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Dec2018_Posiview RERA Rules Statewise Comparison

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Comparative analysis of RERA rules across states

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Dec2018_Posiview RERA Rules Statewise Comparison

  1. 1. ` Queries and Feedback to CA Vinit Deo vinit@posiview.in / +91 89757 61062 Comparative Analysis of RERA Rules across States
  2. 2. ` Queries and Feedback to CA Vinit Deo vinit@posiview.in / +91 89757 61062 COMPARATIVE ANALYSIS OF RERA RULES ACROSS STATES Sr. No. Items Central Maharashtra Delhi Madhya Pradesh Rajasthan Karnataka Uttar Pradesh 1 Ongoing Projects Exemptions No No No Uttar Pradesh: Yes Revised Sanctioned Plan Allowed Allowed Not Clear Money Collected till date 70% of money collected less spent on land and construction cost to be deposited within 3 months of application No provision of depositing money collected before registration. If balance estimated cost of construction is more than balance collection, then 100% of receivables to be deposited in Separate Account. Not Clear Revised Possession Date Allowed Allowed Not Clear 2 Application Fee Amount Land upto 1000 sq mtrs / above 1000 sq mtrs Residential – Rs 5/10 per sq mtrs Commercial – Rs 20 / 25 per sq mtrs Mixed - Rs 10 / 15 per sq mtrs Plotting - Rs 5 per sq mtrs Land upto 1000 sq mtrs – Rs 1 / sq mtrs Land above 1000 sq mtrs – Rs 2 / sq mtrs Land upto 1000 sq mtrs / above 1000 sq mtrs Residential – Rs 10/20 per sq mtrs Commercial – Rs 50 / 100 per sq mtrs Uttar Pradesh: Land upto 1000 sq mtrs / above 1000 sq mtrs Residential & Mixed Use – Rs 10 per sq mtr/ Rs 500 per 1000 sq mtrs or part Commercial - Rs 20 per sq mtr/ Rs 1000 per 1000 sq mtrs or part Cap on Fee Yes Residential – Rs 5 lakhs Commercial – Rs 10 lakhs Mixed - Rs 7 Lakhs Plotting - Rs 2 Lakhs Yes Rs 1 Lakh No Fee for Extension 50% of Original Fee Same as original Fee 200% of Original Fee Extension due to Force Majeure No Fee Fee waiver at discretion of Authority Fee waiver at discretion of Authority 3 Allotment of Parking Open No Yes No Closed Yes Yes No Covered Yes Yes Yes
  3. 3. ` Queries and Feedback to CA Vinit Deo vinit@posiview.in / +91 89757 61062 4 Consent of Allottees for Change in Sanctioned Plan No Special Clause Consent required only for change in Concept /Proposed Plan attached to Sale Agreement No Special Clause 5 Process for Withdrawal of Amount Not Specified Specified Specified 6 Cost Definition Land Not Specified Exhaustive Definition Cost incurred by the promoter on outright purchase, lease charges etc Construction Not Specified Exhaustive Definition Cost incurred On-site expenditure for the physical development of the project 7 Special Power of Review of Application to RERA Authority No No Yes 8 Submission of Information for Registration Details of Litigation Past 5 Years litigation details related to the project Details of proceedings which are sub-judice Details of all past and ongoing litigations related to the Real Estate Project Plans Sanctioned Plans Sanctioned Plan Proposed Plan with full FSI potential planned by the Promoter Sanctioned Plans Annual Reports for past 3 years of the Company Yes No Yes Annual Reports for past 3 years of the Parent Company in the project is in a new Company Yes No No Audited Cash Flow of past 3 Years of the Company / Parent Company Yes No No Income Tax Return No No Yes 9 Display of Information on Website of Authority All information submitted by the Promoter as per the Rules Only select information submitted by the Promoter Additional Information to be specified by the Authority in its Regulations All information submitted by the Promoter as per the Rules 10 Conveyance of Land No Special Provision. As per Act 3 months from Occupancy Certificate. If no period for conveying title is registered then – within 1 months of formation of society or 3 months of date of issue of Occupation Certificate which whichever is earlier Promoter will convey: No Special Provision. As per Act 3months from Occupancy Certificate.
  4. 4. ` Queries and Feedback to CA Vinit Deo vinit@posiview.in / +91 89757 61062 Single Building – Land & Building Building/Wing in a Layout –convey on that structure of building / wing without basements and podiums Layout – Entire undivided share of land below all buildings then within one month of formation of Apex Body / Federation or 3 months of issue of Occupation Certificate to last building 11 Compounding of Offences 10% of Estimated Cost of the Project Between 2 to 10% of Estimated Cost of the Project depending on nature of offence 10% of Estimated Cost of the Project UP: Proportionate to Jail Term
  5. 5. ` Queries and Feedback to CA Vinit Deo vinit@posiview.in / +91 89757 61062 About Posiview Posiview Consulting is a Real Estate focused investment banking firm based in Pune, India. Led by CA Vinit Deo, Chairman &Managing Director, Posiview Consulting has a professional team of CAs, MBAs and Engineers who give practical and research based financial growth strategies to real estate companies. Posiview works with over 100 Real Estate Developers and almost all Financial Institutions, Private Equity Funds, NBFCs to provide it’s clients with 360 degree financial solutions. CA Vinit Deo is an expert on the newly enacted Real Estate Regulation and Development Act, 2016 (RERA) and has conducted over 30 sessions across the country for Developers, CAs, Architects, Engineers, Brokers etc on the benefits of RERA and is working actively with the leading industry association CREDAI in giving suggestions to Government Authorities on implementation of RERA. Please send your Queries and Feedback to: CA Vinit Deo Cell: +91 8975761062 Email: vinit@posiview.in Posiview Consulting Partners Pvt Ltd Office 202, Chintamani Pride, Near City Pride Multiplex, Kothrud, Pune 411038 www.posiview.in Disclaimer The contents of this document are privileged and confidential and not for public circulation. This document is for general information of our clients and others to whom it is specifically provided. The information contained in this document is derived from public sources, which we believe to be reliable but which, without further investigation, cannot be warranted as to their accuracy, completeness or correctness and we are not obligated to update or amend the same. The information contained in this document is not intended to be nor should be regarded as legal advice and no one should act on such information without appropriate professional advice. Posiview accepts no responsibility for any loss arising from any action taken or not taken by anyone using this material.

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