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Rera

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Rera

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Rera

  1. 1. CHENNAI C2-A, Industrial Estate, Guindy, Chennai - 600 032. Tel: +91 - 44 - 22501318, 42107341 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Bangalore - 560 001. Mob: +918277460648 COIMBATORE #1533, Trichy Road, Coimbatore – 641018. Mob: +919385432921 HYDERABAD Vatika Business Centre, Suite 10,3rd Floor, NSL Icon, Road No. 12,Banjara Hills, Hyderabad - 500034. Mob: +917901691606 COCHIN Suite 49, 8th Floor, Centre A, Alapatt Heritage Building, MG Road, Cochin – 682035 Tel: +91 - 484 - 2366216 EMAIL info@altacit.com WEBSITE www.altacit.com Overview of Real Estate (Regulation and Development) Act, 2016, Act No 16 of 2016 Dhanya Ramachandran
  2. 2. CHENNAI C2-A, Industrial Estate, Guindy, Chennai - 600 032. Tel: +91 - 44 - 22501318, 42107341 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Bangalore - 560 001. Mob: +918277460648 COIMBATORE #1533, Trichy Road, Coimbatore – 641018. Mob: +919385432921 HYDERABAD Vatika Business Centre, Suite 10,3rd Floor, NSL Icon, Road No. 12,Banjara Hills, Hyderabad - 500034. Mob: +917901691606 COCHIN Suite 49, 8th Floor, Centre A, Alapatt Heritage Building, MG Road, Cochin – 682035 Tel: +91 - 484 - 2366216 EMAIL info@altacit.com WEBSITE www.altacit.com The Act came into force on 1 May 2016 with 59 of 92 sections notified. Remaining provisions came into force on 1 May 2017
  3. 3. CHENNAI C2-A, Industrial Estate, Guindy, Chennai - 600 032. Tel: +91 - 44 - 22501318, 42107341 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Bangalore - 560 001. Mob: +918277460648 COIMBATORE #1533, Trichy Road, Coimbatore – 641018. Mob: +919385432921 HYDERABAD Vatika Business Centre, Suite 10,3rd Floor, NSL Icon, Road No. 12,Banjara Hills, Hyderabad - 500034. Mob: +917901691606 COCHIN Suite 49, 8th Floor, Centre A, Alapatt Heritage Building, MG Road, Cochin – 682035 Tel: +91 - 484 - 2366216 EMAIL info@altacit.com WEBSITE www.altacit.com Backdrop -Real estate; a top contributor to the GDP -Unregulated; hence at the bottom of consumer protection and satisfaction pyramid
  4. 4. CHENNAI C2-A, Industrial Estate, Guindy, Chennai - 600 032. Tel: +91 - 44 - 22501318, 42107341 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Bangalore - 560 001. Mob: +918277460648 COIMBATORE #1533, Trichy Road, Coimbatore – 641018. Mob: +919385432921 HYDERABAD Vatika Business Centre, Suite 10,3rd Floor, NSL Icon, Road No. 12,Banjara Hills, Hyderabad - 500034. Mob: +917901691606 COCHIN Suite 49, 8th Floor, Centre A, Alapatt Heritage Building, MG Road, Cochin – 682035 Tel: +91 - 484 - 2366216 EMAIL info@altacit.com WEBSITE www.altacit.com enhance transparency and accountability in real estate and housing transactions; providing uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector; boosting domestic and foreign investment in the Real Estate sector; promote orderly growth through efficient project execution and standardization; offer single window system of clearance for real estate projects OBJECTIVES OF THE ACT
  5. 5. CHENNAI C2-A, Industrial Estate, Guindy, Chennai - 600 032. Tel: +91 - 44 - 22501318, 42107341 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Bangalore - 560 001. Mob: +918277460648 COIMBATORE #1533, Trichy Road, Coimbatore – 641018. Mob: +919385432921 HYDERABAD Vatika Business Centre, Suite 10,3rd Floor, NSL Icon, Road No. 12,Banjara Hills, Hyderabad - 500034. Mob: +917901691606 COCHIN Suite 49, 8th Floor, Centre A, Alapatt Heritage Building, MG Road, Cochin – 682035 Tel: +91 - 484 - 2366216 EMAIL info@altacit.com WEBSITE www.altacit.com RERA -establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector -to ensure sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner and -to protect the interest of consumers in the real estate sector and -to establish an adjudicating mechanism for speedy dispute redressal -to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and -for matters connected therewith or incidental thereto
  6. 6. CHENNAI C2-A, Industrial Estate, Guindy, Chennai - 600 032. Tel: +91 - 44 - 22501318, 42107341 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Bangalore - 560 001. Mob: +918277460648 COIMBATORE #1533, Trichy Road, Coimbatore – 641018. Mob: +919385432921 HYDERABAD Vatika Business Centre, Suite 10,3rd Floor, NSL Icon, Road No. 12,Banjara Hills, Hyderabad - 500034. Mob: +917901691606 COCHIN Suite 49, 8th Floor, Centre A, Alapatt Heritage Building, MG Road, Cochin – 682035 Tel: +91 - 484 - 2366216 EMAIL info@altacit.com WEBSITE www.altacit.com REAL ESTATE REGULATION AUTHORITY States have to establish Regulatory Authority (RERA) which is a special body dealing with the real estate sector Appoint an officer who performs the functions of a judge Will conduct Inquiry and pass orders An appellate tribunal Need not appoint lawyer – self, CA, Cost Accountant or company secretary can represent Should dispose complaints within 60 days from date of filing, if not record the reason RERA must grant/reject applications within 30 days of submission of all required documents
  7. 7. CHENNAI C2-A, Industrial Estate, Guindy, Chennai - 600 032. Tel: +91 - 44 - 22501318, 42107341 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Bangalore - 560 001. Mob: +918277460648 COIMBATORE #1533, Trichy Road, Coimbatore – 641018. Mob: +919385432921 HYDERABAD Vatika Business Centre, Suite 10,3rd Floor, NSL Icon, Road No. 12,Banjara Hills, Hyderabad - 500034. Mob: +917901691606 COCHIN Suite 49, 8th Floor, Centre A, Alapatt Heritage Building, MG Road, Cochin – 682035 Tel: +91 - 484 - 2366216 EMAIL info@altacit.com WEBSITE www.altacit.com Key Features Compulsory registration of new and ongoing projects All builders and developers have a duty to register their new and ongoing projects with the Regulatory Authority Exception – if under 500 square meters and the number of apartments is less than eight The builder or developer has to publish entire details of their projects on the website of the Regulatory Authority Registration is valid for the period indicated in the project application as the time required for completion of the project Once this period is over, the Regulatory Authority has a right to revoke the registration granted for this project
  8. 8. CHENNAI C2-A, Industrial Estate, Guindy, Chennai - 600 032. Tel: +91 - 44 - 22501318, 42107341 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Bangalore - 560 001. Mob: +918277460648 COIMBATORE #1533, Trichy Road, Coimbatore – 641018. Mob: +919385432921 HYDERABAD Vatika Business Centre, Suite 10,3rd Floor, NSL Icon, Road No. 12,Banjara Hills, Hyderabad - 500034. Mob: +917901691606 COCHIN Suite 49, 8th Floor, Centre A, Alapatt Heritage Building, MG Road, Cochin – 682035 Tel: +91 - 484 - 2366216 EMAIL info@altacit.com WEBSITE www.altacit.com Builder needs to put 70% of the money received from the buyer into separate bank account This money will be withdrawn as per stage completion of a project. This will stop malpractice of builder of using money raised for one project for another project. The builder will have to provide five-year warranty for any structural defects in the building.
  9. 9. CHENNAI C2-A, Industrial Estate, Guindy, Chennai - 600 032. Tel: +91 - 44 - 22501318, 42107341 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Bangalore - 560 001. Mob: +918277460648 COIMBATORE #1533, Trichy Road, Coimbatore – 641018. Mob: +919385432921 HYDERABAD Vatika Business Centre, Suite 10,3rd Floor, NSL Icon, Road No. 12,Banjara Hills, Hyderabad - 500034. Mob: +917901691606 COCHIN Suite 49, 8th Floor, Centre A, Alapatt Heritage Building, MG Road, Cochin – 682035 Tel: +91 - 484 - 2366216 EMAIL info@altacit.com WEBSITE www.altacit.com If the builder or developer has not handed over the property by the date mentioned in your agreement for sale or if the registration granted by the Regulatory Authority has been suspended or revoked, buyer has the right to withdraw from the project. If buyer chooses to withdraw from the project, buyer has the right to be compensated for the full amount he has paid till date along with interest. Buyer get this right as soon as the date has passed - he does not have to file a complaint or case at this point. The developer and/or builder is supposed to compensate him as soon as he makes the request.
  10. 10. CHENNAI C2-A, Industrial Estate, Guindy, Chennai - 600 032. Tel: +91 - 44 - 22501318, 42107341 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Bangalore - 560 001. Mob: +918277460648 COIMBATORE #1533, Trichy Road, Coimbatore – 641018. Mob: +919385432921 HYDERABAD Vatika Business Centre, Suite 10,3rd Floor, NSL Icon, Road No. 12,Banjara Hills, Hyderabad - 500034. Mob: +917901691606 COCHIN Suite 49, 8th Floor, Centre A, Alapatt Heritage Building, MG Road, Cochin – 682035 Tel: +91 - 484 - 2366216 EMAIL info@altacit.com WEBSITE www.altacit.com If buyer choose not to withdraw from the project, he have the right to be compensated with interest for every month of delay. The exact interest amount will differ from state to state and depend on the state regulations issued. If the builder or developer is not voluntarily compensating you, you have the right to file a complaint before the Regulatory Authority. Each state Regulatory Authority is supposed to appoint an officer who performs the functions of a judge. He will conduct an inquiry and pass an order once he has decided whether you are actually supposed to get the interest or money spent.
  11. 11. CHENNAI C2-A, Industrial Estate, Guindy, Chennai - 600 032. Tel: +91 - 44 - 22501318, 42107341 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Bangalore - 560 001. Mob: +918277460648 COIMBATORE #1533, Trichy Road, Coimbatore – 641018. Mob: +919385432921 HYDERABAD Vatika Business Centre, Suite 10,3rd Floor, NSL Icon, Road No. 12,Banjara Hills, Hyderabad - 500034. Mob: +917901691606 COCHIN Suite 49, 8th Floor, Centre A, Alapatt Heritage Building, MG Road, Cochin – 682035 Tel: +91 - 484 - 2366216 EMAIL info@altacit.com WEBSITE www.altacit.com If a promoter continues to violate the provisions of Section 3, he shall be punished with imprisonment for a term which may extend to three years or fine which may extend to ten percent of the estimated cost of the project or both If a promoter fails to comply with orders or directions of RERA, he shall be liable to a penalty, which may extend up to five percent, of the estimated cost of the project as determined by the Authority If a promoter fails to comply with the orders or directions of the Appellate Tribunal, he shall be punished with imprisonment for a term which may extend to three years or fine, which may extend up to ten percent of the estimated cost of the project, or with both Where an Offence under this Act has been committed by a company, every person who, at the time, the offence was committed was in charge of, or was responsible for the conduct of business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished.
  12. 12. CHENNAI C2-A, Industrial Estate, Guindy, Chennai - 600 032. Tel: +91 - 44 - 22501318, 42107341 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Bangalore - 560 001. Mob: +918277460648 COIMBATORE #1533, Trichy Road, Coimbatore – 641018. Mob: +919385432921 HYDERABAD Vatika Business Centre, Suite 10,3rd Floor, NSL Icon, Road No. 12,Banjara Hills, Hyderabad - 500034. Mob: +917901691606 COCHIN Suite 49, 8th Floor, Centre A, Alapatt Heritage Building, MG Road, Cochin – 682035 Tel: +91 - 484 - 2366216 EMAIL info@altacit.com WEBSITE www.altacit.com
  13. 13. CHENNAI C2-A, Industrial Estate, Guindy, Chennai - 600 032. Tel: +91 - 44 - 22501318, 42107341 BANGALORE Suite 920, Level 9, Raheja Towers, 26-27, M G Road, Bangalore - 560 001. Mob: +918277460648 COIMBATORE #1533, Trichy Road, Coimbatore – 641018. Mob: +919385432921 HYDERABAD Vatika Business Centre, Suite 10,3rd Floor, NSL Icon, Road No. 12,Banjara Hills, Hyderabad - 500034. Mob: +917901691606 COCHIN Suite 49, 8th Floor, Centre A, Alapatt Heritage Building, MG Road, Cochin – 682035 Tel: +91 - 484 - 2366216 EMAIL info@altacit.com WEBSITE www.altacit.com THANK YOU

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