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.

1. THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016
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 INTRODUCTION :-
This Act come into force on 1st
May, 2017 as per Central Government notification in
the Official Gazette April, 2017.
This Act applicable in whole of India except jammu and Kashmir.
This act useful to consumer for protect interest in real estate sector, timely delivering
project and easily resolved dispute from adjudicating authority.
The real estate project includes development of building, apartments, land into plots or
apartments/ existing building into apartments.
Every promoter is required to registration of real estate project with the authority under
the Real estate Regulation and development Act, 2016.all ongoing projects which have
not received completion certificate will need to register within 3 months of the
Commencement of this act.
Promoters are not required to registrations of the real estate project If the land size area
is does not exceed 500 Sq.Meters and/or no of apartments does not exceed 8,
Renovation /Re-pair/Re-development, promoter already received commencement
certificate prior to the commencement of this act.
Different Important Roles play in RERA that is PROMOTER, ALLOTTEE, REAL
ESTSTE AGENT, ARCHITECT, ENGINEER, PRACTICING CHARTERD
ACCOUNTANT.
 IMPORTANT ASPECTS FROM PROMOTER:-
No Promoter shall advertise, market, book, sell or offer for sale or invite person to
purchase in any manner plot, apartment or building or any other real estate project
without registering the real estate project with the authority.
While the registering project promoter should disclose all the details in the application
form of project from starting of the project till the receiving of completion certificate.

2. THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016
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Responsibility of promoter that 70% of the amount realized for the project from the
allottees, shall be deposited in a separate account to be maintained with schedule bank
to cover cost of construction and land cost shall be used for that purpose.
Promoter should not withdrawn any amount from the separate account till the certified
by an engineer, an architect and a chartered accountant that the withdrawal is in
proportion to the percentage of completion of the project.
Promoter is required to get his account audited within six months in every financial year
from PRACTICING CHARTERED ACCOUNTANT.
If the promoter provides false information or contravention any provision of section 4
he shall be liable to a penalty which may extend upto 5% of the estimated cost of the
real estate project.
 REGISTRATION PROCESS UNDER RERA:-
(1)Applicant has to file an application for registration with RERA in prescribed form
with fees.
(2)Application for registration either approved or rejected by the authority within 30
days from the receipt of the application.
(3)On successful registration the promoter of the project will be provided registration
No, login id and password.
(4) Promoter shall enclose following details with the application:-
- A brief Details of enterprise name, Registered address, types of the enterprise,
name and photograph of the promoter.
- Details of the project launched in last 5 years including current project, in case
any of the pending project, type of land and payment pending.
- Certified true copy of the commencement certificate from appropriate authority.
- Layout plan- whole project and each sanctioned phase by appropriate authority.
- Development work plan and proposed facility.
- Location of the detailed project.
- Allotment letter, agreement for sale, conveyance deed proposed to be signed
with allottees.
- Number and the carpet area of apartments in the project.

3. THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016
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- Name and address of the real estate agent if any of the proposed project.
- Name and address of the contractor, architecture, structural engineer or any other
person for the concerned of this project.
- A declaration supported by an affidavit, and signed by the promoter or any other
person authorized by the promoter.
 ROLE OF PRACTICING COMPANY SECRETARY :-
A Company Secretary is one such professional who is responsible for valuable/efficient
management in the corporate sector. He is play vital role in the advisory to the board of
directors, compliance under various law and Registration process. Apart from this given
advice in finance, legal, accountant, secretarial, personal and administrative function of
all the public and private sector of the company.
(1) Financial Advisory services
(2)Registration and extension procedure of real estate project with competent
authority
(3)Taxation aspect of real estate of project
(4)Drafting various documents, relating to projects
(5)Issue certificate relating compliance of corporate governance
(6)Legal & Regulatory Compliance
(7)Funding option of real estate project
(8)Due-diligence report for bank
(9)Various function, Obligation, duties, responsibility in the real estate project
towards promoters
(10) To explain various applicable provision under real estate project.
(11)Represent before any real estate regulatory authority for real estate project or
real estate appellate tribunal.
Name:- CS YASHREE DIXIT
Email Id:- csyashreedixit@gmail.com,
yashreedixit19@gmail.com
Mobile No:- +91-8690830431