After introduction of RERA, West Bengal has come up with its own legislation West Bengal Housing Industry Regulatory Act, 2017. There are various critical issues in this emerging law which can be addressed with the help of decisions and orders of numerous states.
Overview of Real Estate (Regulation & Development) ActAdmin SBS
Current Scenario- Construction Approvals
The promoters has to apply to Municipal Corporation town planning section for plan approvals
Municipal Corporation based on height and location ,will recommend to various committees like high rise committee etc,
The committee after checking with the compliance of existing GO and law ,will give permission for construction the apartments/ villas /individual units etc with validity period.
Once the project is completed, owner has to apply for Occupation Certificate ,The committee also checks the compliance of the construction with approved layout while sanctioning the occupations certificate
Occupations certificate confirms about the project is ready to move in and compliance with approvals and permissions obtained
The entire subject is state purview and even after RERA it will be under state purview . centre is not interfering in the above mechanism
There is no provision in the above mechanism to protect the interest of the customers regarding the completion of the project, proper legal title ,correctness of the areas , utilisation of the funds etc
The RERA is addressing the above concern more from the customer point of view , similarly in case customer are not paying as agreed it is providing the protection clauses to promoters also.
Ready to move flats in noida extension | ExoticaHousing.inExotica Housing
The latest frameworks for the construction industry is followed by Exotica Housing which enables us to offer completely legal and safe possessions to our esteemed clients of the ready to move flats in Noida extension.
Overview of Real Estate (Regulation & Development) ActAdmin SBS
Current Scenario- Construction Approvals
The promoters has to apply to Municipal Corporation town planning section for plan approvals
Municipal Corporation based on height and location ,will recommend to various committees like high rise committee etc,
The committee after checking with the compliance of existing GO and law ,will give permission for construction the apartments/ villas /individual units etc with validity period.
Once the project is completed, owner has to apply for Occupation Certificate ,The committee also checks the compliance of the construction with approved layout while sanctioning the occupations certificate
Occupations certificate confirms about the project is ready to move in and compliance with approvals and permissions obtained
The entire subject is state purview and even after RERA it will be under state purview . centre is not interfering in the above mechanism
There is no provision in the above mechanism to protect the interest of the customers regarding the completion of the project, proper legal title ,correctness of the areas , utilisation of the funds etc
The RERA is addressing the above concern more from the customer point of view , similarly in case customer are not paying as agreed it is providing the protection clauses to promoters also.
Ready to move flats in noida extension | ExoticaHousing.inExotica Housing
The latest frameworks for the construction industry is followed by Exotica Housing which enables us to offer completely legal and safe possessions to our esteemed clients of the ready to move flats in Noida extension.
In this presentation we discus about the impact of Rera ON INDIAN real estate, the law under the RERA as per the Central government, how to register complaint under RERA etc
EXOTICA” is one of Delhi / NCR's leading Infrastructure Company. It has launched many projects in the past which have been a huge success. Exotica always believes in providing excellent quality and total commitment.
Impact of RERA on consumer buying behaviour summer project complete(1)Ajay Singh
As we know real estate (regulation and development) Act 2016 has been passed. Real Estate Regulatory Authority came into this act from May 2017 in Maharashtra
This survey was conducted on a sample size of 201 people who stay in Mumbai and are searching house in Mumbai . The main objective of this survey was to know the consumer buying behavior while buying real estate property. This research has been performed in Mumbai after the implementation of RERA so we can know the impact of RERA on consumer buying behaviour.
Explains about the various objectives of RERA and its objectives which covers in three aspects Builder, Consumer, Intermediaries with their Roles and Responsibilities
In this presentation, the concept of Affordable Housing is discussed from various angles such as income tax and GST. The PPT also analyses various components of Affordable housing scheme. It also takes into consideration various practical scenarios which are discussed in the form of case studies. The affordability as per public lending institution has also been covered. The presentation also covers various policies and programmes undertaken by the government for promotion of the same.Lastly, it also covers the impact of anti profiteering under the scheme.
Looking to invest in real estate in India? What are the major factors or elements that you should pay attention to in order to maximize your returns on property investment? find it all in this detailed document.
Supreme Court Judgement - L&T / K Raheja (VAT on Builders)sandesh mundra
This presentation takes one through the details of recent Supreme Court Judgement in the case of Larsen & Toubro, which was a review of K Raheja Judgement. The judgement has a severe impact on the tax aspects of builders and real estate developers. It redefines the definition of works contract and levy of VAT on sale of flats and commercial premises
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
In this presentation we discus about the impact of Rera ON INDIAN real estate, the law under the RERA as per the Central government, how to register complaint under RERA etc
EXOTICA” is one of Delhi / NCR's leading Infrastructure Company. It has launched many projects in the past which have been a huge success. Exotica always believes in providing excellent quality and total commitment.
Impact of RERA on consumer buying behaviour summer project complete(1)Ajay Singh
As we know real estate (regulation and development) Act 2016 has been passed. Real Estate Regulatory Authority came into this act from May 2017 in Maharashtra
This survey was conducted on a sample size of 201 people who stay in Mumbai and are searching house in Mumbai . The main objective of this survey was to know the consumer buying behavior while buying real estate property. This research has been performed in Mumbai after the implementation of RERA so we can know the impact of RERA on consumer buying behaviour.
Explains about the various objectives of RERA and its objectives which covers in three aspects Builder, Consumer, Intermediaries with their Roles and Responsibilities
In this presentation, the concept of Affordable Housing is discussed from various angles such as income tax and GST. The PPT also analyses various components of Affordable housing scheme. It also takes into consideration various practical scenarios which are discussed in the form of case studies. The affordability as per public lending institution has also been covered. The presentation also covers various policies and programmes undertaken by the government for promotion of the same.Lastly, it also covers the impact of anti profiteering under the scheme.
Looking to invest in real estate in India? What are the major factors or elements that you should pay attention to in order to maximize your returns on property investment? find it all in this detailed document.
Supreme Court Judgement - L&T / K Raheja (VAT on Builders)sandesh mundra
This presentation takes one through the details of recent Supreme Court Judgement in the case of Larsen & Toubro, which was a review of K Raheja Judgement. The judgement has a severe impact on the tax aspects of builders and real estate developers. It redefines the definition of works contract and levy of VAT on sale of flats and commercial premises
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
With the introduction of the concept of GST Audit, it is important to know and taken int consideration various facts that is needed before we conduct GST Audit. In this presentation, we have covered the concept of filing of GSTR 9C, its applicability and various other topics that one should take care of. The presentation also covers an example of GSTR 9C based upon a hypothetical case. The PPT is a one shot compilation of various topics associated with GSTR 9C - GST Audit.
This presentation covers a multidimensional view on impact and effect of GST on industry, economy, assessee, department and Government. An attempt is made to give justice to the multidimensional view of how things work in the industry and the future of GST impact on these stakeholders.
Complications of GST for Real-Estate and Developerssandesh mundra
This presentation contains the categories of units available with the developer as on the appointed day and the controversy attached with each category of unit. The presentation precisely covers all the controversies that could come up for the given category of unit.
An attempt to summarize the crucial aspects of maintaining records under GST is made. Apart from this, the presentation includes all types of audits proposed under GST regime. The system of return filling that the Group of Ministers are finalising together with GSTN officials and stakeholders is also included in the presentation. It also includes issues that may arise during filling of annual return and reconciliation statement.
An attempt to compile relevance of contractual clauses, technique of claiming back lost exemptions through doctrine of promissory estoppel, effect of repeals and omission and related judgments, is made. An overview of legal aspects for ongoing contracts is included.
Issues faced by Realtors and works contractorssandesh mundra
We have listed down several issues faced by Real estate and construction sector. A long list of issues are included separately for builders and works contractor for transition and post GST period.
Presentation contains cases and judgements delivered by courts pre-GST regime. A brief summary of all caselaws is made and an attempt is made to provide a bird's eye view of litigations arising in GST.
Presentation is prepared with the object of simplifying the interpretation issues and providing guidelines to read the rate schedules. Methods and mechanism of claiming tax free exports is also explained.
Goods and Service Tax in India is one of the biggest tax reform in Indirect Tax Regime. It is a destination bases tax levied on supply of Goods and Services. It includes impact of GST on several sectors. It also includes development of GST by way of notifications, circulars, press releases and other other compliances under GST.
Real Estate Regulation Act, 2016 which is in force since 1st Mat 2016 will finally get all its teeth on 1st May, 2017 with the setting up of the statewise Real Estate Regulatory Authorities
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
One of the standout features of Tersane Suites Residences is the Rixos management, which provides a truly exclusive and upscale living experience. Residents will have access to a range of luxury amenities, including a fitness center, spa, and indoor and outdoor swimming pools. Plus, the on-site restaurants and cafes provide a taste of the local and international cuisine.
The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Discover Yeni Eyup Evleri 2, nestled among the rising values of Eyupsultan, offering the epitome of modern living in Istanbul.
With its spacious living areas, contemporary architecture, and meticulous details, Yeni Eyup Evleri 2 is poised to be the star of your happiest moments. Situated in the new favorite district of Eyupsultan, claim your spot and unlock the doors to a peaceful life alongside your loved ones. Nestled next to the historical and natural beauties of Eyupsultan, embrace the comfort of modern living and rediscover life.
Social Amenities:
Yeni Eyup 2 offers a life filled with joy with its green landscaping areas, gym, sauna, children’s play areas, café, outdoor pool, and basketball court. Reserve your place for unforgettable moments!
Reliable Structure:
With 1+1, 2+1, and 3+1 apartment options, Yeni Eyup Evleri 2 is designed with first-class materials and craftsmanship. The doors to a safe and comfortable life are here! Choose the option that suits you best and step into your dream home.
Project:
Yeni Eyup 2 is conveniently located, with Istanbul Airport just 26 minutes away, the Mecidiyeköy Metro Line 4 minutes away, and the Tram Stop 5 minutes away, making your life easier with its central location.
Location:
Your home is positioned in a privileged location, providing easy access to the city center, shopping malls, restaurants, schools, and other important places.
Yeni Eyup 2 offers 1+1, 2+1, and 3+1 apartment options designed to meet different needs. Find an option suitable for every lifestyle and open the doors to a comfortable life in your dream home.
https://listingturkey.com/property/yeni-eyup-evleri-2/
Sense Levent Kagithane Catalog - Listing TurkeyListing Turkey
Sense Levent offers a luxurious living experience in the heart of Istanbul’s vibrant Levent district.
This cutting-edge development seamlessly integrates modern design with natural elements, featuring live evergreen plants maintained by an advanced irrigation system, ensuring lush greenery year-round.
The building’s elegant ceramic balconies are both stylish and durable, enhancing the overall aesthetic and functionality. Residents can enjoy the 700m Sky Lounge, which provides breathtaking views of Istanbul and a perfect space to relax and unwind.
Sense Levent promotes a healthy and active lifestyle with a full gym, swimming pool, sauna, and steam room, all available in the building. The interiors are crafted with high-quality materials, ensuring a luxurious and inviting living space.
Designed with young professionals in mind, Sense Levent features 1+1 and 2+1 units with smart floor plans and balconies. The project promises high investment returns, with an expected annual return of 6.5-7%, significantly above Istanbul’s average ROI.
Located in the rapidly growing and highly desirable Levent area, the development benefits from ongoing urban regeneration projects. Its prime location offers proximity to shopping malls, municipal buildings, universities, and public transportation, adding immense value to your investment.
Early investors can take advantage of discounted units during the construction phase, with an expected capital appreciation of +45% USD upon completion. Property Turkey provides comprehensive rental management services, ensuring a seamless and profitable investment experience.
Additionally, robust legal support and significant tax advantages are available through Property Turkey’s licensed Real Estate Investment Fund. Levent is a dynamic urban hub, ideal for young professionals with its numerous corporate headquarters and shopping malls.
Sense Levent is more than just a residence; it’s a place where dreams and opportunities come to life. Contact us today to secure your place in this exclusive development and experience the best of Istanbul living. Sense Levent: Sense the Opportunity. Live the Dream.
https://listingturkey.com/property/sense-levent/
Rams Garden Bahcelievler - Istanbul - ListingTurkeyListing Turkey
Implemented by Rams Global in Bahcelievler, the Rams Garden Bahcelievler Apartments includes 796 residences of different types from 2+1 to 5+1.
Next to the project, which will have 33 thousand square meters of green area, there will be 42 thousand 300 square meters of woodland. There will also be a 210-meter-long pond in the landscape of the project. There are 94.5 square meters of green space per flat.
Rams Garden Bahcelievler Apartments, which has 8 times more green space than the average of Istanbul with its 33 thousand square meters of green area located within a total of 75 thousand square meters, offers various housing options from 2+1 to 5+1.RAMS Garden has brought a lifeline to the construction industry.
Rams Global, which has signed projects in many places from Dubai to Phuket and delivered more than 20 thousand residences, is now starting new projects in Istanbul.
Rams Garden Bahcelievler is located 9 minutes from Metroport AVM, 5 minutes from Marmara Forum AVM, 12 minutes from Kazlıçeşme beach, 9 minutes from Yıldız Technical University, 7 minutes from Istinye University, 9 minutes from Ramada Hotel and Medicana Hospital.
https://listingturkey.com/property/rams-garden-bahcelievler-apartments/
Recent Trends Fueling The Surge in Farmhouse Demand in IndiaFarmland Bazaar
Embarking on the journey to acquire a farmhouse for sale is just the beginning; the real investment lies in crafting an environment that contributes to our mental and physical well-being while satisfying the soul. At Farmlandbazaar.com, India’s leading online marketplace dedicated to farm land, farmhouses, and agricultural lands, we understand the importance of transforming a humble farmland into a warm and inviting sanctuary. Let's explore the fundamental aspects that can elevate your farmhouse into a tranquil haven.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus o...Joseph Lewis Aguirre
Presentation to Windust Meadows HOA Board of Directors June 4, 2024: Focus on Public Safety as Job #1, Engagement, Wealth of HOA, Branding, Communication, Culture, Civic Responsibility
Serviced Apartment Ho Chi Minh For RentalGVRenting
GVRenting is the leading rental real estate company in Vietnam. We help you to find a serviced apartment for rent in Ho Chi Minh & Saigon. Discover our broad range of rental properties in Vietnam.
For more details https://gvrenting.com/
Keep Your Home Naturally Cool and Warm Out Change in Seasons
Vinra Construction is a private limited company registered under the ROC. The management has an experience of over 15 years of understanding the needs and delivering apt solutions to the end users We are providing turnkey solutions in construction fields. like Construction, Interior Designing Facility Management, Plantation Management, etc..
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The KA Housing - Catalogue - Listing TurkeyListing Turkey
Welcome to KA Housing, a distinguished real estate development nestled in the heart of Eyüpsultan, one of Istanbul’s most promising districts.
Just 10 minutes from the bustling city center, Eyüpsultan offers a serene escape with the convenience of urban living. The direct metro line ensures seamless connectivity to all parts of Istanbul, making it an ideal location for residents who seek both tranquility and vibrancy.
KA Housing boasts unparalleled accessibility, with proximity to Istanbul Airport only 30 minutes away, facilitating easy international travel. Effortless city access is guaranteed by direct metro and transportation links to Istanbul’s cultural and commercial hubs. Quick access to key metro lines connects you to every corner of the city within minutes, making commuting and exploring the city hassle-free.
The development offers luxurious living spaces with a range of unit layouts from 1+1 to 4+1, designed with meticulous attention to detail. Each unit features balconies or terraces, providing stunning vistas of Istanbul and enhancing the living experience. High-quality materials and superior craftsmanship ensure durability and elegance, while sound-proof insulation and high ceilings (2.95 m) offer comfort and sophistication.
Residents of KA Housing enjoy exclusive on-site amenities, including a state-of-the-art gym, outdoor swimming pool, yoga area, and walking paths. Entertainment options abound with a private cinema, children’s playground, and a variety of dining options including a café and restaurant. Security and convenience are paramount with 24/7 security, a dedicated carpark garage, and an IP intercom system.
KA Housing represents a prime investment opportunity with limited availability in a high-demand area, ensuring enduring value and potential for lucrative returns. Homes in this development provide exceptional value without compromising on quality, offering affordable luxury for discerning buyers. The construction is of the highest quality, built to the latest seismic and disaster resistance standards, ensuring safety and resilience.
The community and surroundings of KA Housing are enriched by close proximity to prestigious universities such as Haliç University, Bilgi University, and Istanbul Ticaret University, making it an ideal location for students and academics. The development is adjacent to the Alibeyköy stream leading into the Halic waters, offering serene natural escapes amidst lush greenery. Residents can enjoy the cultural richness of the area, surrounded by historical and cultural landmarks that blend leisure, nature, and culture seamlessly.
https://listingturkey.com/property/the-ka-housing/
2. CA Sandesh Mundra
JOURNEY SO FAR (WBHIRA)
May 2008
Concept paper on
regulation of real
estate sector and a
model law for
legislation
prepared
17 October, 2017
Act received
Governor’s Assent
01 June, 2018
The Act is enacted
23 July, 2018
The Authority
was
established
03 August,
2018
Exclusive
Website
Established
3. CA Sandesh Mundra
Repugnancy arises in the following manner :
Mere existence of RERA makes HIRA Repugnant
The object of RERA and HIRA is identical as apparent from preamble, therefore the State
legislation will be said to be repugnant to the Parliamentary legislation.
Moreover, HIRA has been passed with the Assent of Governor of West Bengal, pending
President’s assent.
Constitutional Validity
Prepared by Maitri Thakkar
4. CA Sandesh Mundra
RERA V/S HIRA
Topic RERA HIRA
Car Parking Not defined Car parking area means such area as may
be prescribed
Garage Means a place within a project having a
roof and walls on three sides for parking
any vehicle, but does not include an
unenclosed or uncovered parking space
such as open parking areas;
Means garage and parking space as
sanctioned by Competent Authority
Selling
open
parking
space
Not Allowed Allowed
Prepared by Maitri Thakkar
5. CA Sandesh Mundra
RERA V/S HIRA
Topic RERA HIRA
Force
Majeure
"force majeure" shall mean a case of
war, flood, drought, fire, cyclone,
earthquake or any other calamity
caused by nature affecting the regular
development of the real estate project.
Force Majeure events mean a case
of war, flood, drought, fire,
cyclone, earthquake or any other
calamity caused by nature
affecting the regular development
of the real estate project or any
other circumstances as may be
prescribed
Planning
Area
Means a planning area or a
development area or a local planning
area or a regional development plan
area, by whatever name
called…………………..
No concept of Planning Area. HIRA
applicable to entire West Bengal
(Not mentioned in section 3 also)
Prepared by Maitri Thakkar
6. CA Sandesh Mundra
Specific decisions to be made in Pre-Registration Span
• Meaning and decision of Phase ?
– Amount of Penalty
– Additions/Alterations in Plan
– Timeline to complete the project
– Project Accounting
– Marketability of the Phases vis a vis entire Project
– Formation of Association of Allottees phase wise
– Cost factor , Cash Flow and Project Finance requirement
– Implication under Income tax - 80IBA whether a separate phase will be separate project?
Prepared by Maitri Thakkar
7. CA Sandesh Mundra
Specific decisions to be made in Pre-Registration Span
• Meaning and decision of Phase ?
– Implication under GST – Separate Completion date and separate credit reversal and Affordable Housing
Benefits
– Separate Registration of TDR and stamp duty payment for each phase?
– Each phase is a separate project or a separate performance obligation under Ind AS 115?
As per Maharashtra RERA Rule 2(p) - “Phase of a Real Estate Project may consist of a building or a wing of
the building in case of building with multiple wings or defined number of floors in a multi- storeyed
building/wing;”
Prepared by Maitri Thakkar
8. CA Sandesh Mundra
Specific decisions to be made in Pre-Registration Span
• Single registration or phase wise registration ?
o Single sanction plan – Multiple commencement certificates
o Single sanction plan – Single commencement certificate
o Multiple sanction plans
• Ongoing Project…No Advertisement/Booking prior to HIRA...Can be registered as a New Project ?
• Bifurcation of Common Areas between multiple phases ?
• Duplication of Stamp duty on common areas deed ?
Prepared by Maitri Thakkar
9. CA Sandesh Mundra
Specific decisions to be made in Pre-Registration Span
• Is registration required in case of Leasing models :
• Bombay high court in case of Lavasa corporation limited vs. RERA authority and others as reported
in Civil Application No. 683 OF 2018 dated 7th August, 2018 – “The provisions of the RERA
are required to be held as equally applicable to the long term leases(999 years in the case).
'Agreements' between the parties are titled as 'Lease Agreements', in effect, they are agreements
of “absolute sale” and, therefore, the provisions of the RERA will be applicable. “
• Are short term leases covered under RERA? Upto which period leases are considered to be short
term lease ?
Section 27 and Section 269 UA of Income Tax Act – Deemed Owner & Transfer
Prepared by Maitri Thakkar
10. CA Sandesh Mundra
Financial Issues
• Credit of cost incurred towards Structural defects under GST ?
• Credits of one project available to other ?
• Does working capital gap increase?
• Repayment of Loan ?
Prepared by Maitri Thakkar
11. CA Sandesh Mundra
Specific issues relating to Designated Bank Account
• Escrow Account or Separate Bank Account?
• Can the operating bank account of project be registered as RERA Account?
• Any proof required for withdrawal of funds from separate bank account ?
• Can a fixed deposit of excess money lying in the separate bank account be created ?
As per Circular 02/2017 dated 29th July, 2017 and Gujarat RERA Bank Account Directions, 2018
– “The excess monies lying in the Separate Bank Account can be put in fixed deposits with the
bank operating the Separate Bank Account and it should be a no lien Fixed Deposit.“
Prepared by Maitri Thakkar
12. CA Sandesh Mundra
Specific issues during Registration under HIRA
• Registration required only for projects situated within Planning Area?
As per Order dated 03rd May, 2018 of Bihar RERA – “All projects being developed or proposed to
be developed beyond planning Area but with requisite approvals from local authority in State
will require Registration with Bihar RERA”
As per Circular TNRERA/001/2017 dated 29th August,2017 of Tamil Nadu RERA - TN RERA is
applicable for entire Tamil Nadu which include both planning area and beyond planning area”
As per Circular 11/35/2017/DMA/RERA dated 17th September, 2018 of Goa RERA – Applicability
of GoaRERA is for “Entire State of Goa”
• Encumbrance Certificate – For land or project ?
Prepared by Maitri Thakkar
13. CA Sandesh Mundra
Specific issues during Registration under HIRA
• Registration required for any commercial structure constructed for business purpose? On future
date if decided to be sold, whether registration required? - Implications on HIRA & GST
Towards the promoters who replied that their building are meant for own use and for sale for
general public. Tamil Nadu issued a list of promoters and projects along with the information that
Public may take note that the promoters/developers of these projects are not authorized to sell
any space in the project”
• Registration fees of Common Areas in case of Mixed use of Land ?
As per Circular RERA/ENF/02 dated 23rd January, 2018 of Punjab RERA –
“Common areas Purely falling within specific area of land Registration Fees Rate applicable
to such area.
Common amenities Common across project Lowest rate applicable to the project shall be
applied”
Prepared by Maitri Thakkar
14. CA Sandesh Mundra
Specific issues relating to Advertisement
RERA & HIRA Act - "advertisement" means any document described or issued as advertisement
through any medium and includes any notice, circular or other documents or publicity in any
form, informing persons about a real estate project, or offering for sale of a plot, building or
apartment or inviting persons to purchase in any manner such plot, building or apartment or to
make advances or deposits for such purposes
The West Bengal Municipal (Building) Rules, 2007 - "advertising sign" means any surface of a
structure with characters, letters, illustrations or illuminations applied thereto and displayed in
any manner whatsoever to public view for the purposes of advertising or giving information
regarding, or for attracting the notice of the public to, any place, person, public performance,
article or merchandise whatsoever, and which surface or structure is attached to, forms part of,
or is connected with, any land /or building, or is fixed to a wall, hoarding, frame, post, kiosk,
structure, ground or fence, or is displayed in space or on screen;
Prepared by Maitri Thakkar
15. CA Sandesh Mundra
Specific issues relating to Advertisement
• Advertisement for ongoing projects can be continued after project application ?
• Whether disclaimer of “Nothing on the brochure should be misconstrued as advertising,
marketing, booking, selling or an offer for sale or invitation to purchase a unit in any project
by the Company” suffice as being compliant to Section 3 of HIRA ?
As per Order dated 08th February for Suo Moto Complaint No: 1/2018 of Maharashtra RERA (With
Reference to Section 14(2)) – «Promoter published an advertisement in newspaper without
mentioning website address of MahaRERA. ln addition, advertisement also carried a ‘Disclaimer’
which prima facie violates Section 14(2). Promoter is penalized with a penalty of Rs. 2,00,000.”
Prepared by Maitri Thakkar
16. CA Sandesh Mundra
Specific issues relating to Advertisement
• Does display of board on site amount to Advertisement ?
As Gujarat Comprehensive Development Control Regulations – 2017- “The notice board on site should
be prominently visible, easily readable and should be located next to the primary access to the plot”
As per Circular 20/2018 dated 15th October,2018 of Maharashtra RERA - “The Hon'ble Supreme Court
of India all the Promoters should ensure that Sanctioned plan; Layout plan along with the
specifications approved by the Competent Authority should be prominently displayed at the
respective site.”
As per Direction No-1 of 2018 of Bihar RERA – “Promoters shall display prominently at sites
information like Name of Project, Promoter/ Developer/ Builder, RERA Registration Number/
Application number, Website address of RERA, Names of Registered Real Estate Agent, Date of
Commencement & Proposed date of Completion of project on a large Notice Board/Hoarding having
minimum size of 6’ by 6’.”
Prepared by Maitri Thakkar
17. CA Sandesh Mundra
Circulars and Orders issued by various states for Advertisement
Circular RERA/ENF/01 dated 21st December, 2017 of Punjab RERA (With reference to Section 11(2))–
“Advertisement in Print Media, Hoardings or any other visual shall mention Registration Number in top
right corner and its font should not be less than half of the size used for name of the project. In case of
advertisements on FM or Radio also the registration numbers should be prominently mentioned”
Order dated 05th April in case of Suo Moto Complaint No 16/2018 of Maharashtra RERA (With reference
to Section 11(2)) – Promoter published a front page advertisement in the newspaper and registration
number is mentioned on the 2nd page in a very small font/print. Also registration no. was not
accompanied by the website address of MahaRERA, therefore the Promoter was penalized for
Rs.50,00,000/- (Rupees fifty lakh only).
Order dated 06th March, 2018 in case of Suo Moto Complaint No 15/2018(With reference to Section 3) –
Promoter was penalized with a penalty of Rs. 10,00,000 for advertising an unregistered project with a
registered project.
Prepared by Maitri Thakkar
18. CA Sandesh Mundra
Real Estate Agent
• Does the Real Estate Agent include web portal engaged in sale of projects?
• Will marketing and sales staff of Promoter require registration as an agent?
• Is the registration granted to Real Estate Agent valid across the nation? Does the agent need
separate registration for each State/UT?
• The registration granted to real estate agent have a expiry period ?
As per Maharashtra and Gujarat RERA Rules and HIRA Rules - The registration granted under this rule
shall be valid for a period of five years:
• Liability of promoting registered project on agent or liability of getting the project advertised
through a registered real estate agent on promoter ?
• Can a promoter or a real estate agent also file complaint against a buyer?
Prepared by Maitri Thakkar
19. CA Sandesh Mundra
A B C
Form of entity
Joint Venture Subsidiary
Land Owner Developer Sub-contract
• Whether sub-contractor liable as co-promoter under RERA?
• In case of Back to Back subcontracting, withdrawal by developer based on the invoice of
subcontractor ? Implications under RERA and IBC.
• Whether transactions between unincorporated joint venture and its members is considered as
taxable supply?
• Whether the unincorporated JV is a separate person in the eyes of law in substance?
A unincorporated Joint Venture B
Land Owner Developer
Prepared by Maitri Thakkar
20. CA Sandesh Mundra
Form of entity
A- Holding Co.
subsidiaries
B C D
Land owner Developer Sub-contractor
• Who will termed as co-promoter ?
• Separate bank account for each of them ?
• Developer can charge 18% as works contract from allottee.
• No credit reversal for land deduction for B and credit reversal after
BU only for B ?
• Complexities of related party transactions under Income tax and
under GS.T
Prepared by Maitri Thakkar
21. CA Sandesh Mundra
Specific issues faced in progress of the Project
• Whether for the purpose of 70/30 inflow includes GST?
• Receipt of monies in the same account can be treated as composite supplies under GST?
• Whether construction cost will be inclusive of direct and indirect taxes?
As per Circular 02/2017 dated 29th July, 2017 of Gujarat RERA– “Indirect taxes collected by the
Promoter from Allottees is in the nature of GST/Service Tax/VAT etc. can also be deposited in a bank
account,other than the Separate Bank Account “
“Income tax paid by the promoters of a Real Estate Project, shall not be allowed to be claimed as
cost of the Real Estate Project.”
• Withdrawal of Fund – Will it be monthly /quarterly or how?
Prepared by Maitri Thakkar
22. CA Sandesh Mundra
Specific issues faced in progress of the Project
• Can statutory auditor of promoter’s enterprise provide Form 3?
Circular 02/2017 dated 29th July, 2017 of Gujarat RERA and Circular 07/2017 dated 04th July, 2017 of
Maharashtra RERA - Certificate from a practicing Chartered Accountant in practice other than the
statutory auditor of the Promoter in Form 3, for the cost incurred on construction cost and the land
cost.
• Land cost as per Form 3 - RERA same as land cost under PGBP?
Circular 11/2018 dated 05th October 2018 of Gujarat RERA – Land Cost for the purpose of Form 3 -
Indexed Cost of Land or Prevailing ASR Value, whichever is higher.
• Can the estimated costs be changed ?
As per Circular 11 dated 05/10/2018 of Gujarat RERA - “The estimated cost of the project is to be
submitted at the time of registration and its cannot be changed throughout the life of the project
unless project Alteration/Addition application is filed”
Prepared by Maitri Thakkar
23. CA Sandesh Mundra
Specific issues faced in progress of the Project
• Additional FSI purchased on a construction project at a later stage…Implications? – Consideration
for landowner / Applicability of GST / Applicability of Stamp Duty
• What if an adjoining land is purchased by the promoter….Can he continue with the same
registration?
• Collection received from allottess…Insolvency and Bankruptcy Code, 2016(IBC) Implications?
If an allottee raises sum Financial debt Allottees categorized as Financial Creditors
Allottees can file a petition to start insolvency proceedings against a defaulting builder company.
Prepared by Maitri Thakkar
24. CA Sandesh Mundra
Revenue Recognition
Revenue
Recognition
GST
RERA
IND AS
Accounting
Standard
Income Tax
Stamp
Duty
Prepared by Maitri Thakkar
25. CA Sandesh Mundra
Responsibilities of Promoter
• In case, if additional FSI obtained change in undivided proportionate share of land and
common areas…New Registered conveyance towards existing allottees?
• Compulsory insurance for Title of Land and Building required?
• Quarterly updation – Financial Quarter or as per project completion?
• Liability of structural defect or any other defects workmanship, quality or provision of services
or any other obligations
Prepared by Maitri Thakkar
26. CA Sandesh Mundra
Specific issues relating to Agreement to Sale
• Different forms of entering into Relationship with a Customer:
Agreement to Sale
Option Contracts
Mortgage Contracts
Investment
• Can the promoter mortgage or create a charge on the apartment, plot or building after
executing ATS?
• Can open parking areas be sold ?
Order dated 13thDecember 2017 in case of Sanjeev Dharkar V/s M/s. Arkade Realty
(CC006000000001135) of Maharashtra RERA -The builder cannot sell open parking space, which
has to be handed over to the legal entity of allottees when it is formed.
• Direct 100% collection received – ATS required ?
Prepared by Maitri Thakkar
27. CA Sandesh Mundra
Considerations before forming a Housing Society
• Separate societies for each phase?
• Single society can be created for multiple phases?
• Separate societies for Commercial and Residential allottees in case of Mixed Development
Projects?
• Benefit of GST exemption limit enhanced to Rs 7,500 for monthly charges available to all types of
projects?
• Merger/Demerger of maintenance societies permissible as per West Bengal’s Co-operative
Societies Act ?
Prepared by Maitri Thakkar
28. CA Sandesh Mundra
Considerations before forming a Housing Society
Section 17 of RERA Act : The promoter shall execute a registered conveyance deed in favour of the allottee
along with the undivided proportionate title in the common areas to the association of the allottees or the
competent authority, as the case may be, and 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, and the other title documents pertaining
thereto within specified period as per sanctioned plans as provided under the local laws:
Provided that, in the absence of any local law, conveyance deed in favour of the allottee or the association of
the allottees or the competent authority, as the case may be, under this section shall be carried out by the
promoter within three months from date of issue of occupancy certificate.
• Common Areas transferred to Allottees or Association of Allottees or Apex/Federation?
Prepared by Maitri Thakkar
29. CA Sandesh Mundra
Considerations before forming a Housing Society
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.
“Period for Conveyance of title, by Promoter, to legal entity of allottees in case of single building project. - If
no period for conveying the title of the Promoter to the legal entity of the allottees is agreed upon, the
Promoter shall (subject to his right to dispose of the remaining Apartments, if any) execute the conveyance
within three months from the date of issue of occupancy certificate or fifty one per cent. of the total
number of allottees in such a building or a wing, have paid the full consideration to the promoter,
whichever is earlier”
• Undivided share of land transferred to allotttees within three months of occupancy certificate?
• Conveyance mandatorily required within three months of Occupancy certificate, what if the
allottee does not want to get the conveyance done within the time frame ?
Prepared by Maitri Thakkar
30. CA Sandesh Mundra
Considerations before forming a Housing Society
• Taxability of electricity, payment of taxes by society for its members
• Conveyance required for transferring the common areas ?
• Promoter liable to pay maintenance like other allottees for unsold units?
• Is Society Maintenance outsourcing or handing over to promoter possible ? – Implications of GST
• Maintenance society as a Revenue Model – Implications
Prepared by Maitri Thakkar
31. CA Sandesh Mundra
• Date of Completion to be indicated in Form B?
Circular No. 4/2017 dated 16th September of Gujarat RERA - “A real estate project shall mean to be
complete when the promoter has
• Finished the construction
• Obtained occupancy /completion certificate
• Conveyed title of unit to allottee and Common Areas to AOA”
• Any failure on the part of Developer to handover the possession…Mandatory for developer to
pay interest, in case the allottee does not ask for the same and in case of following scenarios?
o Allottees chooses not to withdraw
o Allottees chooses to withdraw
• Collections of unsold units post Completion to be routed through separate bank account ?
Specific issues on receipt of Completion Certificate
Prepared by Maitri Thakkar
32. CA Sandesh Mundra
Specific Issues relating to Joint Development Model
• Land Owner or Developer separately liable for project registration?
• If land owner is held as a co-promoter, whether deduction of Section 80IB of Income Tax available
to land owner?
• Implications of credit reversal upon receipt of BU
• Planning's related to unutilized credit balance like Cross charging, composite supply etc.
• Implications of applicability of Section 45(5A) of Income Tax Act ?
Prepared by Maitri Thakkar
33. CA Sandesh Mundra
• Collection received through a single mode towards land and construction ? – GST implications
• Power of Attorney in lieu of Joint Development Agreement ? Compulsory to be registered?
• Cost of Land – Value of land + 6% interest – whether simple Interest or Compound Interest ?
• Details of project launched by him in past 5 year
o Partnership/Company created for land owner and developer
o Only development agreement entered into between land owner and developer
Specific Issues relating to Joint Development Model
Prepared by Maitri Thakkar
34. CA Sandesh Mundra
Specific Issues relating to Joint Development Model
Area Sharing Model
– Cost of constructing units of land owner…to be treated as…..Cost of land/Construction?
– Realizations in Kind, i.e. Development Rights considered for assessment of amount to be
deposited in separate bank account ?
– Resale of to third party by land owner…….whether third party protected under RERA ?
– Notification 4/2018 implications
– Savings in stamp duty for landowner retained land
– Accounting under Ind AS – How to value cost of land?
Revenue Sharing Model
– Estimated Revenue which may fall to share of landowner………Cost of land or Construction ?
Prepared by Maitri Thakkar
35. CA Sandesh Mundra
• Separate Bank Account for each co-promoter ?
Gujarat RERA – Gujarat RERA Bank Account Directions, 2018 Only one bank account for the
project
Maharashtra RERA – Circular 12/2017 dated 04/12/2017 Separate Bank Account in case of
Area Sharing Model
Goa RERA - 11/35/2017-DMA/3390(A) dated 13/08/2017 Separate Bank Account in case of
Area Sharing Model
• Separate Form 3 required for each co-promoter? Which to be uploaded for Compliances ?
Specific Issues relating to Joint Development Model
Prepared by Maitri Thakkar
36. CA Sandesh Mundra
Specific Issues relating to Joint Development Model
• In case if JDA has payment terms which is combination of Area sharing, Revenue sharing and
upfront cash payment by developer ?
• Are the co-promoters severally and equally liable towards all the responsibilities ? In case of
penalty in future, how to be divided amongst the co-promoters?
Final order dated 26th March, 2018 of Maharashtra RERA in case of Shakuntala Omprakash
Zanvar Versus Vishwajeet Jhavar, Nitin D. Nyati – “Both the promoters was shall be deemed
promoters and shall be jointly liable and land owner cannot escape the liability.”
Prepared by Maitri Thakkar
37. CA Sandesh Mundra
• In case of Redevelopment, registration of entire project or only additional units ?
• If AOA decides to redevelop a society, will AOA be considered land owner or developer?
Maharashtra RERA in case of Kunal Parmar Versus Amex Developer (Amex Residency) - ”The
owners and tenants have collectively taken the decision to 'cause it' to be constructed. Hence, the
complainant(tenant) comes in the definition of promoter.
• Will Government be considered promoter in case of Slum Rehabilitation?
• Taxability and valuation of free slum component under GST
• Applicability of GST Notification 4/2018 to Redevelopment transactions
• Whether stamp duty is applicable on units allotted to existing unitholders?
• Taxability of projects where redevelopment right given pre GST and units allotted post GST
Redevelopment/ Slum Rehabilitation
Prepared by Maitri Thakkar
38. CA Sandesh Mundra
Miscellaneous Issues
• If the project has applied for registration but not received Registration Number required to
comply with audit provisions of Section 4(2)(l)(D)?
As per Direction No.02 of 2018 dated 25th September, 2018 of Bihar RERA - All Promoters/
Developers who have either registered their projects or applied for registration with the authority
should submit audited statement of accounts of each project duly signed and certified by a
Chartered Accountant in practice enclosing therewith a verification report”
• Are projects not requiring registration covered under the scope of this legislation?
Haryana RERA in case of Simmi Sikka versus Emaar MGF - “The projects may be taken out the
registration requirement of Section 3(2) but are not out of the purview of other provisions of the
Act.”
Prepared by Maitri Thakkar
39. CA Sandesh Mundra
Miscellaneous Issues
• Whether accounts audited as per Companies Act’2013 will be sufficient for RERA Audit?
Whether insertion of notes to accounts confirming verification of amount would suffice?
• Dispute Redressal Platform:
Type/Status of Project National Consumer Dispute
Redressal Commission (Consumer
Protection Act)
Real Estate Appellate
Tribunal (RERA)
Completed (CC received)
Ongoing Projects
Upcoming Projects
Prepared by Maitri Thakkar