Article explains Important Due Dates and timelines under RERA explaining Provision of the RERA Act for which compliance is needed, Details of such compliance with timeline and Relevant Section & Rules.

Due date important day calendar concept

Sl No Provision of the RERA Act Details Section
1 Prior Registration of Real Estate Project Obtain the RERA registration on receipt of the Sanctioned plan (may be postponed if the intention is not to sell immediately) Sec 3 / Sec 4
2 First time Update / Post Registration On registration of the Project Sec 11
3 Quarterly Updates Within 15 days from the end of each Quarter Sec 11 read with Rules
4 Annual Audit of Accounts Within 6 months from the end of financial year Sec 4(2)(L)(D)
5 Obtaining Professional Certificates –

a) Architect,

b) Engineer, and

c) Chartered Accountant

Architect, Engineer, and Chartered Accountant in Practice certificates shall be obtained for each withdrawal of funds from the RERA Designated bank account. Sec 4(2)(L)(D)
6 Reporting of Completion On completion of 100% development (internal and development) works in the project.

Report within the same quarter of completion

Circular
7 Application for Extension of End date for the project Within 3 months before the end date of registration Sec 6 read with Rule
8 Modification Application Prior / post-approval of the authority for any modification in the Registration Application depending on the modification/amendment. Sec 14
9 Formation of Association of Allottees shall be formed within three months of the majority of allottees having booked the plot/apartment Sec 11
10 Transfer of Title within three months from date of issue of occupancy certificate. Sec 17
11 Refund/Return of amount on Cancellation Within 30/60 days of Such Cancellation Sec 18  read with Rule
12 Conveyance of plot/apartment Conveyance deed after receipt of Occupancy certificate Sec 17
13 Hand- over

a. the necessary documents

b. plans

c. including common areas to the association of the allottees

within thirty days after obtaining the occupancy certificate Sec 17
14 Structural Defect warranty by the Promoter Five years from the date of handing over to the allottee Sec 14
15 Attend to Structural Defect by the Promoter Promoter to rectify such defects without further charge, within thirty days from the date of notice Sec 14
16 Grant of Registration by the authority for the real estate project Within 30 days from the date of application Sec 5

Auhtor is a Chartered Accountant and can be rachable on [email protected]

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Qualification: CA in Practice
Company: Venu & Vinay
Location: Bangaloe, Karnataka, India
Member Since: 05 Sep 2018 | Total Posts: 25
CA Vinay Thyagaraj, practicing Professional in the area of Real Estate, Direct Taxation, business structuring apart from financial consultation. Practicing since 2 decades in Bengaluru, developed team of professionals to provide holistic and 360 Degree services to the clients. Living with parents, View Full Profile

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