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FUNCTIONS AND DUTIES OF PROMOTER UNDER THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT 2016

Other Topics - By: - Mr. M. GOVINDARAJAN - Dated:- 27-7-2016 - Chapter III of the Real Estate (Regulation and Development) Act, 2016 ( Act for short) provides the functions and duties of the promoter. Promoter Section 2(zk) of the Act defines the term promoter as- a person who constructs or causes to be constructed an independent building or a building consisting of apartments, or converts an existing building or a part thereof into apartments, for the purpose of selling all or some of the apart .....

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their disposal by the Government; or plots owned by such authority or body or placed at their disposal by the Government for the purposes of selling all or some of the apartments or plots; or an apex State level co-operative housing finance society and a primary co-operative housing society which constructs apartments or buildings for its Members or in respect of the allottees of such apartments or building; or any other person who acts himself as a builder, colonier, contractor, developer, esta .....

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ots are different persons, both of them shall be deemed to be the promoters and shall be jointly liable as such for the functions and responsibilities specified under this Act or the rules and regulations made there under. Functions and duties of promoter The following are the functions and duties of the promoter- Creating web site Section 11(1) provides that the promoter shall create his web page on the web site of the Authority and enter all details of the proposed project for public view, inc .....

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sement Section 11(2) provides that the advertisement or prospectus issued or published by the promoter shall mention the web site address of the Authority. Information to allottees Section 11(3) provides that the promoter at the time of booking and issue of allotment letter shall be responsible to make available to the allottee the following information- sanctioned plans, layout plans, along with specifications, approved by the competent authority, by display at the site or such other place as m .....

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onveyance of all the apartments, plots or buildings to the allottees, or the common areas to the association of allottees or to the competent authority. to obtain the completion certificate or the occupancy certificate from the relevant competent authority and make it available to the allottees individually or to the association of allottees; to obtain the lease certificate specifying the period of lease and certify that all dues and charges in regard to the leasehold has been paid and to make t .....

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n common areas to the association of allottees or competent authority; to pay all outgoings until he transfers the physical possession of the real estate project to the allottee including land cost, ground rent, municipal or other taxes etc., after executing an agreement for sale for any apartment etc., not to mortgage or create on such apartment, plot or building; even ifmortgage is done it should bne ensured that it shall not affect the rights and interest of the allottee; Accepting deposits S .....

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project along with the specifications and internal development works and external development works, the dates and manner by which payments towards of the apartment etc., are to be made by the allottees and the date on which the possession of the department etc., is to be handed over, the rates of interest payable by the promoter to the allotter and the allottee to the promoter in case of default and other such other particulars as may be prescribed. Adherence Section 14 provides that the projec .....

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ended and verified by an authorized architect or Engineer after proper declaration and intimation to the allottee. Rectification of defects Section 14(3) provides that in case any structural defect or any other defects in workmanship, quality or provision of services or any other obligations of the promoter as per the agreement for sale such development is brought to the notice of the promoter within a period of 5 years by the allottee from the date of handing over possession. The promoter shall .....

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n approval of the Authority. Such transfer or assignment shall not affect the allotment or sale of the apartments etc., On the transfer or assignment being permitted by the allottees and the Authority, the intending promoter shall be required to independently comply with all the pending obligations under this Act or rules or regulations made there under. Insurance of real estate Section 16 provides that the promoter shall obtain all such insurances as may be notified by the appropriate Governmen .....

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