Ø Application
of registration u/s4 to be made as per the Form ‘A’ prescribed under Rule 3(3)
and along with the same declaration has to be filled in Form ‘B’ as per Rule
3(6).
Ø The
concept of 70:30 is mentioned in section 4(2)(i)(d).
Ø Registration
is guaranteed under section 5.
Ø Registration
can be revoked u/s 7.
Registration and obligation of real estate
Ø As
per RERA it now mandatory that real estate agents selling the premises in Real
estate project have to register u/s9 by complying as per the form ‘G’
prescribed under Rule
11(2)
Ø As
per Rule 12(4) the registration shall be valid for period of 5years.
Ø The
provision for renewal in respect of Real estate agent should not be done as
per Rule
13.
Ø There
are various obligation caused on Real estate agent under Rule 14
Ø Revocation
of registration of breach of provision mentioned in Rule15.
Ø As
per the Rule
16 Real estate agents has to
maintain and preserves separate books, accounts, documents. 70% of realization from
allottees in a separate bank account
1. The Act mandates that
a promoter shall deposit 70% of the amount realized 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.
2. 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. 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.
The application for registration must disclose
the following information:
Ø Details
of the promoter (such as its registered address, type of enterprise such
proprietorship, societies, partnership, companies, competent authority)’.
Ø 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.
Ø 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.
Ø 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.
Ø Performa
of the allotment letter, agreement for sale and conveyance deed proposed to be
signed with the allottees.
Ø Number,
type and carpet area of the apartments and the number and areas of garages for
sale in the project.
Ø The
names and addresses of the promoter's real estate agents, if any, and
contractors, architects, structural engineers affiliated with the project.
A declaration by the promoter supported by an
affidavit stating that:
Ø 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;
Ø The
time period within which he undertakes to complete the project or the phase;
and
Ø 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.
DUTIES OF PROMOTER
Ø Upon
receiving the login id and password Promoter has to create his web page on the
website of the authority
Ø To
enter all the details of the proceed project on his web page
Ø Once
in three months the promoter has to update the data on web page in respect of
booking status, approvals, status of the project etc..
Ø Advertising
material should reflect should the registration details of the promoter.
Ø Promoter
has to abide by all the obligation under section 11(3) at time of time of
booking
Ø As
per the section 12 promoters will solely responsible for on regards as the
advertisement of prospectus.
Ø As
per section 13 promoter cannot accept more than 10% of the cost of apartment
without executing the contract.(in MOFA it is used to be 20 %)
Ø As
per section 15 promoters cannot transfer the Real estate project to the third
party without obtaining the consent 2/3rd of the allotters.
Ø As
per section 16 promoters has to insure Real estate projects in respect of land
and building and construction of Real Estate project.
Ø As
per s.17 promoter has to transfer the title when the norms are fulfilled for
its transfer.(this done with help of amendment of land titling bill 2010
which gives the entire mechanism of land titling
BENEFITS OF THE CUSTOMER
The
Authority shall in order to facilitate the growth and promotion of a healthy,
transparent, efficient and competitive real estate sector make recommendations
to the appropriate Government of the competent authority, as the case may be,
on,—
(a) protection
of interest of the allottees, promoter and real estate agent;
(b) creation
of a single window system for ensuring time bound project approvals and
clearances for timely completion of the project;
(c) creation
of a transparent and robust grievance redressal mechanism against acts of
ommission and commission of competent authorities and their officials;
(d) measures
to encourage investment in the real estate sector including measures to
increase financial assistance to affordable housing segment;
(e) measures
to encourage construction of environmentally sustainable and affordable
housing, promoting standardisation and use of appropriate construction
materials, fixtures, fittings and construction techniques;
(f) measures
to encourage grading of projects on various parameters of development including
grading of promoters;
(g) measures to facilitate amicable conciliation of disputes
between the promoters and the allottees through dispute settlement forums set
up by the consumer or promoter
associations;
(h) measures
to facilitate digitization of land records and system towards conclusive
property titles with title guarantee;
(i) to
render advice to the appropriate Government in matters relating to the
development of real estate sector;
(j) any
other issue that the Authority may think necessary for the promotion of the
real estate sector.
CIVIL COMPLAINT
No
civil court shall have jurisdiction to entertain any suit or proceeding in
respect of any matter which the Authority or the adjudicating officer or the
Appellate Tribunal is empowered by or under this Act to determine and no
injunction shall be granted by any court or other authority in respect of any
action taken or to be taken in pursuance of any power conferred by or under
this Act.
(1) No court shall take cognizance of any offence punishable
under this Act or the rules or regulations made there under save on a complaint
in writing made by the Authority or by any officer of the Authority duly
authorised by it for this purpose.
(2) No court inferior to that of a Metropolitan Magistrate or
a Judicial Magistrate of the first class shall try any offence punishable under
this Act.
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