TMI BlogREGISTRATION AND FUNCTIONS OF REAL ESTATE AGENT & RIGHTS AND DUTIES OF ALLOTTEES UNDER THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... REGISTRATION AND FUNCTIONS OF REAL ESTATE AGENT & RIGHTS AND DUTIES OF ALLOTTEES UNDER THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016 - By: - Mr. M. GOVINDARAJAN - Other Topics - Dated:- 28-7-2016 - - In this article the procedure for registration of real estate agent and his functions will be elaborated. Likewise the rights and duties of allottees are also discussed. The provisions relating to both real estate agent and allottees have not yet been notified. Real Estate Agent Section 2(zm) defines the term real estate agent as any person, who negotiates or acts on behalf of one person in a transaction of transfer o s his plot, apartment or building, as the case may be, in a real estate project, by way of sale, with an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other person or transfer of plot, apartment or building, as the case may be, of any other person to him and receives remuneration or fees or any other charges for his services whether as commission or otherwise and includes a person who introduces, through any medium, prospective buyers and sellers to each other for negotiation for sale of purchase of plot, apartment or building, as the case may be and includes property dealers, brokers, middlemen by whatever name called. Registration of Real estate agents Section 9 provides the procedure for registration of real estate agents. Section 9(1) provides that a real agent shall facilitate the sale or purchase of or action on behalf of any person to facilitate the sale or purchase of any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plot, apartment or building, as the case may be, in a real estate project or part of it, being the part of the real estate project registered under Section 3, being sold by the promoter in any planning area, only after obtaining registration under this section. Section 9(2) provides that every real estate agent shall make an application to the Authority for registration in such form, manner, within such time and accompanied by such fee and documents as may be prescribed. Section 9(3) provides that the Authority shall, within such period, in such manner and upon satisfying itself of the fulfillment of such condition, as may be prescribed- grant a single registration to the real estate agent for the entire State of Union territor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y, as the case may be; 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 made there under. No application shall be rejected unless the applicant has been given an opportunity of being heard in the matter. Deemed registration Section 9(4) provides that whereon the completion of the period, if the applicant does not receive any communication about the deficiencies in his application or the rejection of his application, he shall be deemed to have been registered. Quoting of Registration Number Section 9(5) provides that every real estate agent who is registered as per the provisions of this Act or the rules and regulations made t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... here under, shall be granted a registration number by the Authority, which shall be quoted by the real estate agent in every sale facilitated by him under this Act. Validity of registration Section 9(6) provides that every registration shall be valid for such period as may be prescribed. Revocation of registration Section 9 (7) provides that where any real estate agent who has been granted registration under this Act commits breach of any of the conditions thereof or any other terms and conditions specified under this Act or any rules or regulations made there under, or where the Authority is satisfied that such registration has been secured by the real estate agent through misrepresentation or fraud, the Authority may, with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out prejudice to any other provisions the registration or suspend the same for such period as it thinks fit. No such revocation or suspension shall be made by the Authority unless an opportunity of being heard has been given to the real estate agent. Functions of the real estate agent Section 10 provides for the functions to be performed by the real estate agent. The real estate agent shall- not facilitate the sale or purchase of any plot, apartment or building in a real estate project or part of it, being sold by the promoter in any planning area, which is not registered with the Authority; maintain and preserve such books of account, records and documents as may be prescribed; not involve himself in any unfair trade ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... practices, namely- falsely represents that the services are of a particular standard or grade; represents that the promoter or himself has approval or affiliation which such promoter or himself does not have; makes a false or misleading representation concerning the services; permitthe publication of any advertisement whether in any newspaper or otherwise of services that are not intended to be offered; facilitate the possession of all the information and documents, as the allottee is entitled to, at the time of booking of any plot, apartment or building, as the case may be; discharge such other functions as may be prescribed. ALLOTTEE Chapter V of the Act provides for the rights and duties of allottees ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Allottee Section 2(d) defines the term allottee in relation to the real estate project, as the person to whom a plot, apartment or building, has been allotted, sold, whether as freehold or leasehold or otherwise transferred by the promoter and includes the person subsequently acquires the said allotment through sale, transfer or otherwise but does not include a person to whom such plot, apartment or building, as the case may be, is given on rent. Rights of allottees Section 19(1) provides that the allottees shall be entitled to obtain the information relating to sanctioned plans, layout plan along with the specifications, approved by the competent authority and such other information as provided in this Act or the rules ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and regulations made there under or the agreement for sale signed with the promoter. Section 19(2) provides that the allottee shall be entitled to know stage wise time schedule of completion of the project, including the provisions for water, sanitation, electricity and other amenities and services as agreed to between the promoter and the allottee in accordance with the terms and conditions of the agreement for sale. Section 19(3) provides that the allottee shall be entitled to claim the possession of the apartment, plot or building and the association of allottees shall be entitled to claim the possession of the common area as per declaration given by the promoter. Section 19(4) provides that the allottee shall be entitled to cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... im the refund of amount paid along with interest at such rate, as may be prescribed and compensation in the manner as provided under the Act, from the promoter, if the promoter fails to comply or is unable to give possession of the apartments, plot or buildings in accordance with the terms of agreement for sale or due to discontinuance of his business as a developer on account of suspension or revocation of his registration under the provisions of this Act or the rules or regulations made there under. Section 19(5) provides that the allottee shall be entitled to have the necessary documents and plans, including that of common area, after handing over the physical possession of the apartment or plot or buildings by the promoter. Dutie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of allottees Section 19(6) provides that every allottee shall be responsible to make necessary payment in the manner and within the time as specified in the agreement for sale and shall pay at the proper time and place, the share of the registration charges, municipal taxes, water and electricity charges, maintenance charges, ground rent, and other charges, if any. Section 19(7) provides that the allottee shall be liable to pay interest, at such rate as may be prescribed, for any delay in payment towards any amount or charges to be paid; Section 19(8) provides that the obligations of the allottee and the liability towards interest may be reduced when mutually agreed to between the promoter and such allottee. Section 19(9) pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vides that every allottee shall participate towards the formation of an association or society or cooperative society of the allottees or a federation of the same. Section 19(10) provides that every allottee shall take physical possession of the apartment, plot or building within a period of two months of the occupancy certificate issued for the said apartment, plot or building. Section 19(11) provides that every allottee shall participate towards registration of the conveyance deed of the apartment, plot or building, as provided under Section 17(1) of the Act. - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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