MINISTRY OF URBAN DEVELOPMENT notified on 24th November, 2016 under section 84 and in pursuance of sub-clause (iii) of clause (g) of section 2 of the Real Estate (Regulation and Development) Act, 2016, the National Capital Territory of Delhi Real Estate (Regulation and Development) (General) Rules, 2016.
The Rule gives the detailed procedure regarding composition of real estate registration authority, registration of the real estate projects and agents, publication of information related to projects, promoters, penalty, appellate Tribunal etc.
Real Estate Regulatory Authority (RERA) Delhi
The Real Estate (Regulation and Development) Act received the assent of the President on 25 March 2016 and the Act came into force thereafter. In exercise of powers conferred upon Hon’ble Lieutenant Governor of Delhi as the ‘Appropriate Government’, a notification No.221 dated 14th November 2018 was published under Section 20 of Real Estate (Regulation and Development) Act 2016 to establish the Real Estate Regulatory Authority for the National Capital Territory of Delhi (the Authority). Accordingly, Lieutenant Governor of Delhi, Mr. Anil Baijal appointed retired IAS officer Vijay S Madan as the first real estate regulator for Delhi under RERA.
The composition of Real Estate Registration Authority (The Authority) for Delhi is as under:
1. Vijay S. Madan- Chairperson
2. Shri G. P. Srivastava- Member
3. Shri Ramesh Chandra- Member
- Website– https://rera.delhi.gov.in
- Address- 2nd Floor, Shivaji Stadium Annexe Building, Shaheed Bhagat Singh Marg, New Delhi – 110001.
- As on date-Projects registered with RERA Delhi- 21
- As on date- List of projects pending registration- 07
- List of completed projects- 3
Source- website of RERA Delhi.
Salient Features of the National Capital Territory of Delhi Real Estate (Regulation and Development) (General) Rules, 2016:
Registration of the Projects:
- Documents/ information required – copies of PAN card, annual report, audited balance sheet, number of open and covered parking areas, legal title deed of the land, detail of encumbrances on the land, if land not owned by promoter, consent of the owner of the land, collaboration agreement, KYC of the promoters.
- The promoter to pay registration fee as per the slab stated.
- A declaration to the effect that the promoter shall not discriminate against any allottee at the time of allotment of any apartment, to be submitted by the promoter.
- For the ongoing projects, the promoter shall also disclose the original sanctioned plan, lay out plan and specifications and the subsequent modifications carried out, if any, including the existing sanctioned plan, layout plan and specifications, the total amount of money collected from the allottees and the total money used for development of the project and the total balance money lying with the promoters, status of the project including the original time period and the extended period to complete the project.
- Size of the apartment to be disclosed on carpet area and for the plotted development, the area of plot being sold to allottees as per the layout plan to be disclosed.
- For the existing projects not received completion certificate, the promoter to deposit in a separate bank account, 70% of the amount realized from allottees, which have not been utilized for construction of the project or the land cost for the projects.
- The Authority may either grant registration to the project or reject the registration. The Authority grants the Registration certificate in form ‘C’ and rejection in form ‘D’.
- An extension of the registration may be applied within three months prior to the expiry of the registration granted.
Real Estate Agent
- The real estate agent is required to register with the Authority and he shall make application for registration and pay the requisite registration fee.
- The agent has to furnish the required details including the KYC documents with the registration application.
- Upon registration, the Authority shall issue a registration certificate to the agent.
- The real estate agent is required to maintain and preserve the books of accounts, records and documents in accordance with the provisions of the Income Tax Act, 1961 (43 of 1961), as amended from time to time, and the rules made thereunder.
- The agent shall provide assistance to the allottee and promoter at the time of booking and sale of any plot, building or apartment, as the case may be.
Total No. of Real Estate agents as on date with RERA Delhi- 170*
*Source- RERA Delhi website
Publication on the Website of the Authority
Following information shall be made available on the website of Authority, in respect of each project registered under the Act:
- Detail of the promoter with profile, track records, experience, financial back ground.
- Detail of the enterprise such as name, address, type etc.
- Number of completed projects and area constructed till date in the past five years including the status of the projects, delay in its completion, details of type of land and payments pending.
- Number of ongoing projects.
- Details of litigation, if any, in the past five years in relation to the real estate projects.
- Web link of the promoter, project.
- Detail of the real estate project including advertisement, prospectus, compliances and registration, approvals and commencement certificate received from competent authorities, sanction and lay out plans, carpet area, number of garage, open and covered parking areas, details of the number of open parking areas and covered parking areas available in the real estate project.
- Registered agents, Consultants.
- The stage wise time schedule of completion of the project, including the provisions for civic infrastructure like water, sanitation and electricity etc.
- The promoters to upload on the webpage for the project, within 15 days from the expiry of each quarter- list of apartment booked, list of garages booked, status of the project, status of approvals.
- Contact address, contact numbers and email-id of the promoter, authorized person and other officials related to the project.
- The Authority shall make available on its website the detail of the real estate agents registered, and also for whom the registration was rejected/ revoked.
Interest Payable by Promoter and Allottee and Timelines for Refund
- The rate of interest payable by the promoter to the allottee or by the allottee to the promoter, as the case may be, shall be the State Bank of India highest Marginal Cost of Funds based Lending Rate plus two per cent.
- The promoter shall pay the refund along with the interest thereon within forty-five days from the date on which such refund becomes due.
Appeal
Any person aggrieved by any director or order, decision of the Authority may prefer an appeal to the Real Estate Appellate Tribunal.
Filing of Complaint with the Authority and the Adjudicating Officer
- Any aggrieved person may file a complaint with the Authority for any violation under the Act or the rules and regulations made thereunder.
Budget and Report
- The Authority shall prepare yearly budget, maintain proper accounts and other relevant records and prepare an annual statement of accounts.
- The Authority shall preserve the accounts and other relevant records for a minimum period of five years.
- The accounts and other relevant records shall be signed by the Chairperson, Members, Secretary and the officer in-charge of Finance and Accounts.
- The accounts of the Authority and the audit report shall, as soon as possible, be submitted to the appropriate Government for laying before the Parliament.
- The Authority shall prepare its annual report in prescribed format, which shall be adopted at the meeting of the Authority and signed by the Chairperson and Members.
(Author – Sonika Bharati, FCS, LLB, is a Company Secretary in Practice from Delhi and can be contacted at [email protected])
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