The promoter shall:

i) strictly abide by the provisions of the Real Estate (Regulation and Development) Act, 2016 and The Haryana Real Estate (Regulation and Development) Rules, 2017 and The Haryana Real Estate Regulatory Authority, Panchkula (Registration of Projects) Regulations, 2018, and all such other orders that may be issued by the Authority from time to time and will not enter into any agreement with the buyer in breach of the said provisions.

ii) strictly abide by the declaration made in form REP-II.

compliance to regulation process standard industry company vector illustration

iii) apart from the price of the Plot, the Promoter shall not demand or receive from the allottees any other cost, fee or charge under any name or definition except reasonable charges for maintenance of essential services and common facilities.

iv) the Promoter shall create his own website within a period of one month containing information as mandated under Regulation 14 of the Regulations and update the same periodically but not later than every quarter, including the information relating to Plots sold/booked and expenditure made in the project.

v) a copy of the brochure. and each advertisement(s,) shall be submitted to the Authority immediately after publication.

vi) adopt and strictly abide by the model agreement for sale as provided in Rule 8 of the RERA Rules dated 28.2017.

vii) that seventy per cent of the amounts realised by promoter for the real estate project from the Allottees, from time to time, shall be deposited in a separate account to be maintained in a scheduled bank to cover the cost of construction and the land cost and shall be used only for that purpose.

viii) that the amounts from the separate account, to cover the cost of the project, shall be withdrawn by the promoter in proportion to the percentage of completion of the project.

ix) that the amounts from the separate account shall be withdrawn by the promoter after it is certified by an engineer, an architect and a chartered accountant in practice that the withdrawal is in proportion to the percentage of completion of the project.

x) that the promoter shall get the 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 utilised for the project and the withdrawal has been in compliance with the proportion to the percentage of completion of the project.

xi) submission of Quarterly return within 15 days of very next following month.


Author Bio

Qualification: CS
Company: H L Residency Private Limited
Location: Bahadurgarh, Haryana, India
Member Since: 20 Mar 2019 | Total Posts: 1
Company Secretary, Law Graduate and a Post Graduate in Finance and Law, possesses professional experience of more than 2.5 years in handling Secretarial division and Compliance management. View Full Profile

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September 2021