The document outlines the key provisions of the Real Estate (Regulation and Development) Bill 2016 in India. The bill establishes a Real Estate Regulatory Authority that will regulate real estate projects and protect homebuyer interests. Key points include:
1. Developers must register residential and commercial projects with the Authority before selling units.
2. 70% of funds from homebuyers must be kept in a separate escrow account for construction.
3. Developers can only sell units based on carpet area and must provide details of the project like plans and payment schedules on the Authority's website.
4. Homebuyers have rights to compensation for delays in possession or defects.
Real Estate (Regulation and Development) Act, 2016-Promoters PerspectiveCA Aditya Khandelwal
The document summarizes key aspects of the Real Estate (Regulation and Development) Act, 2016 in India. It outlines the need for the new law to regulate the real estate sector and protect homebuyers. Key points include requirements for promoters to register projects with a new regulatory authority, deposit 70% of funds in a separate escrow account, restrictions on changes to project plans, refunds for delays in possession, and penalties for non-compliance.
1) The document discusses the Real Estate (Regulation and Development) Act, 2016 which aims to establish a regulatory authority for the real estate sector in India and protect consumer interests.
2) Key objectives of the Act include regulating real estate projects, promoting transparency, and providing dispute resolution mechanisms.
3) The Act mandates registration of real estate projects with the regulatory authority and compliance with regulations regarding disclosures, funds usage, completion timelines, and more. It also requires registration of real estate agents.
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 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.
The document discusses the key expectations of consumers from developers and the government regarding real estate projects. Consumers expect developers to ensure timely project management and completion, transparency, affordable facilities, and for the government to provide subsidies, tax relaxations, and facilitate grievance redressal and loans. It also lists common questions consumers have regarding location, approvals, specifications, status updates, construction quality, and addressing delays and issues.
The Real Estate (Regulation and Development) Bill, 2013 seeks to establish Real Estate Regulatory Authorities (RERAs) at the state level to regulate the real estate sector and protect consumer interests. The bill aims to define promoters and real estate agents, require their mandatory registration, and establish rules for escrow accounts, cross-border advertising standards, dispute resolution mechanisms, and penalties for non-compliance. It covers both commercial and residential real estate projects across India except Jammu and Kashmir.
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, 2016-Promoters PerspectiveCA Aditya Khandelwal
The document summarizes key aspects of the Real Estate (Regulation and Development) Act, 2016 in India. It outlines the need for the new law to regulate the real estate sector and protect homebuyers. Key points include requirements for promoters to register projects with a new regulatory authority, deposit 70% of funds in a separate escrow account, restrictions on changes to project plans, refunds for delays in possession, and penalties for non-compliance.
1) The document discusses the Real Estate (Regulation and Development) Act, 2016 which aims to establish a regulatory authority for the real estate sector in India and protect consumer interests.
2) Key objectives of the Act include regulating real estate projects, promoting transparency, and providing dispute resolution mechanisms.
3) The Act mandates registration of real estate projects with the regulatory authority and compliance with regulations regarding disclosures, funds usage, completion timelines, and more. It also requires registration of real estate agents.
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 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.
The document discusses the key expectations of consumers from developers and the government regarding real estate projects. Consumers expect developers to ensure timely project management and completion, transparency, affordable facilities, and for the government to provide subsidies, tax relaxations, and facilitate grievance redressal and loans. It also lists common questions consumers have regarding location, approvals, specifications, status updates, construction quality, and addressing delays and issues.
The Real Estate (Regulation and Development) Bill, 2013 seeks to establish Real Estate Regulatory Authorities (RERAs) at the state level to regulate the real estate sector and protect consumer interests. The bill aims to define promoters and real estate agents, require their mandatory registration, and establish rules for escrow accounts, cross-border advertising standards, dispute resolution mechanisms, and penalties for non-compliance. It covers both commercial and residential real estate projects across India except Jammu and Kashmir.
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 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 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
The document summarizes key aspects of the Real Estate (Regulation and Development) Act, 2016 enacted by the Government of India to regulate the previously unregulated real estate sector.
The Act establishes a Real Estate Regulatory Authority (RERA) in each state to register real estate projects and real estate agents, maintain records, ensure compliance, and resolve disputes. It also establishes an Appellate Tribunal to hear appeals of RERA decisions.
The Act mandates registration of real estate projects with the RERA, except for small projects. It also requires registration of real estate agents. Promoters have functions like maintaining project details on the RERA website and providing information to allottees. The Act aims
The Real Estate (Regulation and Development) Act 2016 was implemented to regulate and promote the real estate sector in India. It aims to protect consumer interests and ensure transparency. Key aspects of the Act include mandatory registration of real estate projects and real estate agents with the Real Estate Regulatory Authority (RERA). The Act defines various entities such as promoters, allottees, and apartments. It outlines responsibilities of promoters such as maintaining separate bank accounts for funds collected from allottees. The Act is aimed at improving accountability and transparency in the real estate sector.
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 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.
The Real Estate (Regulation and Development) Bill 2013 seeks to mandate that developers acquire all statutory clearances before launching projects. It introduces tough penalties for misleading advertisements, including fines up to 10% of the project cost and potential jail time for repeat offenses. Developers must maintain separate bank accounts for each project and keep 70% of buyer funds in those accounts until completion. The bill also aims to clearly define carpet areas, prohibit sales based on super areas, and bar collection of money before permits are obtained.
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 sector has got its own regulator from May 1, 2017, the date when the Real Estate (Regulation and Development) Act, 2016 (RERA) became effective in the entire country. Each state and UT will have its own Regulatory Authority (RA) which will frame regulations and rules according to the Act.
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.
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 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.
Licensing for Real Estate Agents under RERA in India, procedures, documentation, fees and requisites. How to get and which authority will give, all the answers in the PPT.
POWERPOINT PRESENTATION ON THE RERA ACT, 2016harshawardhany7
The key points are:
1. The RERA Act created the Real Estate Regulatory Authority to regulate the real estate sector and ensure transparent and efficient transactions that protect buyers.
2. The Act requires developers to register projects with RERA before advertising or selling units. It also specifies timelines for project completion and allows extensions in some cases.
3. RERA can revoke registrations if developers fail to comply with the Act,
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 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
The document summarizes key aspects of the Real Estate (Regulation and Development) Act, 2016 enacted by the Government of India to regulate the previously unregulated real estate sector.
The Act establishes a Real Estate Regulatory Authority (RERA) in each state to register real estate projects and real estate agents, maintain records, ensure compliance, and resolve disputes. It also establishes an Appellate Tribunal to hear appeals of RERA decisions.
The Act mandates registration of real estate projects with the RERA, except for small projects. It also requires registration of real estate agents. Promoters have functions like maintaining project details on the RERA website and providing information to allottees. The Act aims
The Real Estate (Regulation and Development) Act 2016 was implemented to regulate and promote the real estate sector in India. It aims to protect consumer interests and ensure transparency. Key aspects of the Act include mandatory registration of real estate projects and real estate agents with the Real Estate Regulatory Authority (RERA). The Act defines various entities such as promoters, allottees, and apartments. It outlines responsibilities of promoters such as maintaining separate bank accounts for funds collected from allottees. The Act is aimed at improving accountability and transparency in the real estate sector.
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 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.
The Real Estate (Regulation and Development) Bill 2013 seeks to mandate that developers acquire all statutory clearances before launching projects. It introduces tough penalties for misleading advertisements, including fines up to 10% of the project cost and potential jail time for repeat offenses. Developers must maintain separate bank accounts for each project and keep 70% of buyer funds in those accounts until completion. The bill also aims to clearly define carpet areas, prohibit sales based on super areas, and bar collection of money before permits are obtained.
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 sector has got its own regulator from May 1, 2017, the date when the Real Estate (Regulation and Development) Act, 2016 (RERA) became effective in the entire country. Each state and UT will have its own Regulatory Authority (RA) which will frame regulations and rules according to the Act.
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.
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 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.
Licensing for Real Estate Agents under RERA in India, procedures, documentation, fees and requisites. How to get and which authority will give, all the answers in the PPT.
POWERPOINT PRESENTATION ON THE RERA ACT, 2016harshawardhany7
The key points are:
1. The RERA Act created the Real Estate Regulatory Authority to regulate the real estate sector and ensure transparent and efficient transactions that protect buyers.
2. The Act requires developers to register projects with RERA before advertising or selling units. It also specifies timelines for project completion and allows extensions in some cases.
3. RERA can revoke registrations if developers fail to comply with the Act,
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
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
The Real Estate (Regulation & Development) Act 2016 established the Real Estate Regulatory Authority to regulate the real estate sector in a transparent manner and protect consumer interests. It requires registration of real estate projects with RERA, outlines promoter obligations like adhering to plans and timelines, and allottee rights. Key obligations on promoters include using 70% of funds for construction and rectifying defects. The Act aims to reduce delays in construction by ensuring clearances and funds for timely project completion, to the benefit of developers, buyers and the construction industry overall.
The document summarizes a lecture given to civil engineering students about the Maharashtra Real Estate Regulatory Authority (MahaRERA) Act 2016. The key points covered in the lecture include an overview of the real estate sector laws in India, the need for the MahaRERA Act, its key definitions, provisions regarding registration of real estate projects and agents, obligations of promoters, and rights of allottees. The lecture aimed to provide an understanding of the important aspects of the new law regulating the real estate sector in Maharashtra.
The document summarizes a new Bahraini Investor Protection Law that comes into force on January 1, 2015. It was passed to address challenges in the real estate market like the sale of unapproved "off plan properties" and delayed or suspended projects. The key aspects of the new law are that it prohibits real estate developers from promoting or selling properties without proper licenses and registration. It also requires developers to put project funds in a separate escrow account overseen by a trustee to ensure refunds if projects are suspended. The law is expected to restore investor confidence by regulating these issues and attract more foreign investment through a solid framework for real estate development in Bahrain.
The Regulation and Development Act, 2016 & the Construction and Demolition Waste Management Rules, 2016 and its implications on Builders, Real Estate Agents, Developers, Ends Users etc.
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.
This document provides bidding documents for infrastructure projects in the Philippines. It includes sections on instructions to bidders, general conditions of contract, specifications, drawings, bill of quantities, and bidding forms. The document is intended to standardize procurement procedures for infrastructure projects funded in whole or part by the Philippine government or foreign financing institutions. It aims to clearly define project objectives and eligibility requirements, as well as the obligations of winning bidders. The bidding procedures and practices presented are mandatory for applicable infrastructure 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 role of Chartered Accountants (CAs) under the Real Estate Regulatory Authority (RERA) includes:
1) Certifying withdrawal of money from designated project accounts for developers
2) Preparing annual reports on project accounts for statutory auditors
3) Verifying transactions in separate RERA bank accounts as directed by RERA
4) Acting as authorized representatives and providing other services to RERA authorities.
This document summarizes key aspects of the Real Estate (Regulation and Development) Act, 2016 in India. It states that the Act aims to protect consumer interests in the real estate sector and ensure timely project delivery. It requires all ongoing and new real estate projects to register with regulatory authorities. Promoters must disclose project details and deposit 70% of funds in a separate escrow account for construction. A practicing company secretary can provide various advisory services related to the registration process and compliance with the Act.
The Bill seeks to establish Real Estate Regulatory Authorities (RERAs) at the state level for the regulation and development of the real estate sector. It aims at (a) ensuring consumer protection and (b) standardisation in business practices and transactions in the real estate sector.
The document outlines the provisions of the Real Estate (Regulation & Development) Act, 2016 of India, including sections that have been brought into force which establish a regulatory authority and various disclosures and registration requirements for new and ongoing real estate projects. Key requirements include compulsory registration of projects prior to any sales, maintenance of escrow accounts, restrictions on changes to plans, and responsibilities of promoters and allottees.
English prestige - presentation on real estate (regulation and development)English Prestige
The document discusses key aspects of the Real Estate (Regulation and Development) Act, 2016 in India. Some high-level points:
- The Act aims to establish a regulatory authority for real estate projects and ensure transparency. It mandates registration of real estate projects and real estate agents.
- It defines various parties like promoter, allottee, real estate project, apartment, etc. and outlines their rights and obligations.
- Promoters must register projects, disclose all relevant information, deposit 70% funds in a separate account, not advertise without registration, and adhere to plans and timelines.
- The Act provides for grievance redressal mechanisms and consequences if promoters fail to fulfill their obligations
This document provides guidelines and procedures for competitive bidding for procurement of goods by the Philippine government. It outlines the bidding process, including eligibility requirements, bid preparation and submission, bid opening, and evaluation. The guidelines are intended to promote transparency and fairness in public procurement. Key points include:
- The bidding process will follow Philippine procurement laws and regulations.
- Eligible bidders must meet track record and nationality requirements.
- Bids must include technical and financial components with sufficient detail on specifications, delivery, etc.
- Bid prices must remain valid for a specified period. Late bids will not be accepted.
- The procuring entity will evaluate bids based on completeness of documents and pass/fail
This document outlines regulations for free zone developers and enterprises in Ghana. It covers several areas:
1) The application process for free zone developer licenses and enterprise licenses, including requirements, timelines for review, and potential revocation.
2) Operations within free zones, including construction standards, environmental compliance, reporting requirements, and notification of termination.
3) Work permits and entry visas for foreign employees of developers and enterprises.
4) Customs operations regarding entry and movement of goods into, within, and out of free zones, including record keeping, inspection, and declaration requirements.
Similar to Real estate regulation ( a ca overview ) (20)
The document discusses the key aspects of the Real Estate Regulation and Development Bill 2016 in India, including the establishment of the Real Estate Regulation Authority (RERA) to oversee the real estate sector. It outlines the functions and duties of promoters under the bill, exemptions from registration with RERA, important highlights of the bill, and offenses and penalties. The document was for a training on the real estate bill conducted by Vidya Bhagwat.
The document outlines the key provisions of the Real Estate (Regulation and Development) Bill 2016 in India. Some of the main points include:
1) Establishing a Real Estate Regulatory Authority to regulate real estate projects and protect homebuyer interests.
2) Requiring promoters to register residential and commercial projects with the Authority before selling units. Promoters must disclose project details and deposit 70% of funds from homebuyers in a separate escrow account for construction.
3) Empowering the Authority to revoke project registrations for non-compliance and facilitate project completion if needed. Homebuyers can appeal Authority decisions to a new Real Estate Appellate Tribunal.
4) Mandating written agreements
The document discusses the Real Estate (Regulation and Development) Act, 2016 in India. It provides an overview of the need and objective of the act, the process leading to its enactment, its key provisions including applicability to residential and commercial projects over 500 sqm with more than 8 units. It notes that most state governments have yet to establish the required regulatory authorities and appellate tribunals as mandated by the act.
The document discusses the Real Estate (Regulation and Development) Bill 2016, including the establishment of the Real Estate Regulation Authority (RERA) to regulate real estate projects and protect homebuyers. It highlights functions and duties of promoters under the bill, exemptions from registration with RERA, important provisions of the bill, and offenses and penalties. The document was for a training by Vidya Bhagwat on the Real Estate Bill.
This document is a notification from the Housing Department of the Government of Maharashtra dated April 20, 2017 regarding rules made under the Real Estate (Regulation and Development) Act, 2016.
The notification contains details of the rules such as short title and commencement, definitions, information required for registration of real estate projects, disclosure requirements for ongoing projects, and construction and development requirements. Promoters must provide documents like title deeds, plans and agreements, pay a registration fee, and disclose project details. Ongoing projects must apply for phase-wise registration within 3 months and disclose construction status and timelines. Projects must be built as per approved plans.
The document summarizes key aspects of the Real Estate (Regulation and Development) Act 2016 and Rules 2017 implemented by the Maharashtra Real Estate Regulatory Authority (MahaRERA). It outlines provisions related to the establishment of the regulatory authority and appellate tribunal, mandatory registration of real estate projects and agents, filing of complaints, financial discipline for promoters, transparency requirements, and citizen-centricity. The act aims to regulate and promote the real estate sector in Maharashtra and protect the interests of homebuyers, promoters, and agents through registration, disclosures, and a mechanism for speedy dispute resolution.
The document provides details about a real estate young leadership program offered by the Institute of Real Estate and Finance (IREF) and Symbiosis Institute of Management Studies (SIMS) from December 11-13, 2015. The 10 module program covers topics like project management, traditional and digital marketing, real estate sales, negotiation skills, home loans, and legal aspects. It will include interactive sessions, activities, and module tests. Upon completion, participants will receive an online certification in real estate project/business/sales management jointly issued by IREF and SIMS. The program faculty includes 9 experts with diverse experience in areas like real estate sales, project management, law, finance, and IT.
This document discusses housing finance and home loans. It covers the basics of home loans including the different types of loans, features, and application process. It also discusses interest rates, explaining the difference between fixed and floating rates. Finally, it provides an overview of the approval process for construction projects seeking an approval from a financial institution under the APF process, outlining the required documents.
The document discusses real estate sales trainings by Vidya Bhagwat. It provides a case study of selling 3 BHK penthouse flats with a swimming pool located in the middle of the city priced at 3 Cr + cost. It also outlines the real estate sales and marketing lifecycle which includes 7 stages: 1) feasibility study and market analysis, 2) marketing plan execution and sales team hiring/training, 3) home loan processing, 4) customer handling and closing, 5) money disbursement, 6) customer/bank follow-up, and 7) possession. Factors that affect sales strategy are also listed such as company revenue, vision, and sales team.
This document discusses real estate marketing and sales trainings presented by Vidya Bhagwat. It provides an overview of the agenda and defines real estate marketing as a process of reaching customers with product/service information to generate buying inquiries. It then outlines traditional and new marketing techniques for real estate, and factors like customer profile, project stage, and location that affect marketing strategy. Finally, it presents a case study and recommendation to create a TV advertisement for a new housing township.
The real estate sector in India provides endless opportunities. It includes land and any structures built on it. Real estate is a large market worth $80 billion and is the second largest employer in India. It is linked to over 250 ancillary industries like cement, steel, and building materials. By 2020, India will become the third largest construction market in the world. The real estate sector faces a shortage of over 1 million skilled management professionals. It offers career opportunities in areas like real estate investment, home loans, brokerage, development, appraisal, legal services, and more.
This document introduces an entrepreneurship matrix system to help entrepreneurs measure the clarity of their business ideas and execution plans. It provides details on the components and attributes assessed by the matrix, including business idea, resources, entrepreneur skills, market, customer, product, and financial projections. Entrepreneurs can use the matrix for self-validation, and also to get validation from stakeholders and investors. Validation levels and a clarity barometer are designed to help entrepreneurs understand feedback and align their plans accordingly. The matrix is meant to be flexible and customizable to individual needs.
This document summarizes the agenda and key points from a training on managing real estate construction businesses by Vidya Bhagwat. The agenda includes identifying opportunities, partners and vendors, and analyzing project profitability. For opportunities, it recommends finding upcoming markets with low investment and high returns. For partners, it describes the roles of architects, contractors, project managers and others. Finally, it provides an example analysis of project initiation expenses, ROI calculation factors like saleable area and price, and estimated cash inflows and outflows.
Real estate construction profitability analysis iref virupakshreddvise
This document discusses key terms and concepts related to real estate development profitability analysis. It defines terms like floor area, floor area ratio, transferable development rights, and ready reckoner rates. It also outlines different types of real estate deals like joint ventures and outright purchases. Critical variables that impact profitability are discussed, including deal conditions, land size, construction costs, and sale prices. Formulas for calculating saleable area in different municipalities are provided. An example cash flow spreadsheet is referenced to illustrate how to assess project cash flow and return on investment.
Edp real estate services business guidelinesreddvise
The document outlines guidelines for employees in a real estate services business based on trainings by Vidya Bhagwat. It covers topics such as values of business and ethics, work guidelines like adhering to timelines and asking managers for help, team interaction through respecting others and sharing knowledge, reporting by keeping managers informed and meeting deadlines, handling customers through follow up and communication, office decorum including focus on work and cleanliness, and thanks.
Business development involves one-on-one interactions between business development managers and prospective customers to showcase products and services in order to convert them into users or buyers. It includes understanding the audience and what value is being offered to both parties in the short and long term. The business development process also focuses on clear communication of features, values, and contact information as well as building relationships that can lead to future business. In real estate, common targets for business development include loan companies, auxiliary product manufacturers, marketing firms, and consulting/legal/training companies.
01 managing real estate srevices business edp simsreddvise
This document provides an overview of starting a real estate services business. It discusses classifying real estate services, setting up the business, building a customer base, managing payments and finances, and brand building. The key steps for setting up the business are to identify a service gap, create a legal entity and brand identity, hire employees if expanding, identify and serve customers, and recover payments. Managing payments involves setting standard terms, focusing on customers initially, having 6 months of finances, and breaking payments into installments. Brand building requires identifying a unique name, logo, cards, website, attire, focusing on customer problems, and representing brand value.
Lead generation and customer targeting with technologyreddvise
This document discusses strategies for generating leads and targeting customers for real estate businesses using technology. It covers defining target customer demographics and interests, methods for reaching customers through both online and offline marketing, building an online reputation through clear communication and engagement, and using lead management tools to track leads through the sales cycle in a cost-effective way.
The document discusses customer care in the real estate industry. It covers where customers fit within service operations, customer expectations and how they evaluate service quality. It also discusses how customer contact levels affect service experiences. The document outlines key determinants of customer satisfaction, including quality, access, credibility and reliability. It discusses the importance of communication, competence, courtesy and responsiveness when delivering services to customers.
This document provides an overview of negotiation skills for real estate deals. It discusses managing effective negotiations, handling objections, overcoming pricing objections, and techniques for closing deals. Specific tips covered include knowing your product and competitors, understanding buyer motivations and personality types, focusing on issues of mutual agreement, and not being defensive in response to objections. The goal of negotiations should be to achieve a win-win agreement that satisfies both buyer and seller.
Level 3 NCEA - NZ: A Nation In the Making 1872 - 1900 SML.pptHenry Hollis
The History of NZ 1870-1900.
Making of a Nation.
From the NZ Wars to Liberals,
Richard Seddon, George Grey,
Social Laboratory, New Zealand,
Confiscations, Kotahitanga, Kingitanga, Parliament, Suffrage, Repudiation, Economic Change, Agriculture, Gold Mining, Timber, Flax, Sheep, Dairying,
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Training: ISO/IEC 27001 Information Security Management System - EN | PECB
ISO/IEC 42001 Artificial Intelligence Management System - EN | PECB
General Data Protection Regulation (GDPR) - Training Courses - EN | PECB
Webinars: https://pecb.com/webinars
Article: https://pecb.com/article
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How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) CurriculumMJDuyan
(𝐓𝐋𝐄 𝟏𝟎𝟎) (𝐋𝐞𝐬𝐬𝐨𝐧 𝟏)-𝐏𝐫𝐞𝐥𝐢𝐦𝐬
𝐃𝐢𝐬𝐜𝐮𝐬𝐬 𝐭𝐡𝐞 𝐄𝐏𝐏 𝐂𝐮𝐫𝐫𝐢𝐜𝐮𝐥𝐮𝐦 𝐢𝐧 𝐭𝐡𝐞 𝐏𝐡𝐢𝐥𝐢𝐩𝐩𝐢𝐧𝐞𝐬:
- Understand the goals and objectives of the Edukasyong Pantahanan at Pangkabuhayan (EPP) curriculum, recognizing its importance in fostering practical life skills and values among students. Students will also be able to identify the key components and subjects covered, such as agriculture, home economics, industrial arts, and information and communication technology.
𝐄𝐱𝐩𝐥𝐚𝐢𝐧 𝐭𝐡𝐞 𝐍𝐚𝐭𝐮𝐫𝐞 𝐚𝐧𝐝 𝐒𝐜𝐨𝐩𝐞 𝐨𝐟 𝐚𝐧 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫:
-Define entrepreneurship, distinguishing it from general business activities by emphasizing its focus on innovation, risk-taking, and value creation. Students will describe the characteristics and traits of successful entrepreneurs, including their roles and responsibilities, and discuss the broader economic and social impacts of entrepreneurial activities on both local and global scales.
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
This presentation was provided by Racquel Jemison, Ph.D., Christina MacLaughlin, Ph.D., and Paulomi Majumder. Ph.D., all of the American Chemical Society, for the second session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session Two: 'Expanding Pathways to Publishing Careers,' was held June 13, 2024.
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
A Visual Guide to 1 Samuel | A Tale of Two HeartsSteve Thomason
These slides walk through the story of 1 Samuel. Samuel is the last judge of Israel. The people reject God and want a king. Saul is anointed as the first king, but he is not a good king. David, the shepherd boy is anointed and Saul is envious of him. David shows honor while Saul continues to self destruct.
1. The Real Estate (RegulationAnd Development) Bill 2016
Salient Features
The salient features of the Bill are the following:
1. Real Estate Regulatory Authority
a. Under the Bill, instead of a regular forum of consumers, the purchasers of real estate
units from a developer would have a specialised forum called the "Real Estate
Regulatory Authority" which will be set up within one year from the date of coming
into force of the Act. In the interim, the appropriate Government (i.e., the Central or
State Government) shall designate any other regulatory authority or any officer
preferably the Secretary of the department dealing with Housing, as the Regulatory
Authority.
2. Registration with the Regulatory Authority
a. The promoter has to register their project (residential as well as commercial) with the
Regulatory Authority before booking, selling or offering apartments for sale in such
projects. In case a project is to be promoted in phases, then each phase shall be
considered as a standalone project, and the promoter shall obtain registration for each
phase.
b. Further, in case of ongoing projects on the date of commencement of the Act which
have not received a completion certificate, the promoter of such project shall make an
application to the Regulatory Authority for registration of their project within a period
of three months of the commencement of the Act.
c. The following types of projects shall not be required to be registered before the
Regulatory Authority:
i. Where the area of land proposed to be promoter does not exceed 500 square
meters or the number of apartments to be constructed in the project does not
exceed eight apartments. However, the appropriate Government (Central and
State Government) may, if it considers appropriate, reduce the threshold limit
below 500 square meters or eight apartments;
ii. Projects where the completion certificate has been received prior to the
commencement of the Act;
iii. Projects for the purpose of renovation or repair or re-development which does
not involve marketing, advertising, selling and new allotment of any apartment
plot or building.
d. The application for registration must disclose the following information:
2. i. Details of the promoter (such as its registered address, type of enterprise such
proprietorship, societies, partnership, companies, competent authority);
ii. A brief detail of the projects launched by the promoter, in the past five years,
whether already completed or being developed, as the case may be, including
the current status of the projects, any delay in its completion, details of cases
pending, details of type of land and payments pending;
iii. An authenticated copy of the approval and commencement certificate received
from the competent authority and where the project is proposed to be
developed in phases, an authenticated copy of the approval and
commencement certificate of each of such phases;
iv. The sanctioned plan, layout plan and specifications of the project, plan of
development works to be executed in the proposed project and the proposed
facilities to be provided thereof and the locational details of the project;
v. Proforma of the allotment letter, agreement for sale and conveyance deed
proposed to be signed with the allottees;
vi. Number, type and carpet area of the apartments and the number and areas of
garages for sale in the project;
vii. The names and addresses of the promoter's real estate agents, if any, and
contractors, architects, structural engineers affiliated with the project; and
viii. A declaration by the promoter supported by an affidavit stating that:
a. he has a legal title to the land, free from all encumbrances, and in case
there is an encumbrance, then details of such encumbrances on the land
including any right, title, interest or name of any party in or over such
land along with the details;
b. the time period within which he undertakes to complete the project or
the phase; and
c. 70% of the amounts realised for the real estate project from the
allottees, from time to time, shall be deposited in a separate account to
be maintained in a scheduled bank to cover the cost of construction and
the land cost and shall be used only for that purpose.
3. Carpet Area
Under the Bill, developers can sell units only on carpet area, which means the net usable floor
area of an apartment. This excludes the area covered by the external walls, areas under
services shafts, exclusive balcony or verandah area and exclusive open terrace area, but
includes the area covered by the internal partition walls of the apartment.
4. 70% of realisation from allottees in a separate bank account
a. The Act mandates that a promoter shall deposit 70% of the amount realised from the
allottees, from time to time, in a separate account to be maintained in a scheduled
bank. This is intended to cover the cost of construction and the land cost and the
amount deposited shall be used only for the concerned project.
b. The promoter shall be entitled to withdraw the amounts from the separate account, to
cover the cost of the project, in proportion to the percentage of completion of the
project. However, such withdrawal can only be made after it is certified by an
engineer, an architect and chartered accountant in practice that the withdrawal is in
proportion to the percentage of completion of the project.
3. c. The promoter is also required to get his accounts audited within six months after the
end of every financial year by a practicing chartered accountant. , Further, he is
required to produce a statement of accounts duly certified and signed by such
chartered accountant, and it shall be verified during the audit that (i) the amounts
collected for a particular project have been utilised for the project; and (ii) the
withdrawal has been in compliance with the proportion to the percentage of
completion of the project.
5. Acceptance or refusal of registration
a. Upon receipt of an application by the promoter, the Regulator Authority shall within a
period of 30 days, grant or reject the registration.
b. Upon granting a registration, the promoter will be provided with a registration
number, including a login Id and password for accessing the website of the
Regulatory Authority and to create his web page and to fill in the details of the
proposed project.
c. If the Regulatory Authority fails to grant or reject the application of the promoter
within the period of 30 days, then the project shall be deemed to have been registered.
d. The registration, if granted, will be valid until the period of completion of the project
as committed by the promoter to the Regulatory Authority. This period shall be
extended by the Regulatory Authority for a period not exceeding one year in
aggregate, only due to force majeure and on payment of such fee as may be specified
by regulations made by the Regulatory Authority.
6. Revocation or lapse of registration
a. The Regulatory Authority may revoke the registration granted on receipt of a
complaint or suo moto or on the recommendation of the competent authority in case
(i) the promoter makes a default in doing anything required under the Act or the rules
or regulations made thereunder; (ii) the promoter violates any terms of the approvals
granted for the project; and (iii) the promoter is involved in any kind of unfair practice
of irregularities.
b. In the event the registration is revoked by the Regulatory Authority or it lapses, the
Regulatory Authority shall:
i. debar the promoter from accessing the website in relation to the project,
specify his name in the list of defaulters on its website and also inform other
Regulatory Authorities in other States and Union territories about such
cancellation;
ii. facilitate the remaining development works to be carried out by competent
authority or the association of allottees or in any other manner as may be
determined by the Regulatory Authority. However, the association of allottees
shall have a first right of refusal for carrying out the remaining development
works; or
iii. direct the scheduled bank holding the project bank account, to freeze the
account and thereafter take such further necessary actions, including
consequent de-freezing of the account, for facilitating the remaining
development works in the manner mentioned above.
7. Website of the Regulatory Authority
4. a. The promoter shall, upon receiving his login Id and password, create his web page on
the website of the Regulatory Authority and enter all details of the proposed project
including:
i. details of the registration granted by the Regulatory Authority;
ii. quarterly up-to-date list of the number and types of apartments or plots or
garages, as the case may be, booked;
iii. quarterly up-to-date status of the project along with the list of approvals
obtained and approvals pending subsequent to commencement certificate; and
iv. such other information and documents as may be specified by the regulations
made by the Regulatory Authority.
8. Advertisement or prospectus issued by the promoter
a. The advertisement or prospectus issued or published by the promoter should
prominently mention the website address of the Regulatory Authority, where all
details of the registered project have been entered and include the registration number
obtained from the Regulatory Authority and other similar details.
b. Where any person makes an advance or a deposit on the basis of the information
contained in the notice, advertisement or prospectus and sustains any loss or damage
because of any incorrect, false statement included in these, he shall be compensated
by the promoter in the manner as provided under the Act. Also, if the person affected
by such incorrect, false statement contained in the notice, advertisement or
prospectus, intends to withdraw from the proposed project, his entire investment
(along with interest at such rate as may be prescribed and compensation in the manner
provided under the Act), will be returned to him.
9. Limit on receipt of advance payment
A promoter shall not accept a sum more than 10% percent of the cost of the apartment, plot,
or building, as the case may be, as an advance payment or an application fee, from a person
without first entering into a written agreement of sale with such person and register the said
agreement of sale, under any law for the time being in force.
10. Restriction on addition and alteration in the plans
a. The promoter cannot make any addition or alteration in the approved and sanctioned
plans, structural designs, specifications and amenities of the apartment, plot or
building without the previous consent of the allottee.
b. The promoter also cannot make any other addition or alteration in the approved and
sanctioned plans, structural designs and specifications of the building and common
areas within the project without the previous written consent of at least two-thirds of
the allottees, other than the promoter, who have agreed to take apartments in such a
building.
11. Structural defect
In case any structural defect or any other defect in the workmanship, quality or provision of
services or any other obligations of the promoters is brought to the notice of the promoter
within a period of five years by the allottee from the date of handing over possession, the
5. promoter shall rectify such defect without any further charge, within thirty days. If the
promoter fails to rectify such defect within such time, the aggrieved allottee shall be entitled
to receive appropriate compensation in the manner as provided in the Act.
12. Restriction on transfer and assignment
The promoter shall not transfer or assign his majority rights and liabilities in respect of a
project to a third party without obtaining prior written consent from two-thirds of the
allottees, except the promoter, and without the prior written approval of the Regulatory
Authority.
Please note that the allottee, irrespective of (i) the number of apartments or plots booked by
him or booked in the name of his family; or (ii) in the case of other persons such as
companies/firms/any association of individuals, by whatever name called, booked in its name
or booked in the name of its associated entities/related enterprises, shall be considered as one
allottee only.
13. Refund of amount in case of delay in handing over possession
In case the promoter is unable to hand over possession of the apartment, plot or building to
the allottee (i) in accordance with the terms of the agreement of sale; or (ii) due to
discontinuance of his business as a promoter on account of suspension; or (iii) revocation of
his registration or for any other reason, then the promoter shall be liable, on demand being
made by the allottee, to return the amount received by him from the allottee with interest and
compensation at the rate and manner as provided under the Act. This relief will be available
without prejudice to any other remedy available to the allottee.
However, where an allottee does not intend to withdraw from the project, he shall be paid
interest by the promoter for every month of delay, till the handing over of the possession, at a
prescribed rate.
14. Other relevant provisions
a. The same rate of interest will be payable by the allottee and the promoter in the
event of their respective defaults.
b. In the absence of any local laws, an association or society or cooperative society, as
the case may be, of the allottees, shall be formed within a period of three months of
the majority of allottees who have booked their plot or apartment or building, as the
case may be, in the project.
c. After the promoter executes an agreement for sale for any apartment, plot or building,
no mortgage or charge can be created by the promoter on such apartment, plot or
building. If any such mortgage or charge is created, then notwithstanding anything
contained in any other law for the time being in force, it shall not affect the right and
interest of the allottee who has taken or agreed to take such apartment, plot or
building.
d. The promoter may cancel the allotment only in terms of the agreement for sale.
However, the allottee may approach the Regulatory Authority for relief, if he is
aggrieved by such cancellation and such cancellation is not in accordance with the
terms of the agreement for sale, is unilateral and without any sufficient cause.
6. e. The promoter shall obtain insurance as may be notified by the appropriate
Government, including but not limited to the title of the land and building and
construction of the project. The promoter shall also be liable to pay the premium and
charges in respect of the insurance.
f. The promoter shall execute a registered conveyance deed in favour of the (i) allottee
in respect of the apartment, plot or building; and (ii) association of allottees of
competent authority in respect of the undivided proportionate title in the common
areas, and hand over possession of the same within the period as specified under the
local laws. In the absence of any local law, such conveyance deed shall be carried out
by the promoter within three months from date of issue of the occupancy certificate.
g. The promoter shall compensate the allottees in case of any loss caused to him due to
defective title of the land in the manner as provided under the Act, and such claim for
compensation shall not be barred by limitation provided under any law for the time
being in force.
h. Every allottee shall take physical possession of the apartment, plot or building as the
case may be, within a period of two months of the occupancy certificate issued for the
said apartment, plot or buildings.
i. The Regulatory Authority shall make a recommendation to the appropriate
Government on (i) creation of a single window system for ensuring time-bound
project approvals and clearances for timely completion of the project; and (ii) creation
of a transparent and robust grievance redressal mechanism against acts of omission
and commission of competent authorities and their officials.
15. Real Estate Appellate Tribunal
a. In addition to the establishment of the Regulatory Authority, the Bill also proposes to
establish a Real Estate Appellate Tribunal (Appellate Tribunal) within one year from
the date of commencement of the Act.
b. Any person aggrieved by any direction or decision made by the Regulatory Authority
or by an adjudicating officer, may make an appeal before the Appellate Tribunal
within a period of 60 days from the date of receipt of a copy of the order or direction.
c. The Appellate Tribunal shall deal with the appeal as expeditiously as possible and
endeavour shall me made to dispose of the appeal within a period of sixty days from
the date of receipt of appeal.
d. The Appellate Tribunal shall have same powers as a civil court and shall be deemed
to be a civil court. An appeal against the order of the Appellate Tribunal may be filed
before the jurisdictional High Court within a period of sixty days from the date of
communication of the decision or order of the Appellate Tribunal.
16. Adjudicating Officer
For adjudging the compensation to be paid by the promoter in accordance with the provisions
of the Act, the Regulatory Authority shall appoint (in consultation with the appropriate
Government) one or more judicial officers as deemed necessary, who is or has been a District
Judge, to be an adjudicating officer for holding an inquiry in this regard. However, such an
appointment will be made after giving any person concerned a reasonable opportunity of
being heard.
17. Offences and Penalty
7. a. Stringent penal provisions have been prescribed under the Act against the promoter in
case of any contravention or non-compliance of the provisions of the Act or the
orders, decisions or directions of the Regulatory Authority or the Appellate Tribunal
which are the following:
i. If promoter does not register its project with the Regulatory Authority – the
penalty may be up to 10% of the estimated cost of the project as determined
by the Regulatory Authority;
ii. If promoter does not comply with the aforesaid order of the Regulatory
Authority - imprisonment of up to three years and a further penalty of up to
10% of the estimated cost, or both; and
iii. In case the promoter provides any false information while making an
application to the Regulatory Authority or contravenes any other provision of
the Act – the penalty may be up to 5% of the estimated cost of the project or
construction.
These penal provisions have also been prescribed for any contravention or violation
committed by the real estate agent or the allottee.
b. If any allottee fails to comply with, or contravenes any of the orders, decisions or
directions of the Regularity Authority, there may be a penalty for the period during
which such default continues, which may cumulatively extend up to 5% of the cost of
the plot, apartment or building, as the case may be, as determined by the Regulatory
Authority. Further, if any allottee fails to comply with, or contravenes any of the
orders or directions of the Appellate Tribunal, this may entail imprisonment up to one
year or with fine for every day during which such default continues, which may
cumulatively extend up to 10% of the cost of the plot, apartment or building, as the
case may be, or with both.
18. Overriding effect
The provisions of this Act shall have an overriding effect in case there is any inconsistency
between the provisions contained in this Act and in any other law (including a state law) for
the time being in force.
The Maharashtra Housing (Regulation and Development) Act 2012 has been repealed by the
Central Government.