The Real Estate (Development and Regulation) Bill, 2016Manish2305
The document discusses the key aspects of the Real Estate (Regulation and Development) Bill, 2016 in India. It outlines the reasons for introducing the bill, including ensuring timely delivery of projects and providing accurate project details to buyers. It summarizes the bill's provisions around mandatory registration of real estate projects, functions and obligations of promoters, rights of home buyers, and consequences for non-compliance. The document also notes some potential disadvantages of the bill, such as past projects not being covered and possible delays from government agencies in approving new projects.
Real Estate (Regulation and Development) Act, 2017CS Lokesh Shah
The document outlines the Real Estate (Regulation and Development) Act, 2017 in India. Some key points:
- The Act was passed by the Lok Sabha in March 2016 and most sections were notified and came into effect in May 2017.
- It establishes the Real Estate Regulatory Authority (RERA) to regulate and promote the real estate sector, ensuring transparent and efficient transactions.
- It defines provisions for registration of real estate projects and real estate agents. Promoters must make certain disclosures and deposit a portion of funds in a separate escrow account.
- It defines rights of allottees and obligations of promoters, such as handing over possession in a timely manner, obtaining all approvals, and
The Real Estate (Regulation and Development) Act was passed in 2016 to protect home buyers and boost investment in real estate. It establishes the Real Estate Regulatory Authority (RERA) and mandates that all residential and commercial projects register with RERA. Projects must disclose all details online and obtain registration to launch. The Act also prohibits opaque financing and requires prices to be quoted based on carpet area. It introduces penalties for project delays and changes from what was promised. [/SUMMARY]
RERA aims to increase transparency and protect home buyers in the real estate sector. It requires developers to register projects and disclose all relevant information to buyers. Key provisions for buyers include maintaining 70% of funds in separate escrow accounts, defining carpet areas, establishing resident welfare associations, and allowing refunds for delays or structural defects. RERA will impact builders by requiring greater financial strength and transparency, while real estate agents must register and disclose all project details to customers. Overall, RERA is expected to benefit the industry through increased regulation and transparency.
The Real Estate (Regulation and Development) Bill 2016 establishes a regulatory authority called the Real Estate Regulatory Authority (RERA) to regulate the real estate sector. Key aspects of the bill include compulsory registration of real estate projects and developers/agents with RERA, establishment of an escrow account where 70% of funds collected from customers must be deposited, and penalties for non-compliance including fines up to 10% of the project cost and imprisonment. The bill aims to improve transparency and protect home buyers.
REAL ESTATE REGULATORY AUTHORITY (RERA) ACT 2016Khyati Tewari
The document summarizes the Real Estate Regulatory Authority (RERA) Act of 2016 in India. It provides details on the timeline of the bill being introduced in 2013 and passed into law in 2016. Key points include mandatory registration of projects over 5000 sqm, disclosure requirements, escrow accounts, liability for builders, and rights for home buyers. While RERA aims to increase transparency and protect buyers, implementation depends on state governments who can modify rules. Overall, RERA seeks to regulate the real estate sector but challenges remain in coordinating with other agencies and fully addressing consumer concerns.
What is a completion certificate and how to apply for it? As the name suggests, this certificate is granted after the completion of construction of your house or a group housing society. The certificate is issued when the property is ready to be moved in. Completion certificate is issued by the local development authority/Municipal Corporation.
The Real Estate (Development and Regulation) Bill, 2016Manish2305
The document discusses the key aspects of the Real Estate (Regulation and Development) Bill, 2016 in India. It outlines the reasons for introducing the bill, including ensuring timely delivery of projects and providing accurate project details to buyers. It summarizes the bill's provisions around mandatory registration of real estate projects, functions and obligations of promoters, rights of home buyers, and consequences for non-compliance. The document also notes some potential disadvantages of the bill, such as past projects not being covered and possible delays from government agencies in approving new projects.
Real Estate (Regulation and Development) Act, 2017CS Lokesh Shah
The document outlines the Real Estate (Regulation and Development) Act, 2017 in India. Some key points:
- The Act was passed by the Lok Sabha in March 2016 and most sections were notified and came into effect in May 2017.
- It establishes the Real Estate Regulatory Authority (RERA) to regulate and promote the real estate sector, ensuring transparent and efficient transactions.
- It defines provisions for registration of real estate projects and real estate agents. Promoters must make certain disclosures and deposit a portion of funds in a separate escrow account.
- It defines rights of allottees and obligations of promoters, such as handing over possession in a timely manner, obtaining all approvals, and
The Real Estate (Regulation and Development) Act was passed in 2016 to protect home buyers and boost investment in real estate. It establishes the Real Estate Regulatory Authority (RERA) and mandates that all residential and commercial projects register with RERA. Projects must disclose all details online and obtain registration to launch. The Act also prohibits opaque financing and requires prices to be quoted based on carpet area. It introduces penalties for project delays and changes from what was promised. [/SUMMARY]
RERA aims to increase transparency and protect home buyers in the real estate sector. It requires developers to register projects and disclose all relevant information to buyers. Key provisions for buyers include maintaining 70% of funds in separate escrow accounts, defining carpet areas, establishing resident welfare associations, and allowing refunds for delays or structural defects. RERA will impact builders by requiring greater financial strength and transparency, while real estate agents must register and disclose all project details to customers. Overall, RERA is expected to benefit the industry through increased regulation and transparency.
The Real Estate (Regulation and Development) Bill 2016 establishes a regulatory authority called the Real Estate Regulatory Authority (RERA) to regulate the real estate sector. Key aspects of the bill include compulsory registration of real estate projects and developers/agents with RERA, establishment of an escrow account where 70% of funds collected from customers must be deposited, and penalties for non-compliance including fines up to 10% of the project cost and imprisonment. The bill aims to improve transparency and protect home buyers.
REAL ESTATE REGULATORY AUTHORITY (RERA) ACT 2016Khyati Tewari
The document summarizes the Real Estate Regulatory Authority (RERA) Act of 2016 in India. It provides details on the timeline of the bill being introduced in 2013 and passed into law in 2016. Key points include mandatory registration of projects over 5000 sqm, disclosure requirements, escrow accounts, liability for builders, and rights for home buyers. While RERA aims to increase transparency and protect buyers, implementation depends on state governments who can modify rules. Overall, RERA seeks to regulate the real estate sector but challenges remain in coordinating with other agencies and fully addressing consumer concerns.
What is a completion certificate and how to apply for it? As the name suggests, this certificate is granted after the completion of construction of your house or a group housing society. The certificate is issued when the property is ready to be moved in. Completion certificate is issued by the local development authority/Municipal Corporation.
Real Estate (Regulation and Development) Act 2016Keyur Shah
The document discusses key aspects of the Real Estate (Regulation and Development) Act, 2016 in India. It outlines the history of the legislation, its main objectives to regulate the real estate sector and protect consumer interests, basic features including project registration requirements, and details on obtaining project registration and maintaining the required website information. Only 13 states have so far notified rules to establish regulatory authorities to oversee implementation of the Act.
The document discusses key aspects of the Real Estate (Regulation And Development) Act, 2016 (RERA) in India, including:
1) Penalties and prosecutions under RERA for promoters, agents, and allottees for various offenses.
2) The role of Chartered Accountants in providing certifications required under RERA for project registration and withdrawals from escrow accounts.
3) Opportunities for Chartered Accountants in representing clients before RERA authorities, conducting required audits, and other advisory services.
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
The document summarizes the key aspects of the Real Estate (Regulation and Development) Act, 2016 in India. Some key points:
1) The Act establishes a regulatory authority called the Real Estate Regulatory Authority (RERA) to regulate real estate projects and protect homebuyer interests.
2) It mandates registration of real estate projects with the RERA. Developers must disclose project details and deposit 70% of funds in a separate escrow account to provide transparency.
3) The Act introduces measures like faster dispute resolution, restrictions on deposit collection to prevent fraud/delays, and penalties for non-compliance.
4) It aims to boost accountability, transparency and professionalism in the
The document summarizes key provisions of the Real Estate (Regulation and Development) Act 2016 in India. Some important considerations before and after launching a real estate project include registering the project with RERA, maintaining separate bank accounts for funds collected, adhering to sanctioned plans, obtaining necessary approvals, forming an association of allottees, and executing agreements for sale and conveyance deeds. The promoter must comply with obligations regarding insurance, refunds, compensation and more to protect consumer interests in the real estate sector.
Impact of the Real Estate (Regulation and Development) Act, 2016 - Sandeep Jh...Sandeep Jhunjhunwala
The document is a presentation on the analysis and impact of the Real Estate (Regulation and Development) Act, 2016 in India. It provides an overview of the need for the act, its structure and key provisions. The act establishes a Real Estate Regulatory Authority in each state to regulate real estate projects and transactions. It impacts developers by requiring registration of projects with the authority and restricts use of funds collected from buyers. It also outlines various functions and duties of developers and rights of home buyers.
The document summarizes the key aspects of the Real Estate (Regulation and Development) Act, 2016 in India. It establishes state level regulatory authorities to regulate the real estate sector and provide homebuyers protection. It mandates registration of real estate projects and agents. Developers must disclose all project details and maintain 70% of funds in separate accounts. The Act aims to boost transparency, accountability and boost investment in the sector.
This document provides an overview of the Maharashtra Real Estate Regulatory Authority (MahaRERA). Some key points:
1. MahaRERA was established in 2017 to regulate and promote the real estate sector in Maharashtra.
2. It has jurisdiction over the entire state and all commercial and residential projects must register with MahaRERA, with some exceptions.
3. MahaRERA oversees the registration of real estate projects and agents. It also handles complaints filed by homebuyers and promoters.
4. The document outlines the registration processes and requirements for projects and agents. It also discusses financial compliance rules.
The document discusses the key features of the Real Estate (Regulation and Development) Act 2016 in India. It establishes the Real Estate Regulatory Authority which will regulate real estate transactions and ensure timely completion of projects. Key features include developers having to register projects with the Authority, disclose all relevant information, use only carpet area for sale calculations, refund buyers if possession is delayed, and face penalties for non-compliance. The Act aims to boost the real estate sector and protect homebuyers.
The document summarizes key aspects of the Real Estate Regulation Act 2016 in India and its impact on the construction industry. Some key points:
- The Act establishes a regulatory authority called RERA to regulate the real estate sector and protect homebuyer interests.
- Project registration with RERA is required before sale or advertising, except for small projects. Registration requires disclosure of project details.
- RERA oversees project registration, revocation, and monitors use of funds collected from buyers. It can penalize promoters for non-compliance.
- The Act sets up an appellate tribunal and provides penalties for violations by promoters or buyers. It also outlines duties of developers like disclosing project details to
Impact of RERA 2016 on property markets - Sandeep JhunjhunwalaSandeep Jhunjhunwala
The document discusses the Real Estate (Regulation and Development) Act, 2016 and its impact on property markets in India. It provides an overview of the presentation, including the need for the Act, its structure and key sections. It outlines the Act's application to developers, real estate agents, allottees and regulatory authorities. Developers must now register projects with the Real Estate Regulatory Authority and comply with obligations around disclosures, funds usage and completion timelines.
THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016Narmdeshwar Singh
This is a presentation on the new Real Estate Act, 2016 which after a long 9 years came into force. It is considered to be consumer concentric Act enabling the consumers to enforce their rights smoothly under the law.
The document provides an overview of the Real Estate (Regulation and Development) Act and its objectives, journey, nature and scope. It defines important terms under the Act like promoter, allottee, real estate project, and real estate agent. It outlines the key authorities established under the Act - the Real Estate Regulatory Authority and Appellate Tribunal. It discusses the functions and powers of RERA, and the process for mandatory registration of new and ongoing real estate projects, along with exemptions. It also provides details on the modus operandi for registration of projects in Telangana, including applicable fees and required documents.
The document discusses a new Real Estate Regulatory Bill that was approved by the Indian cabinet. The bill aims to increase transparency in the real estate sector. It establishes a regulator for the industry and penalties like jail time for misleading advertisements. The bill benefits both developers and buyers by requiring disclosure of project details online. Key provisions include mandatory registration of projects and agents, restrictions on pre-launch sales, disclosure of documents like layouts and approvals, protections for funds paid by buyers, and refunds for delays in possession.
Presentation on Start Up India Policies announced by Government. CA Chintan Thakkar's Seminar Was Held on 07/02/2016 at Gandhinagar and It was attended by large Number.
The document summarizes key aspects of the Real Estate (Regulation and Development) Bill, 2016 in India, including:
1) The objective of the bill is to establish a regulatory authority and appellate tribunal to promote transparency and protect consumer interests in the real estate sector.
2) It defines important terms like "real estate project", "promoter", "allottee", and "real estate agent".
3) A promoter must register projects with the regulatory authority, except small projects. They must maintain 70% of funds from buyers in a separate account for construction.
4) Real estate agents must also register and are barred from unfair trade practices like false representations.
5) The
Real Estate (Regulation and Development) Act 2016Keyur Shah
The document discusses key aspects of the Real Estate (Regulation and Development) Act, 2016 in India. It outlines the history of the legislation, its main objectives to regulate the real estate sector and protect consumer interests, basic features including project registration requirements, and details on obtaining project registration and maintaining the required website information. Only 13 states have so far notified rules to establish regulatory authorities to oversee implementation of the Act.
The document discusses key aspects of the Real Estate (Regulation And Development) Act, 2016 (RERA) in India, including:
1) Penalties and prosecutions under RERA for promoters, agents, and allottees for various offenses.
2) The role of Chartered Accountants in providing certifications required under RERA for project registration and withdrawals from escrow accounts.
3) Opportunities for Chartered Accountants in representing clients before RERA authorities, conducting required audits, and other advisory services.
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
The document summarizes the key aspects of the Real Estate (Regulation and Development) Act, 2016 in India. Some key points:
1) The Act establishes a regulatory authority called the Real Estate Regulatory Authority (RERA) to regulate real estate projects and protect homebuyer interests.
2) It mandates registration of real estate projects with the RERA. Developers must disclose project details and deposit 70% of funds in a separate escrow account to provide transparency.
3) The Act introduces measures like faster dispute resolution, restrictions on deposit collection to prevent fraud/delays, and penalties for non-compliance.
4) It aims to boost accountability, transparency and professionalism in the
The document summarizes key provisions of the Real Estate (Regulation and Development) Act 2016 in India. Some important considerations before and after launching a real estate project include registering the project with RERA, maintaining separate bank accounts for funds collected, adhering to sanctioned plans, obtaining necessary approvals, forming an association of allottees, and executing agreements for sale and conveyance deeds. The promoter must comply with obligations regarding insurance, refunds, compensation and more to protect consumer interests in the real estate sector.
Impact of the Real Estate (Regulation and Development) Act, 2016 - Sandeep Jh...Sandeep Jhunjhunwala
The document is a presentation on the analysis and impact of the Real Estate (Regulation and Development) Act, 2016 in India. It provides an overview of the need for the act, its structure and key provisions. The act establishes a Real Estate Regulatory Authority in each state to regulate real estate projects and transactions. It impacts developers by requiring registration of projects with the authority and restricts use of funds collected from buyers. It also outlines various functions and duties of developers and rights of home buyers.
The document summarizes the key aspects of the Real Estate (Regulation and Development) Act, 2016 in India. It establishes state level regulatory authorities to regulate the real estate sector and provide homebuyers protection. It mandates registration of real estate projects and agents. Developers must disclose all project details and maintain 70% of funds in separate accounts. The Act aims to boost transparency, accountability and boost investment in the sector.
This document provides an overview of the Maharashtra Real Estate Regulatory Authority (MahaRERA). Some key points:
1. MahaRERA was established in 2017 to regulate and promote the real estate sector in Maharashtra.
2. It has jurisdiction over the entire state and all commercial and residential projects must register with MahaRERA, with some exceptions.
3. MahaRERA oversees the registration of real estate projects and agents. It also handles complaints filed by homebuyers and promoters.
4. The document outlines the registration processes and requirements for projects and agents. It also discusses financial compliance rules.
The document discusses the key features of the Real Estate (Regulation and Development) Act 2016 in India. It establishes the Real Estate Regulatory Authority which will regulate real estate transactions and ensure timely completion of projects. Key features include developers having to register projects with the Authority, disclose all relevant information, use only carpet area for sale calculations, refund buyers if possession is delayed, and face penalties for non-compliance. The Act aims to boost the real estate sector and protect homebuyers.
The document summarizes key aspects of the Real Estate Regulation Act 2016 in India and its impact on the construction industry. Some key points:
- The Act establishes a regulatory authority called RERA to regulate the real estate sector and protect homebuyer interests.
- Project registration with RERA is required before sale or advertising, except for small projects. Registration requires disclosure of project details.
- RERA oversees project registration, revocation, and monitors use of funds collected from buyers. It can penalize promoters for non-compliance.
- The Act sets up an appellate tribunal and provides penalties for violations by promoters or buyers. It also outlines duties of developers like disclosing project details to
Impact of RERA 2016 on property markets - Sandeep JhunjhunwalaSandeep Jhunjhunwala
The document discusses the Real Estate (Regulation and Development) Act, 2016 and its impact on property markets in India. It provides an overview of the presentation, including the need for the Act, its structure and key sections. It outlines the Act's application to developers, real estate agents, allottees and regulatory authorities. Developers must now register projects with the Real Estate Regulatory Authority and comply with obligations around disclosures, funds usage and completion timelines.
THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016Narmdeshwar Singh
This is a presentation on the new Real Estate Act, 2016 which after a long 9 years came into force. It is considered to be consumer concentric Act enabling the consumers to enforce their rights smoothly under the law.
The document provides an overview of the Real Estate (Regulation and Development) Act and its objectives, journey, nature and scope. It defines important terms under the Act like promoter, allottee, real estate project, and real estate agent. It outlines the key authorities established under the Act - the Real Estate Regulatory Authority and Appellate Tribunal. It discusses the functions and powers of RERA, and the process for mandatory registration of new and ongoing real estate projects, along with exemptions. It also provides details on the modus operandi for registration of projects in Telangana, including applicable fees and required documents.
The document discusses a new Real Estate Regulatory Bill that was approved by the Indian cabinet. The bill aims to increase transparency in the real estate sector. It establishes a regulator for the industry and penalties like jail time for misleading advertisements. The bill benefits both developers and buyers by requiring disclosure of project details online. Key provisions include mandatory registration of projects and agents, restrictions on pre-launch sales, disclosure of documents like layouts and approvals, protections for funds paid by buyers, and refunds for delays in possession.
Presentation on Start Up India Policies announced by Government. CA Chintan Thakkar's Seminar Was Held on 07/02/2016 at Gandhinagar and It was attended by large Number.
The document summarizes key aspects of the Real Estate (Regulation and Development) Bill, 2016 in India, including:
1) The objective of the bill is to establish a regulatory authority and appellate tribunal to promote transparency and protect consumer interests in the real estate sector.
2) It defines important terms like "real estate project", "promoter", "allottee", and "real estate agent".
3) A promoter must register projects with the regulatory authority, except small projects. They must maintain 70% of funds from buyers in a separate account for construction.
4) Real estate agents must also register and are barred from unfair trade practices like false representations.
5) The
The document summarizes key aspects of the Real Estate (Regulation and Development) Bill, 2016 in India. It outlines problems with the real estate sector prior to the bill, including delays in project delivery and lack of transparency. It then provides a timeline for the bill's passage and implementation. The main purposes of the bill are to promote transparency, accountability and efficiency in real estate projects. It establishes a regulatory authority and puts obligations on developers regarding funds, disclosures, and penalties for delays. The benefits are seen as timely completion, improved quality and dispute resolution, while concerns include uncertainty around approval timelines and potential higher prices.
The Real Estate (Regulation & Development) Act 2016 & its Draft RulesJash Vaidya
Presentation on Real Estate (Regulation & Development) Act 2016 and its Draft Rules- Its Impact on Real Estate Developers and Consumers. It also Highlights Lacuna in the Legislation and its draft rules which needs serious consideration by Ministry of Law & Justice.
REAL ESTATE(REGULATION AND DEVELOPMENT)ACT,2016Pawan Pathak
This document summarizes the key aspects of the Real Estate (Regulation and Development) Act, 2016 in India. It establishes the Real Estate Regulatory Authority to regulate the real estate sector and protect consumer interests. It mandates the registration of real estate projects and outlines the functions and duties of promoters such as providing project details online. The rights and responsibilities of allottees and promoters are also defined. The Appellate Tribunal is established to hear appeals on orders of the Authority. Offenses and penalties for non-compliance are specified as well.
Real Estate Regulatory Bill: Amendments and HighlightsSquare Yards
The much awaited #RealEstateRegulatoryBill is pending in Rajya Sabha. But what makes it imperative for Indian Real Estate? Here's what you need to know!
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.
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.
RERA aims to protect home buyers and boost real estate investments. It establishes regulatory authorities in each state to register real estate projects, require developers to deposit 70% of funds in escrow accounts, standardize sale agreements, and define carpet area. RERA is expected to increase transparency, reduce delays and diversions of funds, and provide dispute resolution mechanisms to help address issues faced by home buyers. While it increases compliance costs for developers initially, RERA is hoped to improve governance and accountability in the real estate sector over the long term.
IRJET- Impact of Maharera Act on Residential Construction Projects -Case StudyIRJET Journal
This document summarizes the impact of the MahaRERA Act on residential construction projects in India. It begins with an abstract that outlines the objectives of the study - to examine the regulatory framework of the MahaRERA Act and its impact on residential projects. It then provides background on the unregulated real estate sector in India, the issues it faced like delays and disputes, and the need for the Real Estate Regulatory Act (RERA) to establish transparency and protect homebuyers. The key objectives and need for the MahaRERA Act in Maharashtra are described. Finally, it reviews the size and challenges of the Indian real estate industry like lengthy approvals, unclear land titles, high costs,
Maharashtra Real Estate and Regulatory Act 2016sameer313
The Real Estate (Regulation and Development) Act, 2016 (RERA) aims to protect home buyers and boost investment in real estate. It establishes state-level regulatory authorities to regulate real estate transactions and ensure timely completion of projects. RERA applies to residential and commercial projects over 500 sqm or with over 8 apartments. It mandates registration of projects and real estate agents with regulatory authorities. RERA aims to increase transparency, protect buyers, and establish dispute resolution mechanisms for speedy redressal of consumer complaints.
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.
Impact of RERA on consumer buying behaviour summer project complete(1)Ajay Singh
This document provides an overview of the real estate industry in India and discusses the impact of the Real Estate Regulatory Authority (RERA). It notes that the real estate sector contributes significantly to India's GDP and is expected to grow rapidly. It outlines key functions of RERA, such as requiring registration of real estate projects and regulating promoters and agents. The document also discusses investment trends in the industry and some major investments that have been made.
The document discusses the objectives and key provisions of the Real Estate (Regulation and Development) Act (RERA) 2016 in India. It aims to regulate and promote the real estate sector, protect home buyers, and ensure timely delivery of projects. Key points of the RERA Act include mandatory registration of real estate projects, deposit of 70% of project funds in escrow accounts, limits on advance payments to developers, establishment of regulatory authorities at the state level, an appellate tribunal for disputes, penalties for project delays, and imprisonment for violations of orders. Judicial cases have upheld the need for full compliance of the RERA Act by developers. The conclusion states that RERA aims to increase transparency for home buyers and
Obligations of promoters, penalties under RERABhavya Haria
An article on Obligations or promoters, penalties and compounding of offences under RERA published in CVOCA News and Views July 2017 - by Advocate Bhavya Haria
Overview of Real Estate (Regulation & Development) ActAdmin SBS
The document discusses the Real Estate (Regulation & Development) Act and its provisions regarding construction approvals, RERA implementation across states, and objectives of the Act. It provides details on the key authorities under RERA including the Real Estate Regulatory Authority and Appellate Tribunal. It summarizes the promoter's mandatory registration requirements, functions of RERA, monitoring of projects, functions and duties of promoters, and rights of allottees as established by RERA.
Critical review and analysis of Gujrera act [2016] and its implication and sa...IRJET Journal
This document provides a critical review and analysis of the Gujarat Real Estate Regulatory Authority Act (Gujrera Act) of 2016 and its implications on stakeholders in real estate projects. It discusses the context and need for real estate regulation in India prior to the Gujrera Act. Key points discussed include the lack of transparency, unclear definitions of carpet area, monopoly of builders, and lack of consumer protections in the pre-Gujrera scenario. The objectives, scope and methodology of the study are outlined. A literature review discusses past studies analyzing the impact of real estate regulation acts. The Gujrera Act aims to improve transparency, accountability and ensure projects are completed on time through its provisions.
The document summarizes key provisions of a new real estate bill in India. It outlines regulations for project registration and disclosure, non-discrimination in property sales, escrow accounts for buyer deposits, pre-launch approvals, project size thresholds, penalties for misleading advertisements, and providing project status updates. Developers will have to register projects, disclose details, deposit most collections in escrow, obtain all approvals before pre-launch, and can face penalties or legal action for violations.
The crucial decision of Homebuyers for successful execution of there dream pr...CA. (Dr.) Rajkumar Adukia
As the role of Builder in real estate projects is considered to be fundamental considering the fact that he is the one filling gap between investor's needs and successful projects, it is crucial for everyone dealing in real estate to be extra cautious to avoid any future difficulty.
Unlocking the potential for growth through reforms - Indian real estate secto...Misbah Hussain
Through the second edition of this annual handbook we have attempted to provide real estate stakeholders a high-level view of the key developments around the regulatory environment along with a snapshot of the investment scenario in 2012.
Before booking from any residential plots for sale in Bangalore, make sure the builder and project is registered with RERA. RERA is one absolutely important Act that has made a great impact on both realty developers and buyers.
How RERA Project Registration Promotes Transparency in the Real Estate Sector...Online Chartered
RERA project registration in Gujarat enhances the credibility and transparency of your project details. Register your project under RERA with the experts of Online Chartered.
Matthew Professional CV experienced Government LiaisonMattGardner52
As an experienced Government Liaison, I have demonstrated expertise in Corporate Governance. My skill set includes senior-level management in Contract Management, Legal Support, and Diplomatic Relations. I have also gained proficiency as a Corporate Liaison, utilizing my strong background in accounting, finance, and legal, with a Bachelor's degree (B.A.) from California State University. My Administrative Skills further strengthen my ability to contribute to the growth and success of any organization.
Sangyun Lee, 'Why Korea's Merger Control Occasionally Fails: A Public Choice ...Sangyun Lee
Presentation slides for a session held on June 4, 2024, at Kyoto University. This presentation is based on the presenter’s recent paper, coauthored with Hwang Lee, Professor, Korea University, with the same title, published in the Journal of Business Administration & Law, Volume 34, No. 2 (April 2024). The paper, written in Korean, is available at <https://shorturl.at/GCWcI>.
Synopsis On Annual General Meeting/Extra Ordinary General Meeting With Ordinary And Special Businesses And Ordinary And Special Resolutions with Companies (Postal Ballot) Regulations, 2018
Guide on the use of Artificial Intelligence-based tools by lawyers and law fi...Massimo Talia
This guide aims to provide information on how lawyers will be able to use the opportunities provided by AI tools and how such tools could help the business processes of small firms. Its objective is to provide lawyers with some background to understand what they can and cannot realistically expect from these products. This guide aims to give a reference point for small law practices in the EU
against which they can evaluate those classes of AI applications that are probably the most relevant for them.
Receivership and liquidation Accounts
Being a Paper Presented at Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) on Friday, August 18, 2023.
सुप्रीम कोर्ट ने यह भी माना था कि मजिस्ट्रेट का यह कर्तव्य है कि वह सुनिश्चित करे कि अधिकारी पीएमएलए के तहत निर्धारित प्रक्रिया के साथ-साथ संवैधानिक सुरक्षा उपायों का भी उचित रूप से पालन करें।
Business law for the students of undergraduate level. The presentation contains the summary of all the chapters under the syllabus of State University, Contract Act, Sale of Goods Act, Negotiable Instrument Act, Partnership Act, Limited Liability Act, Consumer Protection Act.
Lifting the Corporate Veil. Power Point Presentationseri bangash
"Lifting the Corporate Veil" is a legal concept that refers to the judicial act of disregarding the separate legal personality of a corporation or limited liability company (LLC). Normally, a corporation is considered a legal entity separate from its shareholders or members, meaning that the personal assets of shareholders or members are protected from the liabilities of the corporation. However, there are certain situations where courts may decide to "pierce" or "lift" the corporate veil, holding shareholders or members personally liable for the debts or actions of the corporation.
Here are some common scenarios in which courts might lift the corporate veil:
Fraud or Illegality: If shareholders or members use the corporate structure to perpetrate fraud, evade legal obligations, or engage in illegal activities, courts may disregard the corporate entity and hold those individuals personally liable.
Undercapitalization: If a corporation is formed with insufficient capital to conduct its intended business and meet its foreseeable liabilities, and this lack of capitalization results in harm to creditors or other parties, courts may lift the corporate veil to hold shareholders or members liable.
Failure to Observe Corporate Formalities: Corporations and LLCs are required to observe certain formalities, such as holding regular meetings, maintaining separate financial records, and avoiding commingling of personal and corporate assets. If these formalities are not observed and the corporate structure is used as a mere façade, courts may disregard the corporate entity.
Alter Ego: If there is such a unity of interest and ownership between the corporation and its shareholders or members that the separate personalities of the corporation and the individuals no longer exist, courts may treat the corporation as the alter ego of its owners and hold them personally liable.
Group Enterprises: In some cases, where multiple corporations are closely related or form part of a single economic unit, courts may pierce the corporate veil to achieve equity, particularly if one corporation's actions harm creditors or other stakeholders and the corporate structure is being used to shield culpable parties from liability.
What are the common challenges faced by women lawyers working in the legal pr...lawyersonia
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1. C.A. Chintan A Thakkar
C. A. Thakkar & Associates
435-436, 4th Floor, Super Mall 1, Above Bellezza,
Next to SBI, Infocity, Gandhinagar – 382007
Phone: 079-23213388, 8733027000, 8734027000
Web: www.cathakkar.in, Email: cacathakkar@gmail.com
2. Real Estate Bill
Real Estate Bill, which aims to protect the interests of
buyers and bring more transparency to the sector was
passed in Rajya Sabha on Thursday, 10th March 2016 .
The bill was first introduced in 2013 and amendmentsThe bill was first introduced in 2013 and amendments
have been made to it by the present government.
The Finance Ministry in 2012 paper on black money
had pointed out that the real estate sector is vulnerable
to black money because of under-reporting of
transactions.
C. A. Thakkar & Associates, CA, Infocity, Gandhinagar. 079-23213388
3. Real Estate Bill
1. The Government has gone beyond the recommendation of the
Select Committee and now requiring developers to deposit 70% of
the collections form buyers in a separate accounts towards the cost
of construction including that of land as against a minimum of 50%
suggested by the Select Committee;
2. Norms for registration of projects has been brought down to plot2. Norms for registration of projects has been brought down to plot
area of 500 sq.mts or 8 apartments as against 4,000 sq.mt proposed
in the draft Bill in 2013 and 1,000 sq.mts or 12 apartments
suggested by the Standing Committee;
3. Commercial real estate also brought under the ambit of the Bill and
projects under construction are also required to be registered with
the Regulatory Authority. About 17,000 projects are reported to be at
various stages of development;
C. A. Thakkar & Associates, CA, Infocity, Gandhinagar. 079-23213388
4. Real Estate Bill
4.Capret area has been clearly defined which forms the basis
for purchase of houses, eliminating any scope for any
malpractices in transactions;
5.Ending the earlier asymmetry which was in favour of
developers, both consumers and developers will now have
5.Ending the earlier asymmetry which was in favour of
developers, both consumers and developers will now have
to pay same interest rate for any delays on their part;
6.Liability of developers for structural defects have been
increased from 2 to 5 years and they can’t change plans
without the consent of two thirds of allottees;
C. A. Thakkar & Associates, CA, Infocity, Gandhinagar. 079-23213388
5. Real Estate Bill
7.The Bill provides for arranging Insurance of Land title,
currently not available in the market which benefits both the
consumers and developers if land titles are later found to be
defective;
8.Specific and reduced time frames have been prescribed for8.Specific and reduced time frames have been prescribed for
disposal of complaints by the Appellate Tribunals and
Regulatory Authorities; and
9.A provision is now made for imprisonment of up to 3 years for
developers and up to one year in case of real estate agents and
consumers for any violation of Tribunals and Regulatory
Authorities.
C. A. Thakkar & Associates, CA, Infocity, Gandhinagar. 079-23213388
6. Real Estate Bill
The Bill requires project promoters to register their
projects with the Regulatory Authorities disclosing
project information including details of promoter,
project including schedule of implementation, lay outproject including schedule of implementation, lay out
plan, land status, status of approvals, agreements
along with details of real estate agents, contractors,
architects, structural engineers etc. Shri Naidu said
that this enables transparent, accountable and timely
execution of projects.
C. A. Thakkar & Associates, CA, Infocity, Gandhinagar. 079-23213388
7. Real Estate Bill
The Minister further said that the Real Estate Bill,2016
enables the people meet their genuine aspirations of
owning a house including those of urban poor by
giving a fillip to affordable housing initiative undergiving a fillip to affordable housing initiative under
which the Government intends to enable construction
of 2 crore by the year 2022 under Prime Minister’s
Awas Yojana (Urban).
C. A. Thakkar & Associates, CA, Infocity, Gandhinagar. 079-23213388
8. Features
1) Better organised real-estate sector
The real-estate sector in India is unorganised which
leads to various discrepancies in the functioning. Theleads to various discrepancies in the functioning. The
bill will establish state-level authorities called Real
Estate Regulatory Authorities (RERAs) which will
regulate transactions related to both residential and
commercial projects. The authority will grade the
projects helping customers to make better decisions.
C. A. Thakkar & Associates, CA, Infocity, Gandhinagar. 079-23213388
9. Features
2) Timely completion and hand-over
One of the problems which buyers face is that they
don’t get possession of property as promised by the
seller because of delayed construction among other
don’t get possession of property as promised by the
seller because of delayed construction among other
issues. The bill ensures that 70 per cent of the money
taken from buyers has to be kept aside in a separate
bank account and this money can only be used for
construction activities. This will ensure that the
sellers don’t invest the money received from one
project into another project.
C. A. Thakkar & Associates, CA, Infocity, Gandhinagar. 079-23213388
10. Features
3) Accurate information
As per the bill, it will become mandatory for sellers to
disclose all information like project layout, approval,disclose all information like project layout, approval,
land status, contractors, schedule and completion of
project with customers as well as the RERA.
C. A. Thakkar & Associates, CA, Infocity, Gandhinagar. 079-23213388
11. Features
4) Appropriate punishment
If the developer fails to hand-over the property to the
buyer on time, then he would be liable to pay samebuyer on time, then he would be liable to pay same
amount as interest which he is charging from the
buyer on delay in payment. Also, the property cannot
be sold on the basis of ‘super area’ which includes both
flat area and common area. If the developer violates
the orders of appellate tribunal, then he/she can get a
jail term of up to three years or penalty.
C. A. Thakkar & Associates, CA, Infocity, Gandhinagar. 079-23213388
12. Features
5) Allottees association and after-sales service
It has been made mandatory to set-up an allottees
association within three months of the allotment of majorassociation within three months of the allotment of major
units/properties so that the residents can manage common
facilities like a library and a common hall. Also, if the buyer
finds any structural deficiency in the property, then he/she
can contact the developer for after-sales service within one
year of possession. The promoters or developers cannot
make any changes to the plan without consent of the buyer,
the bill states.
C. A. Thakkar & Associates, CA, Infocity, Gandhinagar. 079-23213388