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
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.
RERA will transform the real estate sector by increasing transparency and accountability. In the short term, real estate launches may decline as developers work to comply with new RERA and GST regulations. Prices may initially rise as unsold inventory is cleared, and supply will shrink as only compliant developers launch new projects. However, builders will adapt over time by launching projects in phases to avoid penalties and incorporating additional costs into prices. Overall, RERA will establish standards that improve consumer protection and confidence in the industry.
The document discusses penalties, appeals, and opportunities for chartered accountants under the Real Estate Regulatory Authority Act (RERA) of 2016 in India. It outlines penalties for promoters, agents, and allottees for various offenses. It also describes the appeals process, including appeals of RERA decisions to the Appellate Tribunal and High Court. Finally, it discusses roles and opportunities for chartered accountants under RERA, such as providing required certificates and auditing project accounts.
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.
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.
A beautiful power point presentation on land acquisition act- 1894 and the acquisition procedure in Kerala..Highly useful for revenue officers in KERALA.
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.
RERA will transform the real estate sector by increasing transparency and accountability. In the short term, real estate launches may decline as developers work to comply with new RERA and GST regulations. Prices may initially rise as unsold inventory is cleared, and supply will shrink as only compliant developers launch new projects. However, builders will adapt over time by launching projects in phases to avoid penalties and incorporating additional costs into prices. Overall, RERA will establish standards that improve consumer protection and confidence in the industry.
The document discusses penalties, appeals, and opportunities for chartered accountants under the Real Estate Regulatory Authority Act (RERA) of 2016 in India. It outlines penalties for promoters, agents, and allottees for various offenses. It also describes the appeals process, including appeals of RERA decisions to the Appellate Tribunal and High Court. Finally, it discusses roles and opportunities for chartered accountants under RERA, such as providing required certificates and auditing project accounts.
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.
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.
A beautiful power point presentation on land acquisition act- 1894 and the acquisition procedure in Kerala..Highly useful for revenue officers in KERALA.
Uttar Pradesh Urban Planning and Development Act- 1973Ar Vikram Singh
all about the Uttar Pradesh Urban Planning and Development Act- 1973, in a form of questions and answers
after going through this you will get the detail knowledge of this act.
The document provides information on the redevelopment process for societies residing in old buildings located in prime areas. It discusses key considerations and steps societies should take before opting for redevelopment, including getting a structural audit report, circulating the report to members, obtaining written consent from members, and carefully selecting a developer. The document also outlines advantages like additional area and modern amenities, and disadvantages like disruption and increased maintenance costs. Overall, it emphasizes the importance of transparency, legal agreements, and following due process to ensure a successful redevelopment.
The document summarizes key aspects of land acquisition laws in India - the Land Acquisition Act of 1894 and its replacement, the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (LARR Act). It notes that the 1894 Act allowed arbitrary land acquisition without proper compensation or rehabilitation. The 2013 LARR Act established stricter social and environmental safeguards for land acquisition and resettlement of affected families, but was amended in 2014 via an ordinance exempting certain projects. This sparked protests against the dilution of land rights.
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.
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.
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.
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 Land Acquisition Act of 1894 allows the Indian and Pakistani governments to acquire private land for public purposes, providing compensation to landowners. It was originally developed to acquire land for railways but is now used for industrialization and infrastructure projects. The Act went through amendments in 2013 to provide greater protections for landowners, including requiring consent, higher compensation rates, land replacement for fertile plots, and land return if projects are delayed. However, critics argued the 2013 Act made the acquisition process too complex. The 2015 amendments aimed to simplify acquisition procedures.
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
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.
The document summarizes key aspects of land acquisition laws and policies in India. It discusses the Land Acquisition Act of 1894, which allowed the government to acquire private land for public purposes with limited compensation. It then outlines the provisions of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (LARR), which established social impact assessments, consent requirements and increased compensation rates. Finally, it notes that the Modi government proposed amendments through an ordinance in 2015 to simplify the land acquisition process under LARR, but the ordinance lapsed due to protests claiming it was anti-farmer.
Flow chart setting out the land acquisition process under the Right to Fair Compensation & Transparency in Land Acquisition, Rehabilitation & Resettlement Act, 2013
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 aspects of the Land Acquisition Act of 2013 in India, which replaced the prior 1894 act. The 2013 act aims to ensure fair compensation, rehabilitation, and resettlement for those affected by land acquisition. It mandates consent from affected families for private and public-private projects, provides higher compensation rates, and entitlements like jobs, housing, and annuities for those rehabilitated. The act aims to improve transparency and social and economic outcomes for those losing land or livelihoods due to acquisition.
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.
The Land Acquisition Act 1894 establishes the process by which governments in India can acquire private land for public purposes. Some key points:
1) The Act allows governments to acquire land for "public purpose," which is broadly defined to include development projects, educational/housing schemes, and locating public offices.
2) There is a process for preliminary investigation, declaration of intended acquisition, objections from landowners, enquiry into claims and awards, and taking possession of the land.
3) Landowners can reference higher courts if disagreeing with the compensation awarded, and courts cannot award lower compensation than what the Collector determined.
4) The Act also covers temporary land occupation, acquisition for companies, payment procedures,
Redevelopment under dcpr 2034 regulation section 33(7),33(7)a & 33(7)bOMKAR CHODANKAR
The document discusses redevelopment regulations under sections 33(7), 33(7A), and 33(7B) of the DCPR 2034 in Mumbai. It provides an overview of the rising population in Mumbai and shortage of land, highlighting redevelopment as an effective solution. It then outlines the documentation required, step-by-step redevelopment process involving structural audits, society meetings, consultant appointments, and more. Key provisions under each section are explained, covering incentives for cessed buildings, dilapidated structures, and existing housing societies. Redevelopment aims to create more living space and better conditions through revamping old buildings.
3.2 Maharashtra regional town planning actSachin PatiL
Development control rules,
Maharashtra Regional Town Planning Act,
Land acquisition act,
Village planning: Necessity and principles,
Rural developments- Growth
centre approach, Area Development approach, Integrated rural development
approach.
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.
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.
Uttar Pradesh Urban Planning and Development Act- 1973Ar Vikram Singh
all about the Uttar Pradesh Urban Planning and Development Act- 1973, in a form of questions and answers
after going through this you will get the detail knowledge of this act.
The document provides information on the redevelopment process for societies residing in old buildings located in prime areas. It discusses key considerations and steps societies should take before opting for redevelopment, including getting a structural audit report, circulating the report to members, obtaining written consent from members, and carefully selecting a developer. The document also outlines advantages like additional area and modern amenities, and disadvantages like disruption and increased maintenance costs. Overall, it emphasizes the importance of transparency, legal agreements, and following due process to ensure a successful redevelopment.
The document summarizes key aspects of land acquisition laws in India - the Land Acquisition Act of 1894 and its replacement, the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (LARR Act). It notes that the 1894 Act allowed arbitrary land acquisition without proper compensation or rehabilitation. The 2013 LARR Act established stricter social and environmental safeguards for land acquisition and resettlement of affected families, but was amended in 2014 via an ordinance exempting certain projects. This sparked protests against the dilution of land rights.
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.
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.
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.
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 Land Acquisition Act of 1894 allows the Indian and Pakistani governments to acquire private land for public purposes, providing compensation to landowners. It was originally developed to acquire land for railways but is now used for industrialization and infrastructure projects. The Act went through amendments in 2013 to provide greater protections for landowners, including requiring consent, higher compensation rates, land replacement for fertile plots, and land return if projects are delayed. However, critics argued the 2013 Act made the acquisition process too complex. The 2015 amendments aimed to simplify acquisition procedures.
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
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.
The document summarizes key aspects of land acquisition laws and policies in India. It discusses the Land Acquisition Act of 1894, which allowed the government to acquire private land for public purposes with limited compensation. It then outlines the provisions of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (LARR), which established social impact assessments, consent requirements and increased compensation rates. Finally, it notes that the Modi government proposed amendments through an ordinance in 2015 to simplify the land acquisition process under LARR, but the ordinance lapsed due to protests claiming it was anti-farmer.
Flow chart setting out the land acquisition process under the Right to Fair Compensation & Transparency in Land Acquisition, Rehabilitation & Resettlement Act, 2013
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 aspects of the Land Acquisition Act of 2013 in India, which replaced the prior 1894 act. The 2013 act aims to ensure fair compensation, rehabilitation, and resettlement for those affected by land acquisition. It mandates consent from affected families for private and public-private projects, provides higher compensation rates, and entitlements like jobs, housing, and annuities for those rehabilitated. The act aims to improve transparency and social and economic outcomes for those losing land or livelihoods due to acquisition.
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.
The Land Acquisition Act 1894 establishes the process by which governments in India can acquire private land for public purposes. Some key points:
1) The Act allows governments to acquire land for "public purpose," which is broadly defined to include development projects, educational/housing schemes, and locating public offices.
2) There is a process for preliminary investigation, declaration of intended acquisition, objections from landowners, enquiry into claims and awards, and taking possession of the land.
3) Landowners can reference higher courts if disagreeing with the compensation awarded, and courts cannot award lower compensation than what the Collector determined.
4) The Act also covers temporary land occupation, acquisition for companies, payment procedures,
Redevelopment under dcpr 2034 regulation section 33(7),33(7)a & 33(7)bOMKAR CHODANKAR
The document discusses redevelopment regulations under sections 33(7), 33(7A), and 33(7B) of the DCPR 2034 in Mumbai. It provides an overview of the rising population in Mumbai and shortage of land, highlighting redevelopment as an effective solution. It then outlines the documentation required, step-by-step redevelopment process involving structural audits, society meetings, consultant appointments, and more. Key provisions under each section are explained, covering incentives for cessed buildings, dilapidated structures, and existing housing societies. Redevelopment aims to create more living space and better conditions through revamping old buildings.
3.2 Maharashtra regional town planning actSachin PatiL
Development control rules,
Maharashtra Regional Town Planning Act,
Land acquisition act,
Village planning: Necessity and principles,
Rural developments- Growth
centre approach, Area Development approach, Integrated rural development
approach.
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.
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.
Real estate regulation ( a ca overview )reddvise123
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 possession within a committed timeline or refund homebuyers with interest.
4. The bill sets standards for advertising, payments, structural defects, project changes and dispute resolution through an appellate tribunal.
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.
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 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.
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.
Real Estate (Regulation and Development) Act,2016Venket Rao
To promote efficient & transparent real estate transactions & consumer protection.
Establishment of regulator for regulation & promotion of real estate sector.
Establishing an adjudication mechanism for speedy dispute redressal .
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 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 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 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 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.
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 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.
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.
The document summarizes key points of the Karnataka Real Estate (Regulation & Development) Rules 2017. It outlines additional disclosure requirements for ongoing projects, such as depositing 70% of funds collected in a separate bank account. It also details rules around project registration, withdrawal of funds, and interest payable in cases of refund. Overall, the rules introduce onerous financial disclosures and timelines for ongoing projects to increase transparency for home buyers.
Long Term Visa (LTV) is granted to the following categories of persons of Bangladesh, Afghanistan and Pakistan coming to India on valid travel documents i.e. valid passport and valid visa, and seeking permanent settlement in India with a view to acquire Indian citizenship:-
i. Members of minority communities in Bangladesh/ Afghanistan/ Pakistan, namely Hindus, Sikhs, Buddhists, Jains, Parsis and Christians.
ii. Bangladesh/ Pakistan women married to Indian nationals and staying in India; or Afghanistan nationals married to Indian nationals in India and staying in India.
iii. Indian origin women holding Bangladesh/ Afghanistan/ Pakistan nationality married to Bangladesh/ Afghanistan/ Pakistan nationals and returning to India due to widowhood/ divorce and having no male members to support them in Bangladesh/ Afghanistan/ Pakistan.
iv. Cases involving extreme compassion.
Non-resident Indians are a section of people whose roots belong to India and who have migrated from India. The Indian Government is aware of the importance of Indian Diaspora in the form of NRIs/PIOs which is spread all across the world and which despite being away from India is making significant contribution to the Indian economy on a global platform and to the economic, financial and social benefits which have been brought to India; therefore, it attempts to provide benefits to them to attract their investments. They are also called for taking part in the economy. The Indian government gives lot of benefits to NRI not only with respect to ease of making investment in India but also in Taxation. The investment from NRIs is easy money available and provides the much needed leverage to the economy. The Indian Diaspora today constitutes an important, and inimitable, part of the Indian economy. The PPT discusses about he various account that can be opened by NRIs in India
Certificate course on FEMA_Presentation by Sudha G. Bhushan _ 14th May 2023.pdfTAXPERT PROFESSIONALS
The document provides an overview of a comprehensive course on foreign exchange management under the Foreign Exchange Management Act, 1999 (FEMA). It includes details of the faculty conducting the course, CA Sudha G Bhushan, as well as an outline of topics to be covered related to FEMA regulations for non-resident Indians, resident Indians, contraventions under FEMA, and residential status determination. Examples are also provided to illustrate residential status analysis for individuals and companies under various scenarios. The goal of the course is to explore opportunities and provide advisory services related to FEMA compliance.
In a move to further rationalize and liberalise the overseas investment central Government and Reserve Bank of India notified Foreign Exchange Management (Overseas Investment) Rules, 2022 and Foreign Exchange Management (Overseas Investment) Regulations, 2022 respectively on 22 Aug 2022.
The revised regulatory framework for overseas investment provides for simplification of the existing framework for overseas investment and has been aligned with the current business and economic dynamics. Immense clarity on Overseas Direct Investment and Overseas Portfolio Investment has been brought in and various overseas investment related transactions that were earlier under approval route are now under automatic route, significantly enhancing "Ease of Doing Business".
This document provides an overview of the legal, compliance and tax benefits available to startups in India under the Startup India scheme. Some key points include:
- Startups registered with DPIIT are eligible for self-certification of compliance under 6 labour laws and 3 environmental laws for 5 years.
- Income tax exemptions are available to DPIIT-registered startups under Section 80-IAC for any 3 years in the first 10 years of operations.
- Angel tax exemption under Section 56(2)(viib) is available for DPIIT-registered startups receiving share premium if total share capital and premium does not exceed Rs. 25 crore.
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As per section 92 of the Income Tax Act,1961 “Any
income arising from an international transaction shall
be computed having regard to the arm's length
price” Where in an international transaction two or
more associated enterprises enter into a mutual
agreement or arrangement for the allocation or
apportionment of, or any contribution to, any cost or
expense incurred or to be incurred in connection with
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the case may be, contributed by, any such enterprise
shall be determined having regard to the arm's
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The 2008 Financial Crisis changed the world of Banking. Many malpractices by the Banks and various financial institutions came into light and the regulators started scrutinizing and penalizing them. The world’s most important number “LIBOR” came under the sword of the Regulators. In this article we will explore the origins and the fall of the once revered LIBOR rate.
Valuation under FEMA focuses on two main rules:
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No, this transaction cannot be undertaken based on Section 3(b) of FEMA.
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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.
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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।
2. Introduction
• Real Estate (Regulation & Development) Act, 2016 aims to establish the Real Estate
Regulatory Authority that would regulate and promote the real estate sector.
• The scope of Real Estate Regulatory Authority are as follows –
1. Ensure the sale of land or building or a project in an efficient and transparent manner
2. Protect the interest of consumers
3. Establish a mechanism to ensure speedy redressal of disputes
4. Establish an Appellate Tribunal
5. Cover both residential and commercial projects
• The Real Estate (Regulation & Development) Act, 2016 shall have an overriding effect over any
other state act.
3. Registration
• Projects which require registration :
1. The promoter has to register the project(commercial or residential), with the regulatory Authority before
booking, selling, or offering apartment for sale in projects. In case the project is promoted in phase each
phase has to be registered.
2. 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.
• Project which does not require registration :
1. Where the land proposed to be promoted does not exceed 500 square meters or number of apartments
to be constructed in the project does not exceed eight apartments. This provisos can be changed by the
appropriate government
2. Where Completion Certificate has been received before commencement of this Act.
3. Project for the purpose of renovation or repair or redevelopment , which does not require marketing,
advertising, selling and new allotment of any apartment plot or building.
4. Registration
The application for registration must disclose the following information:
a. Details of the promoter (such as its registered address, type of enterprise such proprietorship, societies,
partnership, companies, competent authority);
b. 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;
c. 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;
d. 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;
e. Proforma of the allotment letter, agreement for sale and conveyance deed proposed to be signed with the
allottees;
f. Number, type and carpet area of the apartments and the number and areas of garages for sale in the project;
g. The names and addresses of the promoter's real estate agents, if any, and contractors, architects, structural
engineers affiliated with the project; and
h. A declaration by the promoter supported by an affidavit stating that:
– 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;
– the time period within which he undertakes to complete the project or the phase; and
– 70% of the amounts realized 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.
5. Registration
• Refusal or Grant
On receipt of application for registration the Authority may either accept or refuse the registration within
30 days
If the registration is granted, then RERA shall provide registration number ,including Login id and
password to the applicant to access the website of the Authority and create his web page and fill in the
details of the project
No registration can be rejected without giving an opportunity of being heard to the applicant.
If the application is neither rejected nor accepted within 30days time, the application shall be deemed to
be granted registration.
Registration shall be valid for the duration of time as mentioned by the Promoter in the application, the
time in which the project is to be completed. A registration may be extended by an application from the
Promoter for reasons of force majeure.
• Revocation of registration:
In the event the registration is revoked by the Regulatory Authority or it lapses, the Regulatory Authority shall:
1. Shall debar the Promoter from accessing the Authority’s website in relation to the project and the
name of the Promoter shall be added to the list of defaulters along with his photograph on the website.
Other State RERAs shall be intimated of such revocation.
2. Shall facilitate the remaining development works to be carried out as per the decision taken by it,
which may include carrying out of the remaining development works by competent authority or by the
association of allottees.
3. Shall direct the bank holding the project bank account to freeze it, and thereafter may direct the bank
to de-freeze it for the purposes of facilitating the completion of the project.
4. Or any other act, as it may deem necessary.
6. Real Estate Regulation Authority(RERA)
• The Real Estate Regulatory Authority (RERA) will come into existence one year from the date of
commencement of the act, by a notification, which will be issued by the appropriate government.
• The Government or Governments, as the case may be, have the discretion of establishing just
one RERA for two or more states, or establish more than one RERA in a single state.
• The Government can appoint any authority to carry out the functions of a RERA for as long as
the RERA is not established. As soon as the RERA is established, all the cases would be
transferred from the authority acting as RERA to the established RERA.
• RERA shall be a body corporate.
• Powers of RERA
1. To impose penalty or interest on Promoter/Allottee/Agent in regard of any contravention of
obligations.
2. To regulate its own procedure.
3. To suo motu make reference to Competition Commission of India of any matter that has effect of
market power of monopoly situation being abused for adversely affecting the interest of allottees.
4. To, suo motu or upon a complaint, call upon Promoter/Allottee/Agent at any time and order to furnish
in writing information or explanation.
5. Authority may appoint one or more persons to investigate and inquire in relation to the affairs of
Promoter/Allottee/Agent.
7. Real Estate Appellate Tribunal
• The bill proposes to establish a Real Estate Appellate Tribunal which shall come into force within
one year from date of commencement of the Act.
• Any person aggrieved by the decision or order of the Regulatory Authority or by the adjudicating
officer, may make an appeal to the Real Estate Appellate Tribunal within 60 days from the date of
receipt of a copy of order or directions.
• The Appellate Tribunal shall deal with the appeal expeditiously and shall dispose have the appeal
within 60 days from date of receipt of appeal.
• The Tribunal has the jurisdiction similar to that of a civil court and shall be deemed to be a civil
court. An appeal against the order of the Appellate Tribunal may be filed with the High Court,
within 60 days from the date of communication of decision or order of the Appellate Tribunal
8. Penalties
RERA provides stringent provisions with respect to contravention or non- compliance of the provisions the
Act or orders, decisions or directions of the Regulatory Authority or the Appellate
Tribunal which are as follows :
1. 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;
2. 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
3. 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.
Penalties with respect to Real Estate Agents
– 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.
9. Duties of Developer
The Developer has the following duties under RERA :
1. Developers have to disclose project related details, including project plan, layout, and government
approvals related information to the customers such as sanctioned floor space index (FSI), the number of
buildings and wings, the number of floors in each building, etc.
2. Any structural defect, or any other obligations of the promoter as per the agreement for sale, brought to
notice of promoter within five years from possession to be rectified free of cost. It is sort of 5-year
manufacturing guarantee
3. Once a project has been registered the progress detail needs to be updated on RERA website on a quarterly
basis. So don’t drive on weekends with family to the site where you have purchased a flat to check the
progress.
4. Builder can be held accountable for delays and compensation will be paid as per markets linked rates. It is
fixed at 2% above SBI’s lending rates (currently it is around 10%). The builder has to give the new date of
project completion with the compensation.
5. Builder need to keep 70% of the funds in one escrow account opened in the name of the project. He
cannot invest one projects money in another thereby causing a delay in the projects. If money is siphoned
and builder is caught, he can be heavily penalized and jailed (max 3 years) too (the penalty clause are
different for each state). So expect more discipline in project completion on time.
6. A consent of 2/3rd of the buyers is required for any major structural or amenities change.
7. The builder needs to tell and quote the price in CARPET AREA you are buying. No other units like built-
up, super built-up, PFS etc. is allowed. This is done to bring uniformity in price terms used by builders
10. Impact of RERA on Developers
1. On going projects :
Major impact of RERA is on the ongoing project,, and thus it will increase the cost as well as cause
delay projects but it will also create a lot of issues. The Acts should be applicable prospectively and not
retrospectively, as the Act not only affects the new projects but also various projects at various stages which
indeed shall lead to delayed deliveries of the projects.
2. Delays and Cost Escalations :
The major delays and cost escalations are created not by the developers but by the various
governmental authorities which sanction requisite projects and monitor during the course of development as it
takes 12 to 18 months for approval. It takes time even to get the OC and various other formalities.
3. Cost of Developers will increase:
The cost of developers will increase as sales can only happen post registration which is possible only
post approvals. The benefits which the consumers received before when they bought the property at reasonable
price could not be received now. With higher holding costs, the costs will further increase and the cost shall be
transferred to the consumers. Thus, increasing the price.
4. Cost for consumer shall increase :
With RERA, there shall be consolidation in the market an hence there shall be fewer sellers which
would increase the consumer competition in the market. Competition usually keeps the price under control
and due to reduction in the number of developers the consumers shall have less choice to choose out of.
5. Refund not justified:
The provisions with respect to 60days refund is unjustified as the developers need not have enough
sum with him all the time. All money which has been invested in construction and incase of cancellations the
developer has to refund all the money so invested to the consumer within 60 days which is not possible. A
delay by few customers shall affect the whole project and the developer has to refund the money to all
customers which shall affect the developers.
11. Impact on Consumers
• The unregularised real estate industry has now been regulated under the RERA, this will help the
consumer have an opportunity to file grievance against authorities formed under this Act.
• Consumers have to pay the real estate property at carpet area and not at the built up or super
built up area.
• The consumers can now get the benefit of making the developers liable for making good any
defects arising in the property within 5 years from transfer of possession of the property
• Developer will have to put 70% of the money collected from a buyer in a separate account to
meet the construction cost of the project. States can increase the ceiling but not lower it. This will
put a check to the general practice by majority of the developers to divert buyer’s money to start
new project instead of finishing the one for which money was collected. This will ensure that
construction is completed on time.
• It is likely to stabilize housing prices. The bill will lead to enhanced activity in the sector, leading to
more housing units supplied to the market. In the government’s opinion, the bill will bring in the
much-needed confidence to infuse more investment and, in turn, stabilize house prices.
• The bill also seeks to impose strict regulations on the promoter and ensure that construction is
completed on time. Its purpose is to ensure that the buyer gets the property as per the
specifications that he had been promised
• Real estate appellate tribunals now required to adjudicate cases in 60 days as against 90 days in the
earlier proposal. Regulatory Authorities to dispose of complaints in 60 days while no such time
limit was indicated earlier.
12. Other Provions of RERA
• Appropriate Government may by notification supersede the Authority for a period not exceeding
six months if it is of the opinion that RERA for reasons beyond its control is unable to perform
its functions and duties, or that the Authority has persistently defaulted in complying with
directions given by the government or by default in performance of functions has led to financial
position of the Authority to suffer, or that it becomes necessary for public interest.
• Within 6 months of enactment, state government shall make rules for carrying out provisions of
the Act.
• RERA within 3 months of its establishment shall make rules for carrying out provisions of the
Act
• Penalties on Allottees:
1. Liable to a penalty for the period during which such default continues, which may cumulatively extend up
to 5% of the apartment.
2. Punishable with imprisonment for a term which may extend up to 1 year or with fine for every day during
which such default continues, which may cumulatively extend up 10% of the apartment.
13. Conclusion
• Real Estate (Regulation & Development) Act bring about transparency and accountability in the
real estate sector by providing mechanism to facilitate and regulate sale and purchase of
commercial and residential units/projects and timely completion of projects by the promoters.
• The Act has put responsibility on the Government to make Regulatory Authority within the time
limit of one year.
14. Please feel free to call/mail us for further clarification.
Taxpert Professionals Private Limited
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