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REGISTRATION OF REAL ESTATE PROJECTS UNDER THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT 2016

Other Topics - By: - Mr. M. GOVINDARAJAN - Dated:- 25-7-2016 - Chapter II of the Real Estate (Regulation and Development) Act, 2016 provides for the procedure of registration of real estate projects and real estate agents. The provisions of this Chapter has not yet been notified even though the Act came into effect from 01.05.2016 and some of the provisions were notified as to their effect from 01.05.2016. Real Estate Project Section 2(zn) defines the phrase real estate project as the developmen .....

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veloped in phases, every such phase shall be considered a standalone real estate project and the promoter shall obtain registration for each phase separately. Registration requirement Section 3(1) provides that any promoter cannot sell or offer for sale or invite person to purchase any plot, apartment etc., without registering the real estate project with the Real Estate Regulatory Authority established under this Act. Ongoing projects as on 01.05.2016 and for which the completion certificate ha .....

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promoter has received the completion certificate prior to the commencement of this Act; for the purpose of renovation or repair or re-development which does not involve marketing, advertising selling or new allotment of any apartment, plot or building as the case may be, under the real estate project. Procedure for Registration Section 4 and 5 of the Act provides the procedure of registration. The procedure is as detailed below: Every promoter shall make an application to the Real Estate Regula .....

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current status of the said projects, any delay in completion, details of cases pending, details of types of land and payments pending; an authenticated copy of the approvals and commencement certificate from the competent authority; if the project is to be developed in phases, an authenticated copy of the approvals and commencement certificate from the authority for each such phase; the sanctioned plan, layout plan and specifications of the proposed project or the phase thereof, and the whole pr .....

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ement for sale and the conveyance deed proposed to be signed with the allottees; the number, type and the carpet area of apartments for sale along with the area of the exclusive balcony or verandah area and the exclusive open terrace areas apartment with the apartment, if any; the number of areas of garage for sale in the project; the names and address of his real estate agents, if any, for the proposed project; the names and addresses of the contractors, architects, structural engineer, if any .....

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e of any party in or over such land along with details; the time period within which he undertakes to complete the project or phase thereof, as the case may be; that 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 schedule bank to cover the cost of construction and the land cost and shall be used only for that purpose; the promoter shall withdraw the amounts from the separate account to .....

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ce a statement of accounts duly certified and signed by such Chartered Accountant and it shall be verified during the audit that the amounts collected for a particular project have been utilized for the project and the withdrawal has been in compliance with the proportion to the percentage of completion of the project; he shall take all pending approvals on timefrom the competent authorities; that he has furnished such other documents as may be prescribed by the rules or regulations made under t .....

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e and to fill therein the details of the proposed project or reject the application for reasons to be recorded in writing, if such application does not conform to the provisions of the Act or the rules or regulations under there under after giving him a reasonable opportunity. Deemed registration Section 5(2) provides that if the Authority fails to grant the registration or reject the application, the project shall be deemed to have been registered and the Authority shall within a period of 7 da .....

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be extended by the Authority on an application made by the promoter due to force majeure, in such form and on payment of such fee as may be specified by regulations made by the Authority. The Authority may in reasonable circumstances without default on the part of the promoter, based on the facts of each case, and for the reasons to be recorded in writing, extend the registration granted to a project for such time as it considers necessary, which shall, in aggregate, not exceed a period of one y .....

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moter violates any of the terms or conditions of the approval given by the competent authority; the promoter is involved in any kind of unfair practice or irregularities; the promoter indulges in any of fraudulent practices. The registration shall not be revoked unless the Authority has to given the promoter not less than 30 days notice, in writing, stating the grounds on which it is proposed to revoke the registration and has considered any cause shown by the promoter within the period of that .....

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he practice of making any statement, whether in writing or by visible representation, which- falsely represents that the services are of a particular standard or grade; represents that the promoter has approval or affiliation which such promoter does not have; makes a false or misleading representation concerning the services; the promoter permits the publication of any advertisement or prospectus whether in any newspaper or otherwise of services that are not intended to be offered; Effect of re .....

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