Section 15 of Real Estate (Regulation and Development) Act, 2016 Obligation of Promoter in Case of Transfer of a Real Estate Project to a Third Party Post enactment of the Real Estate (Regulation and Development) Act, 2016 (Act) is seeing consolidation in Industry for the reasons of – 1) Financial constraints in completing the development […]
Sec 4 of the Real Estate Regulation and Development Act 2016 mandates every promoter to open and maintain the Project wise bank account in Scheduled Bank Objective and Intention of the Act is to ensure the money collected from the Allottees for the Specific project shall be utilised for the specific project and to avoid […]
Annual Schedule of Rates – ASR Value (as mentioned in CA Certificates for updates under RERA in Form 4 (especially while issuing certificate for ongoing project) ASR is a government tool to find out the minimum value of a property at different locations based on various market factors. In Delhi, it is called Circle Rate whereas; […]
CA’s, Engineer, Architects Professionals play a prominent role under RERA. All promoters shall obtain from these 3 professional’s certificates from time to time to withdraw the money from the project Bank Account based on % of development of the project.
POST to the registration of Real Estate Project by Karnataka Real Estate Regulatory Authority, it has become necessary for the promoters of the registered projects to comply with the requirements of The Real Estate (Regulation and Development) Act 2016. Provision under Section 4 (2) l (D) of the Act is mandatory audit which reads as follows: Provided also that the promoter shall get his accounts audited within six months after the end of every financial year by a chartered accountant in practice, and shall produce 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.
A Defect Liability period is a set period of time after the completion of a project and handing over the possession to the allottee, where the builder/promoter is held responsible/answerable to the allottees, for any kind of structural defects in the project and is duty bound to set right such structural defects within the given time and without any further collection of money / charge to the allottees
Many Promoters/ Builders/ CA’s are currently having questions/ queries on what’s next! having filed application online for registration and approved by authorities. Many Promoters / builders, CA’s are calling us and enquiring the next step, process and action required to comply with provisions of RERD Act 2016 / State Rules in relation to procedure, precautions to be followed in Issuance, maintenance and submission of CA Certificates. In order to educate, guide the Promoters / Builders and to CA’s (Chartered Accountants) on matters which may arise in the course of their professional work and on which they may desire assistance in resolving issues which may pose difficulties.
