under section 44 (1) and (2) of the act. The
aggrived person is required to prefer an appeal within sixty days of the order of
the authority before the appellate tribunal who in turn have to decide the matter
within sixty days.
Proviso to section 43 (5) requires that in case the appeal is prefer by the
promoter the appellate tribunal shall not entertatined such appeal , without the
prmoter first having deposited with the Appellate Tribunal atleast thirty per
cent. of the penalty, or such higher percentage as may be determined by the
Appellate Tribunal, or the total amount to be paid to the allottee including
interest and compensation imposed on him, if any, or with both, as the case may
be, before the said appeal is heard.
The powers of tribunal conferred under section 53 of the act:
(1)The Appellate Tribunal shall not be bound by the procedure laid down by
the Code of Civil Procedure, 1908 but shall be guided by the principles of
natural justice.
(2)Subject to the provisions of this Act, the Appellate Tribunal shall have
power to regulate its own procedure.
(3)The Appellate Tribunal shall also not be bound by the rules of evidence
contained in the Indian Evidence Act, 1872.
(4)The Appellate Tribunal shall have, for the purpose of discharging its
functions under this Act, the same powers as are vested in a civil court
under the Code of Civil Procedure, 1908 in respect of the following
matters, namely:—
(a) summoning and enforcing the attendance of any person and examining
him on oath;
(b)requiring the discovery and production of documents;
(c) receiving evidence on affidavits;
(d)issuing commissions for the examinations of witnesses or documents;

(e) reviewing its decisions;
(f) dismissing an application for default or directing it ex parte; and
(g)any other matter which may be prescribed.
(5)All proceedings before the Appellate Tribunal shall be deemed to be
judicial proceedings within the meaning of sections 193, 219 and 228 for
the purposes of section 196 of the Indian Penal Code, and the Appellate
Tribunal shall be deemed to be civil court for the purposes of section 195
and Chapter XXVI of the Code of Criminal Procedure, 1973.
I. Second appeal under RERA:
The act made provision of second appeal before the High court from the order
or decision of the Appellate tribunal under the act. According to section 58. (1)
aggrvied person may file an appeal to the High Court, within a period of sixty
days from the date of communication of the decision or order of the Appellate
Tribunal, to him, on any one or more of the grounds specified in section 100 of
the Code of Civil Procedure, 1908.
J. Penalty provision of RERA:
Since the Act recognized various functions, duties, and rights of real estate
agents, promoters and allottees it cast an obligation upon them to perform and
follow the same. The Chapter VIII provides for various penalty provision for
the violation of act.
Section 59 to 72
 S. 59 (1) contravening the provision of s. 3 punshiment upto 10% of
estimated cost of the project
 S. 59 (2) not complying to the order, direction, decision made under
subsection (1) and continue violation of section 3 then punhisment shall
be an imprisonment upto 3 years or fine extending upto further 10% of
estimated project cost or both

 S. 60 providing falls information or contravening the provision of s. 4
penalty is 5% of estimated cost of the project
 S. 61 contravening to the provision other than ss. 3 and 4 then
punishment of fine upto 5% of estimated project cost
 S.62 default by real estate agent in contravention to ss. 9 and 10 then
penalty upto 10000/- for everyday continutation of defaulty extending up
to 5% of estimated cost of plot/flat/apartment, of project
 S. 63 promoter’s failure to comply or contraven the order by authority
shall be liable for penalty of everyday till default continues extending
upto 5% of the estimated cost
 S. 64 failure to comply or contravening the order by appellate tribunal
shall be liable for imprisonment upto 3 years or fine for such default
extending up to 10% of estimated cost project
 S. 65 real estate agents failure to comply or contravention to order by
authority shall be liable to penalty of default extending up to 5% of cost
of plot / flat as case may be of real estate project
 S. 66 real estate agent’s failure to comply or contravening the order by
appellate tribunal shall be liable for imprisonment upto 3 years or fine
for such default extending up to 10% of estimated cost of plot or flat as
case may be , of project
 S. 67 allottees failure to comply with order or direction by authority then
penalty upto until default continues extedning up to 5% of the plot or flat
or building
 S. 68 allottees failure to comply with tribunal’s order or contravention to
such order decision then imprisonment upto 1 year or fine of everyday
extending up to 10% of plot, apartment/building cost or with both
 S. 69 if offence is committed by a company then every person who is
incharge or responsible for the conduct of company shall be made guilty

 Proviso: if offence committed is without knowledge of concern person
then such shall not be held liable
 Subsection (2) if offence is proven committed due to
consent/negligence/conniviance of any director manager, secretary or
other officer of company such shall be deemed to be guilty and are liable
to punish accordingly
 S. 70 compounding of imprisonment punishment
 S. 71 for adjudging compensation under ss. 12, 13, 14, 18, and 19
authority in consultation with state govt. appoint judgicial officer [district
judge] for holding inquiry
 Provis: if any complain w.r.t. ss 12,13,14,18 and 19 before the Consumer
Disputes Redressal Forum or the Consumer Disputes Redressal
Commission or the National Consumer Redressal Commission, such can
be withdrawn and file before rera authority
 Subsection (2) application for adjudging compensation shall disposed
within 60 days
 Subsection (3) the adjudicating officer shall have power to summon and
call for attendance; also he may levy such compensation for failure of
provision of 12,13,14,18 and 19
 S. 72 while quantifying the compensation amount the officer have due
regard to the
a) Amount of unfair advantages or disproportionate gain
b) Amount of loss caused as a result of default
c) Repetitive nature of default
d) Other factor considered necessary to the case
CHAPTER VIII- RERA 2016
Offence for contravention of section 3 [section 59]:
Penalty extending up to 10 % of Contravention to subsection (1) of

project cost (subsection 1 of section
59)
section 59 then penalty of
imprisonemnt up to 3 year or fine
with further penalty of 10% of cost
of project or with both [subsection 2
of section 59]
For Offence of contravention under section 4:
Penalty of 10% of total real estate project [section 60]
For Offence of contravention other than section 3 and 4:
Penalty of 5% of total estimated real estate project
Offence by real estate agent for contravention of ss 9 and 10 :
Penalty of 10000 everyday of continuation of default extending up to 5% of
total cost of plot apartment or building
Provision for
promotor
Provision for
real estate
agent
Provision for
allotteess
Provision for company
Failure to comply or contravention to order
by authority
Offence by company
Every day
penalty till
default
continues
extend
cumulatively
up to 5 % of
project cost
[s. 63]
Every day
penalty till
default
continues
extend
cumulatively
up to 5 % of
plot, apartment
or building as
case may of
project [s. 65]
Every day
penalty till
default
continues
extend
cumulatively
up to 5 % of
plot,
apartment or
building as
case may of
project [s. 67]
Person incharge or
responsible for conduct of
company shall be guilty,
provided if offence
committed in his absence
or due dilligence taken by
him to prevent such then
not liable section [70 (1)]

Failure to comply or contravention to order
by tribunal
Liability of diretor,
manager, secretary or
other officer of company
Annual Report to be prepared by Authority:
Under chapter IX of the act the State RERA as per section 78 is required to
prepare annual report containing
(a) a description of all the activities of the Authority for the previous year;
(b) the annual accounts for the previous year; and
(c) the programmes of work for the coming year.
A copy of the same is to be laid before each House of Parliament or, as the case
may be, before the State Legislature or the Union Territory Legislature, where it
consists of two Houses, or where such legislature consists of one House, before
that House
K. miscellanous provision
The miscellanous provision contained under chapter X of the act provides for
the power of government to make rules (section 84) and power of the state
RERA to make regulations (section 85).
It should be noted the provision of RERA are in addition to the provisions of
any other law for the time being in force. This implies that the aggrived person
may avail the benefits of the several other platforms and the remedy is not
restricted to any one platform, provided the relief asking is different.
4. COMPLAINCE FOR PROMOTER UNDER RERA:

In order to accelerate the equal growth for all stakeholders, RERA has conferred
certain duties and resonsibilties upon key players in terms of mandatory
compliance.
Transparency being the foundation of RERA, it has mandated complusory
registration of the Real Estate Project by the Promoters/real estate developers.
Who are exempted from registering the project?
1. The real estate project proposed to be built on land not exceeding 500 sq.
mtr or where the number of apartment in the project does not exceed 8
inclusive of all phases
2. The completed real estate project in the sense such project that has
receive compeltion certificate prior to the commencement of the act
3. The real estate project undertaken for the purpose of renovation, and
redevelopment that does not involve selling or new allottement of
apartments, plots or building.
Apart from the above exempted category of the project, rest have to acquire
registration through the Real Estate Regulatory Authority (herein after
“Authority”) set up in concerned state/ UT in order to eligible for marketing the
same.
The registration process is completely online, however the promoter have to
acquire certain document, and information that are to be submitted along with
registration request on the online portal maintained by concerned authority.
The list of mandatory documents and information is as below:
1. Name, photo of promoter as well as details of his enterprise, its type,
registered address, particular of enterprise’s registration

2. Details of previous real estate project launched by the promoter
(completed, under development), delay if any, pending litigations , types
of land, pending payments etc
3. All approvals and commencement certficates obtained through competent
authorty concerning the project (including approvals if project being
developed in phases)
4. Sanctioned plan by the competent authority, layout plans alongwith
specifications & phases
5. Development plan including all proposed facilities
6. Location of the project and details of land demarcated for the same
7. Proforma of the allottment letter, agreement for sale, conveyance deed to
be registered with allottee
8. Apartment details to be offer for sale including numbers, types, carpet
area, area of balcony, area of verandah, open terrace areas apartments
9. Garage for sale – numbers and area etc.
10.Real estate agents, their numbers and address
11.Declaration under section 4(2)(l) [the format of such declaration is
provided in Form ‘B’ contained under the Maharashtra Real Estate
(Regulation and Development)(Registration of Real Estate Projects,
Registration of Real Estate Agents, Rates of Interest and Disclosures on
Website) Rules, 2017 and can be accessed at
https://maharera.mahaonline.gov.in/ ]
Additional documents:
12.PAN card
13.Details of chairman, partners, directors such as name, photos, contact
number and addresses etc.
14.Legal titled report authenticated by practising advocate

15.Collaboration/development agreement/ joint development agreement
between promoter and land owner (if the promoter is not the owner of
land)
16.Encumbrances certificate
17.Sanctioned plans containing FSI/TDR and other entitlements, proposed
plan, proposed layout plan, proposed and sanctioned FSI
18.Proposed and sanctioned number of buildings/wings, floors
19.Aggregrate area in sq. meters, number of covered parking spaces
20.Details of Architecture and Design Standards, Type of Construction
Technology, Earthquake Resistant Measures
21.Nature of organisation of allottees to be constituted
22.Membership details with MahaRERA registered Self Regulatory
Authority
Additional information by the on-going project:
23.Estimated cost for the completion of project (Difference of total estimated
cost and cost incurred)
24.Balance amount receivable from the sold apartments
25.Balance unsold area
26.Estimated amount proceeds from the unsold apartments
27.Estimated receivables from the ongoing project (addtion of point 24 and
25)
28.Amount to be deposited in designated account with schedule bank
Registration process:
The promoter first have to create login id and password on the registration icon
maintained on the authority online portal, after successful login he may proceed
with submission of above given documents and information. This will followed

by last and final step of payment of fees that will be calculated on the area of
the land proposed to be developed at the rate of, rupees ten per square meter.
Once the application is submitted the promoter, the concerned authority will
initiate action within 30 days, they either grant registration or reject the
application request.
If the registration is to be granted, the authority within 7 days of the expiry of
30 days will provide a 10 digit registration number along with login ID and
password for accessing the website of the Authority and to create his web page
and to fill therein the details of the proposed project. The authoriy will issue
registration certificate in Form ‘C’ under prescribed under Rule 6(a) of the
Maharashtra Real Estate (Regulation and Development)(Registration of Real
Estate Projects, Registration of Real Estate Agents, Rates of Interest and
Disclosures on Website) Rules, 2017.
Whereas if the registration request gets rejected for want of non-confirming
with provision of the act, the same is to be intimated by issuing Form ‘D’ under
Rule 6(b) of the Maharashtra Real Estate (Regulation and
Development)(Registration of Real Estate Projects, Registration of Real Estate
Agents, Rates of Interest and Disclosures on Website) Rules, 2017.
Duty after the grant of registration:
It should be noted mere seeking registration under RERA does not free the
promoter from obligation conferred by the act as the true task starts after that.
Once the promoter is in receipt Login ID and Password he is require to create
his webpage on the authority’s website. Subsequent to that for the purpose of
public viewing the promoter has to specify below mentioned details on the
webpage:
1. Project registration details such as registration number, validity etc

Quaterly updated of below mentioned details
2. Details of aparment/plots such as number, types booked
3. List of number of garages booked
4. Approval taken that are pending subsequent to the commencement
certificate
5. Status of the project pertaining to construction, grant of approvals etc
6. Quaterly progress report
What is quaterly progress report?
The MahaRERA vide order 18/2021 dated 30.07.2021 in order to implement the
Financial Quarter Based Project Reporting System has now made mandatory for
all the promoter to submit the quaterly progress report (herein after “QPR”) to
be submitted within 7 days of every Quarter ends that is 7th
day of July,
October, January and April.
For the purpose of quarterly update of July, the QPRis to be submitted by
15.08.2021 for all registered project.
Content of QPR:
 Increment changes in varioud building plans approvals
 Status of the project: Physical and Financial progress of the Project with
Form 1,Form 2, Form 2A (Engineers certificate for Quality Assurance
under Regulation 3 of MahaRERA General Amendment
Regualtions,2017) and Form 3
 Form 5 submitted in concerned quarter (quarter II)
 Form 4 (Architect certificate to be issued on completion of each
builidng/wing) if applicable
 Status of booking of plots/apartments/units
 Status of booking of garages, covered parkings

 Changes in project professional such as Architect, Engineer, Chartered
Accountant, Real Estate Agents etc.
 Changes in Encumbrances report
 Status of association of allottes
 Status of conveyance
 Changes in project details
As an effort of inculcating accountability and professionalism the authority
has provided strict observance of QPR compliance, in the event of failure to
the same stringent action is proposed to be taken with the following steps.
 If the promoter misses the online submission of QPR a web generated
notice be sent within 10 days asking for complaince the same shall be
made availbale for public view on authority’s portal
 Subsequent to failure within 15 days, the chief planning officer of the
authority call upon the promoter giving opportunity reasoning the non-
compliance on his part and will put the case before authority for penal
actions
 Until the quaterly update has been filled the said promoter be restricted
from availing authority’s service pertaining to extention of registration,
correction etc.
Other compliance:
Separate account under the Schedule Bank:
The act under section 4(2)(l)(D) requires the promoter to deposit in schedule
bank, the 70% of the amount realised for the real estate project from allottees by
maintaining a separate account in such bank. The amount so deposited could be
withdrawn only to cover the construction and land cost of the concerned real
esate project and is to certified by an engineer, architect, and chartered account
in practice.

The required certificates from professionals are as below:
1. First, from the project Architect certifying the percentage of completion
of construction work of each of the building / wing of the project; (Form
1 under Regulation 3 of the MahaRERA General Regulations, 2017)
2. Second, a certificate from the Engineer for the actual cost incurred on the
construction work of each of the building / wing of the project; (Form 2
under Regulation 3 of the MahaRERA General Regulations, 2017)
3. Third, a certificate from a practicing Chartered Accountant, for the cost
incurred on construction cost and the land cost (Form 3 under Regulation
3 of the MahaRERA General Regulations, 2017)
He is required to get such designated separate account audited through
practicing chartered accountant within six months of the end of every financial
year (Form 5 under Regulation 4 of the MahaRERA General Regulations,
2017).
Self declaration to the Bank:
The promoter as an additional complaince is required to submit quaterly a self
declaration to the bank wherein he is maintaing designated separate account.
The format of self declaration is as below:
SELF – DECLARATION
I, Mr./Mrs. Promoter of ongoing project having
MahaRERA Registration No. do hereby state and declare
on solemn affirmation as under:
I say that 70% amount received from the allottee of the said project is deposited
by me in designated separate account and I am entitled to withdraw the said
amount proportionate to the progress in the Real Estate Project.

I say that my withdrawals from my designated separate account No. in
the quarter (April-June, July-September, October-December,
January-March) of the year are proportionate to the progress of Real
Estate Project and for withdrawal of amount. I have obtained requisite
certificates from the Project Architect, Engineer, and Practising Chartered
Accountant.
I undertake to produce these certificates for inspection if required by the
Bank/MahaRERA Authority.
Your faithfully,
Place:
Date: signed & seal of the promoter.
The MahaRERA circular pertaining to mandatory self declaration to the bank
can be accessed at
https://maharera.mahaonline.gov.in/Upload/PDF/Self_Declaration_by_Promote
rs_to_Bank.pdf
Membership with the registered Self Regulatory Authority:
It now mandatory for the promoter seeking registration of project with
MahaRERA to acquire the membership of the MahaRERA registered self
regultory authority who can be group/association/federation of promoters.
The list of registered SRO as below:
1. NAREDCO WEST Foundation https://www.naredcowest.com/
2. CREDAI- MCHI (Maharshtra Chamber of Housing Industry)
https://www.mchi.net/
3. CREDAI- Maharashtra
https://www.credaimaharashtra.org/allAchievement

4. Builders Association of India Maharashtra State
https://www.baionline.in/Mumbai-Centre-of-BAI.html
5. Marathi Bandhkam Vyavsayik Association https://mbva.in/
6. Brihan mumbai Developers Association http://bdamumbai.com/
This registered SRO are assigned with below mentioned functions and powers
and the member-promoter required to adhere to the same:
1. Ensuring and encouraging members for compliance with Act and rules,
regulations, orders, circulars made/issued thereunder
2. Carry out awareness and education activities among its members
3. Specify the standard of conduct for its members and implementing the
same by its members.
4. Create governing norms which are not be in conflict with Rules,
Regulations, Circulars and Orders of MahaRERA.
Statutory Obligations on part of promoter after registration:
Under section 11:
 Giving authority’s website and project registration details while
advertising the said project
 Making available to the allottees at the time of apartment booking all
details of sanctioned plan, layout plans including specification as
approved by the competent authority, stage wise detailed schedule of
project completion and displaying the same at the site.
 Observing the obligation under the registered agreement for sale executed
between him and allottes till the transfer of conveyance
 The promoter’s responsibilities with structural defects shall continue even
after transfer of conveyance
 Obtaining the completion certificate, occupancy certificate and making
them available to the allottees

 Obtaining lease certificate if project is to be developed on leasehold land
 Essential service on reasonable charge till maintenance is taken over by
association of allottees
 Forming the association of allottes, society, cooperative society as the
case may be by applying local laws
 The association of allottees is to be formed within 3 months of majority
of allottees booked their plot/apartment ( in case of absence of local laws)
 Execution of registered deed of conveyance of builidng/plot, apartments
as the case may containing undivided proportionate title of association of
allottes in the common areas.
 Paying the outgoing concerning the apartment/plot unitll the transfer of
possession
 Obligation of payment of outgoing will continue if promoter fails to pay
the same before transfering the possession
 The promoter cannot mortgage or create charge of
plot/apartment/building once the agreeement for sale is executed for the
same
 To cancel the agreement for sale only in accordance with terms and
conditions of the same
 Maitaining details prescribed by authority under the act
 section 12 : Obligations of promoter regarding veracity of the
advertisement or prospectus.
 section 13 : promoter cannot take any deposit or advance from the
allottees without first entering into agreement for sale, also the threshold
of receing the advance deposit is 10% of the cost of plot, building,
apartment as the case may be.
 section 14 : Adherence to sanctioned plans and project specifications

 Section 15: Not to transfer his majority rights and liablities concering the
real estate project without first obtaining written consent from 2/3rd
allottees and written approval from the authority
 Section 16: promoter is obligated to obtain insurance of real estate project
in respect of title, land, construction etc
 Section 17 : Transfering the title by executing the registered conveyance
deed in favour of allottee hand over the physical possession of the plot,
apartment of building, as the case may be, to the allottees and the
common areas to the association of the allottees or the competent
authority, as the case may be, in a real estate project,
Subsection (2) requires that After obtaining the occupancy certificate and
handing over physical possession to the allottees in terms of sub-section
(1), it shall be the responsibility of the promoter to handover the
necessary documents and plans, including common areas, to the
association of the allottees or the competent authority, as the case may be,
as per the local laws:
 Section 18: it is the duty of promtoer to return consideration amount and
compensation if he fails to complete or is unable to give possession of an
apartment, plot or building
Under section 19:
 Informing the allottees of sactioned, layout plans when asked for
 Providing details of stage wise completion of project and details such as
provisions for water, sanitation, electricity and other amenities and
service as agreed by him in pursuant to the registered agreement for sale
 Providing allottees with necessary documents, plan including common
areas after handing over physical possession
Obligation pertaining to section 15 transfering real estate project to third party:

Section 15 requires that obtainment of writte consent from 2/3rd
allottees and
prior written approval of authority is necessary for promoter so as to transfer
majority of his rights and liabilities concerining the real estate projet to the third
party.
Pursuant to the said provision the MahaRERA vide circular no. 24/2019 dated
04.06.2019 specified the detail procedure to be observed by the promoter.
a. The promoter seeking transfer have to apply before authority with written
consent of 2/3rd
allottees of the real estate project
b. The application for a change of promoter (prescribed under
aforementioned circular) has to be email to the Secreatry, MahaRERA at
the secy@maharera.mahaonline.gov.in being aware of potential transfer
accruing from enforcement of mortgage
c. Informing to all the allottees about the potential transfer
5. Within seven days once the transfer is effected, the financial institution,
creditor has to informed the allottees and Secreatry, MahaRERA on
secy@maharera.mahaonline.gov.in of enforcement of security resulting
in transfer
6. Such financial institution/creditor acting as new promoter has to apply for
necessary correction in registration details
7. The application for necessary updation of information is accompained
with undertaking by the new promoter undertaking that he will comply
with obligation concerning the agreement for sale between erstwhile
promoter and allottees

8. ACCOUNTABILITY OF PROMOTER UNDER RERA:
Penalties for Non-Compliance of Registration Requirement : It is well
understood by now that the purpose of RERA is to boost the demand of real
estate sector.
The brief intention of the government are as below:
 ensure accountability towards allottees and protect their interest;
 infuse transparency, ensure fair-play and reduce frauds & delays;
 introduce professionalism and pan India standardization;
 establish symmetry of information between the promoter and allottee;
 imposing certain responsibilities on both promoter and allottees;
 establish regulatory oversight mechanism to enforce contracts;
 establish fast- track dispute resolution mechanism;
 promote good governance in the sector which in turn would create
investor confidence
To achieve the desired object the Act confers certain powers upon the authority
which can be utilised by such autority to make the players of RERA
accountable for there actions involving voilations and non-compliance of the
provisions of RERA.
The chapter VIII titled “Offences, Penalties and Adjudication” contains the
provision for voilation , non-performance of obligation and non-compliance of
the provision under RERA.
Preferable sections 59 and 60 deals with the penalty for contranvening the
registration compliance as conferred by RERA upon the promoter of real estate
project.
Penalty for non-registration of real estate project:

As per section 59 If any promoter fails to register as per section 3, he shall be
liable to a penalty which may extend up to ten per cent of the estimated cost of
the real estate project.
Added penalty for continued violation of mandatory registration provision:
On continued violation, the promoter shall be punishable with imprisonment for
a term which may extend up to three years or with fine which may extend up to
a further ten per cent of the estimated cost of the real estate project, or with both
Penalty for violation of Section 4 (application for registration):
As per section 60 If any promoter provides false information or contravenes the
provisions of section 4, he shall be liable to a penalty which may extend up to
five per cent. of the estimated cost of the real estate project, as determined by
the Authority.
As the act prohibit the promoter to advertise, market or cause to sale the plot,
building, apartment prior registration of the concerned real estate project, it also
abstain such promoter from promoting, advertising the project with false
information (section12). Further promoter indulged in such activity causes loss,
damages to any person making advance or deposits based on such false,
incorrect, misleading information. It becomes the liability of the promoter under
section 12 to compensate such person who have suffered loss, damage etc.
In nutshell the promoter by virtue of section 12 obliged by the veracity of
advertisement and prospectus. The contravention such obligation invites a
penalty extending up to five per cent. of the estimated cost of the real estate
project as determined by the Authority.
Penalty for non-compliance by the promoter: section 63 and 64 cause a
penalty upon the promoter in the event of any non-complaince of order,

decision, direction, as the case may be, of the authority and appellate tribunal
respectively.
Section 63 Section 64
If any promoter, who fails to comply
with, or contravenes any of the orders
or directions of the Authority, he shall
be liable to a penalty for every day
during which such default continues,
which may cumulatively extend up to
five per cent., of the estimated cost of
the real estate project as determined by
the Authority
If any promoter, who fails to comply
with, or contravenes any of the orders,
decisions or directions of the
Applellate Trinbunal, he shall be
punishable with imprisonment for a
term which may extend up to three
years or with fine for every day during
which such default continues, which
may cumulatively extend up to ten per
cent. of the estimated cost of the real
estate project, or with both
In case a default or offence is committed by the company, all persons at the
helm of affairs of the Company (Managing Director, Directors , secretary &
other Officers) who was directly responsible for the default will be considered
guilty and dealt accordingly (section 69). It should be noted that the terms
director of the company will mean the partner in the firm.

9. ROLE OF PROFESSIONALS UNDER RERA
The efficiency of RERA revolves around the prominent role plays by each
professionals whose service is utmost important. Among such professionals are
1. Architect
2. Engineer
3. Chartered Accountants
4. Real Estate Agent
5. Advocate
6. Consultant
Some professionals defines under act
Section 2 (h) "architect" means a person registered as an architect under the
provisions of the Architects Act, 1972
Section 2 (u) "engineer" means a person who possesses a bachelor's degree or
equivalent from an institution recognised by the All India Council of Technical
Education or any University or any institution recognised under a law or is
registered as an engineer under any law for the time being in force.
Section 56 (a) "chartered accountant" means a chartered accountant as defined
in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act,
1949 or any other law for the time being in force and who has obtained a
certificate of practice under sub-section (1) of section 6 of that Act
Section 56 (b) "company secretary" means a company secretary as defined in
clause (c) of sub-section (1) of section 2 of the Company Secretaries Act, 1980
or any other law for the time being in force and who has obtained a certificate of
practice under sub-section (1) of section 6 of that Act;
Section 56 (c) "cost accountant" means a cost accountant as defined in clause
(b) of sub-section (1) of section 2 of the Cost and Works Accountants Act, 1959

or any other law for the time being in force and who has obtained a certificate of
practice under sub-section (1) of section 6 of that Act;
Section 56 (d) "legal practitioner" means an advocate, vakil or an attorney of
any High Court, and includes a pleader in practice
A. Role of Architect:
An Architect has well-versed knowledge about buildings and their construction.
He understands the utility of the property in a very proper way and that is
always very important for the actual development of the property. An Architect
knows the typology and has thorough knowledge about the use of the typology
to be proposed and constructed.
With the quality of vision along with creativity and imagination, an Architect
can always guide the client or developer in the right direction.
The promoter seeking registration of the ongoing project has to obtain an
architect certificate, who after inspecting the site of the project certified certain
particulars which are:
- Percentage of Completion of Construction Work
- While inspecting he has look into factors such as:
o Excavation
o number of Basement(s) and Plinth
o number of Podiums
o Stilt Floor
o number of Slabs of Super Structure
o Internal Walls, Internal Plaster, Floorings within Flats/Premises,
Doors and Windows to each of the Flat/Premises.
o Sanitary Fittings within the Flat/Premises, Electrical Fittings within
the Flat/Premises. 8. Staircases, Lifts Wells and Lobbies at each
Floor level connecting Staircases and Lifts,Overhead and
Underground Water Tanks.

o The external plumbing and external plaster, elevation, completion
of terraces with waterproofing of the Building/Wing.
o Installation of lifts, water pumps, Fire Fighting Fittings and
Equipment as per CFO NOC, Electrical fittings to Common Areas,
electro, mechanical equipment, Compliance to conditions of
environment /CRZ NOC, Finishing to entrance lobby/s, plinth
protection, paving of areas appurtenant to Building/Wing,
Compound Wall and all other requirements as may be required to
obtain Occupation / Completion Certificate
o Internal and External Development Works in respect of the entire
Registered Phase
The architect shall certify that the physical condition at the site is built as per
the sanctioned plan which the promoter may use while seeking % of
withdrawals from the bank requiring to meet the cost of construction. The
project architect is also required to certify the certificate on completion of each
of the Building/Wing.
B. Role of Engineer:
Engineer:
It is well known that among other issues structural deficiency founded in the
construction was one of major concern of construction industry for the longest
however, in order avoid the situation the RERA 2016 has by taking note of it
introduced certain measures.
First being the engineer’s certificate which is mandatory to be submitted by the
promoter while seeking registration of the concerned real estate project. That
has to be in Form 2 as has been prescribed under Regulation 3 of MahaRERA
General Regulations, 2017. While certifying the same the engineer is required
to provide certain particulars such as

I. estimated cost of the completion to obtain
Occupation Certificate/ Completion Certificate, of
the Civil, MEP and Allied works, of the
Building(s) of the project
II. Cost incurred on the project so far
III. Total Estimated cost of the Internal and External ,
Development Works including amenities and
Facilities in the layout as on date of Registration
IV. Cost Incurred on Additional /Extra Items as on
registration date not included in the Estimated Cost
The other responsibility of engineer is to prove strcutural stability certificate.
Although the act has not mandatorily asked for it to connect it while registering
the project. However, states like Andhra Pradesh have specifically mentioned in
their rules to connect it while registering the project.
Under Andhra Pradesh RERA (Rule 3B (1) of APRERA Rules, 2017) among
other documents that are necessary to be submit by promoter in order to register
his real estate project, a Structural Stability Certificate duly issued by Certified
Structural Consultant/Engineer along with the details of parameters followed for
verification of structural stability is also a requirement.
Format of Structural Stability Certificate
STRUCTURAL STABILITY CERTIFICATE
Name of the Promoter (individual /Firm):
………………………………………………………………..

Project Name:
……………………………………………………………………………………
……………………..
Location of the Project:………………………….. Survey
no:………………………………. Locality:…………………………………
Village/City :……………………………………………………………..
Mandal :…………………………………..District:
………………………………………………………...........
Total No. of
Floors……………………………………………………………………………
………………………..
(Eg. Roofed cellar+ Stilt+ Ground+ Upper Floors)
(Residential/Mixed
Development/Commercial)…………………………..…………..Apartment
Belongs
to…………………………………………………………………………………
……………………………….
Sl.No Items Parameters/Standards/Relevant Codes
1 Concrete
2 Steel
3 Soil
4 Foundations
5 Others

Soil Test Report
By…………………………………………………………………………………
…… Pvt Ltd.
I/We declare that …………………………………………………the structure
design provided are safe and stable to the best of my knowledge
Signature of Structural Engineer
Quality assurance:
An Engineer who supervises the work appointed by Promoter in order to ensure
the quality of the materials being used on the project have to prepare Certificate
for Quality Assurance A format for this purpose has been proposed and
designated as Form-2A. All the real estate projects registered
after 01.12.2018 with MahaRERA are required to submit quarterly information
in Form 2A. The Form 2A shall be uploaded by the end of every financial
quarter.
The consumers will also get benefited from these certifications as they will
receive a “quality certificate” of the constructions made under these registered
projects.
In nutshell the promoter has to request an engineer who will supervise the work
and quality of construction material and will submit the quality certificate as
under Form 2A and by this the entire process will become transparent and
everyone will be assured of quality of the projects and the buyer can raise
objections as and when required if the material differs.
Certificate required for withdrawal:
As section 4(2)(l)(D) requires promoters shall obtain from these 3 professional’s
that is Engineer, Architect and Chartered Accountant’s certificates from time to

time to withdraw the money from the scheduled Bank maintaining sepearate
Account of project based on % of development of the project. The engineer has
certify that the items shown in the cost of construction is matching to the
physical condition at the site of the real estate project.
C. Role of chartered accountant
Like the above two professionals the chartered accountant is also required to
give promoter certificate (Form 3 reg. 3 of MahaRERA General Regulations,
2017) which he will needing to fufill the registration requirements. The said
certificate is also necessary for seeking withdrawals from separate account
maintained by builder in scheduled bank containing 70% amount realised from
allottees towards real estate project.
The content of certificate will include belwo particulars:
A. Land cost
b. Acquisition Cost of Land or Development Rights, lease
Premium, lease rent, interest cost incurred or payable on
Land Cost and legal cost.
c. Amount of Premium payable to obtain development rights,
FSI, additional FSI, fungible area, and any other incentive
under DCR from Local Authority or State Government or
any Statutory Authority.
d. Acquisition cost of TDR (if any)
e. Amounts payable to State Government or competent
authority or any other statutory authority of the State or
Central Government, towards stamp duty, transfer charges,
registration fees etc ; and

f. Land Premium payable as per annual statement of rates
(ASR) for redevelopment of land owned by public
authorities.
g. Under Rehabilitation Scheme :
I. Estimated construction cost of rehab building
including site development and infrastructure for
the same as certified by Engineer.
II. Actual Cost of construction of rehab building
incurred as per the books of accounts as verified by
the CA.
III. Cost towards clearance of land of all or any
encumbrances including cost of removal of
legal/illegal occupants, cost for providing
temporary transit accommodation or rent in lieu of
Transit Accommodation, overhead cost,
IV. Cost of ASR linked premium, fees, charges and
security deposits or maintenance deposit, or any
amount whatsoever payable to any authorities
towards and in project of rehabilitation
B. Development Cost/ Cost of Construction :
a.
(i) Estimated Cost of Construction as certified by
Engineer.
(ii) Actual Cost of construction incurred as per the books
of accounts as verified by the CA.
(iii) On-site expenditure for development of entire project
excluding cost of construction as per (i) or (ii) above, i.e.

salaries, consultants fees, site overheads, development
works, cost of services (including water, electricity,
sewerage, drainage, layout roads etc.), cost of
machineries and equipment including its hire and
maintenance costs, consumables etc. All costs directly
incurred to complete the construction of the entire phase
of the project registered.
b. Payment of Taxes, cess, fees, charges, premiums,
interest etc. to any statutory Authority.
c. Principal sum and interest payable to financial
institutions, scheduled banks, non-banking financial
institution (NBFC) or money lenders on construction
funding or money borrowed for construction
2. Total Estimated Cost of the Real Estate Project [1(i) +
1(ii)] of Estimated Column.
3. Total Cost Incurred of the Real Estate Project [1(i) +
1(ii)] of Incurred Column.
4. % completion of Construction Work % (as per Project
Architect’s Certificate)
5. Proportion of the Cost incurred on Land Cost and
____________% Construction Cost to the Total
Estimated Cost. ( 3/2 %)
6. Amount Which can be withdrawn from the Designated
Account
7. Amount withdrawn till date of this certificate as per the
Books of Accounts and Bank Statement.

8. Net Amount which can be withdrawn from the
Designated Bank Account under this certificate.
Addtionally the chartered accountant is given with the responsibility to audit the
designated account in the schedule bank within six months at the end of every
financial years. While doing so he has to submit a statutory audit report as
prescribed under Regulation 4 of MahaRERA General Regulations, 2017 read
with second provision of section 4 (2) (l) (D) of RERA. Wherein he is required
to certify that the amount withdrawn has been utilized for project only for that
project and the withdrawal from the designated bank account(s) of the said
project has been in accordance with the proportion to the percentage of
completion of the project.
D. Role of Real Estate Agents:
The Real Estate Agent is one of key player in the real estate industry, whose
prime responsibility revolve around arranging real estate transactions, putting
buyers and sellers together and acting as their representative in negotiations.
The RERA 2016 requires the registration of this professional before they could
provided their services such as
- Facilitating the sale or purchase of or act on behalf of any person to
facilitate the sale or purchase of any plot, apartment or building, as the
case may be, in a real estate project or part of it
Registration of Real Estate Agents:
The Real Estate Agents willing provide service under the act has to make online
application to the concerned RERA under sub section (2) of section (9) based
on which the authority may either grant registration or may reject the
application if it doesn’t comply with provision. The manner of application,
grant of registration or rejection of application has to be studied with different

rules and regulation provided by concerned authority in addtion to the provision
of section 9 and 10 of the act.
For instance chapter III of MahaRERA Registraition rules provides provision of
registration of real estate agents:
As per rule 11 the real estate agent has took make application in form ‘G”
prescribed under the rules, and has to accompained belwo details:
(a) brief details of his enterprise including its name, registered address of place
of business, type of enterprise (proprietorship firm, societies, partnership,
company etc.); Registration numbers, PAN, Aadhar Card No, DIN, as the case
may be, under which returns are required to be filed with statutory authority;
(b) particulars of registration obtained under other laws, and rules and
regulations, as the case may be, along with the authenticated copy of partnership
deeds, memorandum of association, articles of association, etc.;
(c) recent colour photographs of the real estate agent, if an individual and of all
the partners, directors, trustees, etc. including persons in service or assigned
work expected on a real estate agent, in case of other entities;
(d) income-tax returns for last three financial years preceding the application or
in case the applicant was exempted from filing returns in any of the three year
preceding the application, a declaration to such effect;
(e) authenticated copy of the proof of address of the principal place of business,
number of branch offices if any along with contact details including Telephone
Numbers, Fax Numbers and email address; and
(f) details (if any) of all real estate projects and their promoters on whose
behalf he has acted as real estate agent in preceding five years;
(g) details of all civil or criminal cases pending against him if an individual or
any of the partners, directors, trustees etc. in case of other entities;

(h) authenticated copies of all letter heads; rubber stamp images,
acknowledgement receipts proposed to be used by the real estate agent;
(i) such other information and documents, as may be specified by regulations.
Fees of registration:
(i) A sum of rupees ten thousand, in case of applicant being an individual; and
(ii) rupees one lakh, in case of the applicant being other than an individual.
Upon making application the concerned applicant has to wait for 30 days after
wards the concerned authority may grant registration certificate in form “H” and
if it to be rejected it will be intimated in form “I”.
Renewal of registration:
A real estate agent to whom registration has been granted under section 9 may,
make an application for renewal of his registration, at least sixty days prior to
the expiry of the registration. The application shall be in Form 'J'. In case of
renewal of registration, the authority shall inform the real estate agent about the
same in Form 'K’ and in case of rejection of the application for renewal of
registration the authority, shall inform the real estate agent in Form ‘I’.
Obligations of registered real estate agents. –
(1) Every registered real estate agent shall prominently display number of his
Registration Certificate at the principal place of business and at its branch
offices.
(2) Every registered real estate agent shall quote his number of their registration
all the documents relating to advertisement, marketing, selling or purchase
issued by the real estate agent along with the number of registration certificate
of the real estate project.
Functions under section 10 :

(a) not facilitate the sale or purchase of any plot, apartment or building, as
the case may be, in a real estate project or part of it, being sold by the
promoter in any planning area, which is not registered with the Authority;
(b)maintain and preserve such books of account, records and documents as
may prescribed;
(c) not involve himself in any unfair trade practices, namely:—
(i) the practice of making any statement, whether orally or in writing or
by visible representation which—
(A) falsely represents that the services are of a particular standard or
grade;
(B) represents that the promoter or himself has approval or affiliation
which such promoter or himself does not have;
(C) makes a false or misleading representation concerning the services;
(ii) permitting the publication of any advertisement whether in any
newspaper or otherwise of services that are not intended to be offered.
(d) facilitate the possession of all the information and documents, as the
allottee, is entitled to, at the time of booking of any plot, apartment or
building, as the case may be;
accountability of Real estate agent under the act:
 Section 62. If any real estate agent fails to comply with or contravenes
the provisions of section 9 or section 10, he shall be liable to a penalty of
ten thousand rupees for every day during which such default continues,
which may cumulatively extend up to five per cent. of the cost of plot,
apartment or buildings, as the case may be, of the real estate project, for
which the sale or purchase has been facilitated as determined by the
Authority.
 Section 65. If any real estate agent, who fails to comply with, or
contravenes any of the orders or directions of the Authority, he shall be

liable to a penalty for every day during which such default continues,
which may cumulatively extend up to five per cent., of the estimated cost
of plot, apartment or building, as the case may be, of the real estate
project, for which the sale or purchase has been facilitated and as
determined by the Authority.
 Section 66. If any real estate agent, who fails to comply with, or
contravenes any of the orders, decisions or directions of the Appellate
Tribunal, he shall be punishable with imprisonment for a term which may
extend up to one year or with fine for every day during which such
default continues, which may cumulatively extend up to ten per cent. of
the estimated cost of plot, apartment or building, as the case may be, of
the real estate project, for which the sale or purchase has been facilitated,
or with both.
E. Role of Advocate:
While the legally represent the client is by default will remain professional
requirement from advocate, there are much more opportunties provided under
RERA.
An advocate may advise their client on
a. Advice on Joint venture development
b. Advice on township development
c. Real estate promotion and development
d. Preparing lease and sale deed drafts
e. Advice and legal documentation of property buying/selling/lease
f. Tenant-landlord issues
g. Land use regulations
h. Finance and mortgage agreements
i. Building, development and construction contracts
j. House tax disputes

k. Project and retail property transactions
l. Land Use Regulations
m. Mortgage and Finance Agreements
n. Building, Development and Construction Contracts
o. Other Tax disputes (GST and other)
p. Projects and retail property transactions.
Paperwork vetting by the lawyer:
a. Enlightens the buyer about the property history / third party
interfering (if any)
b. Acquires complete details of the original owner and previous
owners
c. Checks for the rights of easements involved and the minor’s
rights (if any)
d. Checks for the Encumbrances (if any)
e. Current property status / encroachments on the property
f. Checks for the property revenue records such as Patta /
Khata / Tax records
g. Checks for property disputes / court involvements /
pathways disputes / violations on the property
Opportunities to be appointed as Judicial Member of REAT:
an advocate for at least twenty years with experience in dealing with real estate
matters is eligible to be appointed as the Judicial member of the Real Estate
Appellate Tribunal
F. Consultancy opportunities:
Any person possession sound knowledge of real estate, regulatory procedures,
finance, investments belonging to any profession ranging from finance, law,

taxation, accountancy, advisory, buisness management may provide their
professional excellency serivce in the form of RERA consultant. There are
several factors involves that requires consultancy where such eligible may seek
opportunities:
a. Project fund planning before registration
 Source of intial funding
 Expected customer collections
 Cost of land plus intial promotion
b. Review of advertising brochure
 False/non-realistic statement or data attracts rejection of
application
 Interest plus penalty
 Bad track record for the future
c. Project registration with authority
 Complete online process
 Required document and information
 Seeking necessary approval from competent local authority in
nature of commencement certificate, IOD, NOC from various
departments etc.
List of documents List of Authorities
1. ownership certificate/Extract
2. Non-agriculture permission
a. The Revenue Department
https://rfd.maharashtra.gov.in/en
3. Building layout approval document
(the person may seek information
regarding the site inspection from the
Building Proposal Office of
b. The Development Authority/
or the local Municipal
Authority (in case of Mumbai
district this may be obtained

Municipal Corporation)
4. structural engineer approved
structural plans submitted by the
promoter
5. Occupancy certificate/ Building
Completion Certificate
from Bombay Municipal
Corporation
https://portal.mcgm.gov.in/irj/
portal/anonymous )
c. intimation of disapproval" (building
permit)- the IOD requires NOCs from
various government authorities and
the Final clearance to build
(Commencement Certificate) will
only be given once the company
obtains all NOCs and meet all IOD
conditions.
d. Commencement certificate
e. The Building Proposal Office
https://autodcr.mcgm.gov.in/bpa
msclient2/Login.aspx
6. NOC from Tree Authority f. Tree Authority Committee/
Water and Drain Department/
Sewage Department/
Electrical Department/ Traffic
and Co-ordination department/
Chief Fire Officer under
Municipal Corporation
https://portal.mcgm.gov.in/irj/
portal/anonymous
7. The Environmental clearance g. The Ministry of Environment,
Forest and Climate Change /

the State Environment Impact
Assessment Authority
(SEIAA)/ State level expert
Appraisal
Committeehttp://environmentc
learance.nic.in/
8. The Ancient Monument Approval h. The Archeological survey of
Indiahttp://asiegov.gov.in/
9. The Establishment consent i. The Pollution control board
https://mpcb.gov.in/node
10.NOC by Airport Authority of India j. The Civil Aviation
Departmenthttps://www.civilaviat
ion.gov.in/
11.Borewell registration certificate k. The Central Ground Water
Authorityhttp://cgwa-
noc.gov.in/LandingPage/index
.htm
12.NOC if project near the costal area l. The Coastal Zone
Management
Authorityhttps://mczma.gov.in
/
13.The Lift Escalator Installation
Approval
14.The Public Work
Departmenthttps://pwd.maharasht
ra.gov.in/
d. Project fund moniteering
 Trace the project funds

 How much is cost incurred?
 How to take effect of cancellation and refund?
 Hwo much fund will be required to complete the project?
 Single or project wise multiple accoutns?
 Books of accounts to be desinged in way that will answer all this
questions
e. Deposit of 70% funds
 Amounts realised from the allottees towards real estate projects
that is deposited in separate account maintained under schedule
bank
 Withdrawal reason should be pertaining to land cost and
construction cost only
 In proportion ot % completion of project
f. Certificate for withdrawals of funds
 Certificates to be collected from professionals such as project
architect, engineer, chartered accountant in practice.
 In proportion to % completion beofre the withdrawal is made
 Advise on such certificates such as
- Maximum amount that can be withdrawn
- Method of determining the % of withdrawal for completion of project till
date
g. Audit
 Statutory requirement of audit certificate from chartered accoutant
within 6 months from close of financial year
 CA to give certificate over
- Amount collected for the project have been utilised for the same project
- Withdrawal has been in complaince with the proportion to the % of
completion of the project

h. Routine compliance work
 Updating the authority time to time as per the act and rules, regulations
made thereunder by the concerned authority
 Response to any clarification ask from authority
 Supervising the book of accounts
 Overall moniteering the activities and ensuring same within the
framework of procedure
i. Appearance before authority/tribunal
 Guiding or assisting in case litigation invovles
 Legally represent client in the capacity of CA/CA,CMA or Advocate
G. Professionals eligibile for legal representation:
The act under section 56 allows the aggrived person to be representated by any
of the below mentioned professionals:
q. Chartered accoutant
r. Company secretary
s. Cost accountant
t. Legal practitioner / advocate
The Real Estate Regulatory Authority that is estabished under section 20 (1) of
the Real Estate (Regulation and Devlopment) Act, 2016 which is effective since
1st
May 2017 is a fascinating field for this non-advocate professional in
additional to lawyers to impart their expertise in order to assist Promoters as
well as the Real Estate Agents and allottees. The act also provides for the
establishment of the Real Estate Appellate Tribunal under section 43. The state
government by invoking section 20 (1) and 43 established State Real Estate
Regulatory Authorities and consequently the State Real Estate Appellate
Tribunal respectively.

Following are the opportunities provided under the Act to Chartered
Accountants, Cost and Management Accountants, Advocates and Company
Secretaries:
A. To present the case before the Appellate Tribunal or the
Regulatory Authority or the adjudicating officer;
B. Drafting of Reply to show cause notice; appeal etc.;
C. Assisting client in respect of filing of application for
registration under the Act;
D. Preparing up-to-date list regarding number and types of
apartments or plots, garages booked;
E. Assisting client in taking approvals which are pending
subsequent to commencement certificate;
F. Assisting client in obtaining completion certificate or the
occupancy certificate;
G. Assisting client in obtaining the lease certificate and any
other certificates as and when required;
H. Assisting client in preparing various documents, agreement
and deed from time to time;
I. Help in maintaining web page and providing information
as are required to be mentioned on that web page;
J. Providing consultancy/opinion with respect to various
transaction under RERA and other laws;
K. Provide assistance with regard to any other information
and documents as may be demanded by the Authority;
Valuation of projects under RERA.
Duties of professionals legally representing their client:

Real estate opportunities for all stakeholders

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