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Real Estate (Regulation and Development) Act,2016

To promote efficient & transparent real estate transactions & consumer protection. Establishment of regulator for regulation & promotion of real estate sector. Establishing an adjudication mechanism for speedy dispute redressal .

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REAL ESTATE (REGULATION ANDDEVELOPMENT) ACT,2016
“RERA” BEGINNING OF A NEW ERA IN REAL ESTATE
OBJECTIVES
• TO PROMOTE EFFICIENT & TRANSPARENT REAL ESTATE TRANSACTIONS &
CONSUMER PROTECTION
• ESTABLISMENT OF REGULATOR FOR REGULATION & PROMOTION OF REAL
ESTATE SECTOR
• ESTABLISHING AN ADJUDICATION MECHANISIM FOR SPEEDY DISPUTE
REDRESSAL
STAKEHOLDERS
DEVELOPER
BUYER
AGENT
REGULATOR &
INDUSTRY
IMPACT
RERA
DEVELOPERS
REAL ESTATE AGENTS
BUYERS/ ALLOTEES
DEVELOPERS
PROMOTER
 Means 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
 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 .
 any development authority or any other public body …….
Explanation : Person who constructs and person who sells are different, both would be deemed
Promoters and jointly liable.
DEVELOPERS
‘REAL ESTATE PROJECT'OR ‘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,
for the purpose of selling all or some of the said apartments or plots or
building, and includes the common areas, the development works, all
improvements and structures thereon, and all easement, rights and
appurtenances belonging thereto
A ‘Phase’
is a
separate
project

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Real Estate (Regulation and Development) Act,2016

  • 1. REAL ESTATE (REGULATION ANDDEVELOPMENT) ACT,2016 “RERA” BEGINNING OF A NEW ERA IN REAL ESTATE
  • 2. OBJECTIVES • TO PROMOTE EFFICIENT & TRANSPARENT REAL ESTATE TRANSACTIONS & CONSUMER PROTECTION • ESTABLISMENT OF REGULATOR FOR REGULATION & PROMOTION OF REAL ESTATE SECTOR • ESTABLISHING AN ADJUDICATION MECHANISIM FOR SPEEDY DISPUTE REDRESSAL
  • 5. DEVELOPERS PROMOTER  Means 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  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 .  any development authority or any other public body ……. Explanation : Person who constructs and person who sells are different, both would be deemed Promoters and jointly liable.
  • 6. DEVELOPERS ‘REAL ESTATE PROJECT'OR ‘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, for the purpose of selling all or some of the said apartments or plots or building, and includes the common areas, the development works, all improvements and structures thereon, and all easement, rights and appurtenances belonging thereto A ‘Phase’ is a separate project
  • 7. DEVELOPERS RESIDENTAL & COMMERCIAL PROJECTS 500 SQ MTRS 8 APARTMENTS NEW & ‘ONGOING’ PROJECTS REGISTER REAL ESTATE PROJECTS ‘ONGOING’ WHEREIN COMPLETION CERTIFICATE IS NOT ISSUED ON OR BEFORE 30//04/17 No advertisement or invitation thru any medium or booking /sale without registration
  • 9. DEVELOPERS DISCLOSURES Promoters / Developers Land Projects Products Associates/ Intermediate Ownership Details Land Title status Detail of Projects Nature of Product Real Estate Agents Name , address, Photograph of promoters Payments Approval / Sanctions Status Type, Size, No of Units/ apartments Architects, Engineers etc. Track Records Litigation status Layout & plan Approvals Total Area, Carpet Area, No of Garage, Contractors Status of previous projects i.e. pending or completed, Customers litigation status, reasons for delay etc. Encumbranc s Project Performa for Allotment letter, Agreement to Sell & Conveyance deed Other concerned persons for development of project
  • 10. DEVELOPERS PERIODIC UPDATES SL No Upon Registration On Quarterly Basis 1 All information submitted with State Real Estate Authority for registration List of no. and type of units / garages booked; 2 Details of Registrations List of approval taken and pending 3 Land title related documents / contracts / agreements Status of projects progress with photographs
  • 11. DEVELOPERS Separate Bank Account 70 % of customer receipts to be kept can be withdrawn post certificate from CA, Architect & Engr proportion to towards land & construction costs. Mortgage Mortgage is subservient to sale. Pay all mortgages before transfer/as per loan covenants Project Registration Valid till time period mentioned by Developer for completion. No extension except for force majeure. Extension in aggregate of one year. Registered Buyer Agreement Beyond 10% can not be collected without RBA DISCIPLINE
  • 12. DEVELOPERS FUNCTIONS/ DUTIES / OBLIGATIONS  To mention prominently website address of the State Regulatory Authority on all advertisements, prospectus issued for public;  To provide prospective buyers on booking:-  Sanctioned Plan, Layout Plan duly approved;  Stage-wise Project Completion Schedule etc;  To be responsible for  All obligations, responsibilities and functions under the Act, Rules, Regulations and agreement to sell;  To provide copy of Completion Certificate or Occupancy Certificate to individual allottees or their association;  In case of leasehold land, to provide copy of Lease Certificate to individual allottees their association containing the lease period and certifying that all dues and charges are paid;
  • 13. DEVELOPERS FUNCTIONS/ DUTIES / OBLIGATIONS  To provide and maintain essential services till the project taken over by association of allottees;  To help the allottees for formation of their association, society or co-operative society under applicable law or in absence thereof then with in a period of 3 months of the majority of the project project units are booked.   Not to mortgage or create a charge on any apartment, plot or building, after executing an for sale with allottees (even if, such creation is done, it shall not affect the rights of such allottee)  To make fair disclosures & not to indulge in any Unfair Practice or Irregular practice. i.e. services are are of particular standard or grade /has some affiliation/misleading representation/permits or promotes of services not being offered or indulges in fraudulent practices.  Not to violate provisions of the Act & Rules / Terms & Conditions of approvals
  • 14. DEVELOPERS NO CHANGES DEVELOPER  Not permitted to alter/ change / make addition in sanctioned plan. layout plan, specifications or nature of fixtures, fittings and amenities for booked apartment, plot or building, unless consented by the customer  Not permitted to alter/ change / make addition in sanctioned plan. layout plan, specifications for the buildings or common area within the project without written permission of 2/3rd of the allotees (other than promoter)
  • 15. DEVELOPERS Restriction on Transfer of Real Estate Projects  Not permitted to transfer or assign major rights or liabilities in a real estate project to third party(s)unless:-  Written approval / consent of 2/3rd allottees is obtained , and  Written approval / consent of the Real Estate Authority is obtained.
  • 16. DEVELOPERS INSURANCE & REFUNDS Insurance need to be taken for Real estate projects including:-  for title for land and buildings;  for construction of the projects In case of default in giving the timely possession etc of an apartment/ plot/ building, promoter is under duty to-  Pay prescribed interest on the amount received from customer till the date refund or date of possession, as the case may be; or  Refund the amount received where customers wishes to withdraw their amount from the project;  Pay compensation to customer to be computed in prescribed manner
  • 17. DEVELOPERS Some Critical Takeaways  Before registration  No pre-launch, soft launch of real estate projects;  No advertisement, media campaign, broadcasting etc. in any manner.  Restriction on utilisation of customers collections;  Prior disclosure of titles of land, building etc. any defect, encumbrances thereon and other project related information. Need to develop system & team to put & regular update all project related details in public domain on the website of State Real Estate Authority;  Robust & efficient team (both internal & external) for planning, land, procurements, timely approvals and sanctions, material & labour procurements, efficient contractors empanelment, executing and timely delivery of the projects compliances;  Strengthen of Internal controls on operation of real estate projects;  Capacity building programme for associates & professional to make them aware about RERA
  • 18. DEVELOPERS Sl No Nature Penalty 1 Section 3 – Prior Registration of real projects -Upto 10% of Estd. Cost of Project; -Imprisonment upto 3 years or fine or both 2 Section 4 – False information in the application for real estate projects -Upto 5% of Estd. Cost of Project; 3 Contravention of other provisions -Upto 5% of Estd. Cost of Project; 4 Failure / contravention of order, decisions or directions of RERA Authority Penalty for each day of default cumulatively upto 5% of Estd. Cost of Project; 5 Failure / contravention of order, decisions or directions of RERA Appellate Tribunal Imprisonment upto 3 years or fine for each day of default cumulatively upto 10% of Estd. Cost of Project; or both 6 Offences by Company/ Firm/ Association Company / firm/ association and every person in charge, and other persons who are proved guilty to be punished OFFENCES & PENALTIES
  • 19. REAL ESTATE AGENTS DEFINITION REAL ESTATE AGENT MEANS : 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 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 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;
  • 20. REAL ESTATE AGENTS RESTRICTIONS & REGISTRATION  Not to engage into any activity of Real Estate Agency on Real Estate Project without Registration.  Not to engage in any activity of real estate agency on any unregistered real estate project.  Needs compulsory registration from respective State Real Estate Authority;  Registration No need to be mentioned on every sale facilitated /completed by real estate agent.  It shall be available for public information on the website operated & by the respective State Real Estate Regulatory Authority of the state where he is registered.
  • 21. REAL ESTATE AGENTS FUNCTIONS & RESPONSIBILITIES  To facilitate sale or purchase of any plot, apartment or building of registered estate projects;  To provide assistance to enable the allottees and promoters to exercise their respective rights and obligations at the time of booking or sale of any plot, real estate unit, apartment or building  To maintain prescribed books of accounts, records, documents as per Income tax Act, 1961.  Not to involve in any unfair trade practices e.g.  false or misleading statements orally or in writing;  false representation of certain affiliation or approvals etc.  false representation of service standards / grades  Not to allow/permit any advertisement of services that are not intended to be offered;  To arrange / facilitate all documents, information for intended buyers;
  • 22. BUYERS OR ALLOTEES DEFINITION “Allottee" in relation to a real estate project, means  the person to whom a plot, apartment or building, as the case may be, has 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;
  • 23. BUYERS OR ALLOTEES RIGHTS & OBLIGATIONS  Obtain the information relating to sanctioned plans, layout plans along with the specifications, approved by the competent authority from developers;  To know stage-wise time schedule of completion of the project, including the provisions for water, sanitation, electricity and other amenities and services;  To claim the possession of apartment, plot, building, common areas, in the projects;  To Claim the refund of amount paid along with prescribed interest rates from promoter for non compliances by developers under the Act, Rules or to sell;  Other rights as to documents, right to third party transfer etc.  Make payments as per schedule & pay interest on default as prescribed , take possession, participate in formation of association, participate in registration etc.  Make payment towards registration charges , municipal taxes , electricity etc.
  • 24. Sl No Nature Penalty REAL ESTATE AGENTS 1 For failure to Register, etc under Section 9 & fails to perform functions of REA under 10. Rs.10,000/- for every day of default cumulative upto 5% of the cost of plot, apartment etc 2 Failure to comply/contravene the Orders of Authority. Rs.10,000/- for every day of default cumulative upto 5% of the cost of plot, apartment etc 3 Failure to comply/contravene the orders of Appellate Tribunal. Imprisonment upto 1 year or with fine upto 10% Cost of Plot , Apartment etc BUYERS/ALLOTTEES 1 For failure to comply/contravenes decision or directions of the Authority. -Upto 5% of the Plot , Apartment etc as may be determined by Authority 2 For failure to comply/contravenes the orders Appellate Tribunal. -Imprisonment upto 1 year or with fine upto 10% Cost Plot , Apartment etc OFFENCES & PENALTIES
  • 25. REGULATORY MECHANISM ADJUDIACTING OFFICER For claims/compensationion for Section 12, Section 14, Section 18/19 i.e miselling, refund REAL ESTATE REGULATORY AUTHORITY  Impose penalty or interest for contravention of obligations under Act  Inquire/investigate Developer, Agent or allottee.  Pass interim orders  Such other powers for development of Estate indusrty etc REAL ESTATE REGULATORY APPELLATE TRIBUNAL  To prefer an appeal from orders of Adjudicating Officer or Regulatory Authority  Speedy redressal mechanism : To be decided in 60 days.
  • 26. OUR OFFERINGS Sl No NAME NATURE 1 RERA Compliance Diagnostic A Complete diagnostic of the Project and documentation for assessing the RERA Compliance Status 2 RERA Compliance Management/Registration A comprehensive task of compliance beginning diagnostic till registration including phasing . A complete task of Registration of Projects /Agents 3 RERA Periodic Compliance Management A task of periodic compliance management. 4 RERA Check & Report A comprehensive check and reporting on RERA Compliance status of the Project. 5 RERA Compliant & Redressal A holistic advisory and handholding for complaint/inspection/investigation etc.
  • 27. INTYGRAT BUSINESS ADVISORY (P) LTD 2ND FLOOR, BUILDING NO:13,COMMUNITY CENTER, EAST OF KAILASH, NEW DELHI -110 019. CALL US @ HANDFONE :91-11-40514977 : MOBILE :91-9599 00 2354 MAIL US @ INFO@INTYGRAT.COM VISIT US @ :WWW.INTYGRAT.COM THANK YOU !