Here are the following important points to be remember under RERA, 2016
GENERAL PROVISIONS
1. No promoter shall start dealings related to the real estate project without registering the project with RERA.
2. Exemption from registration if:
i. Area of land to be developed is less than or equal to 500 sq. mtr. OR Apartments does not exceed 8 in number (including all phase).
ii. Received Completion Certificate prior to establishment of the Act.
iii. Only repair, re-novation and re-development purpose.
Registration of each phase need to be separate.
3. 70% of the amt. (construction + land cost) realised from allottee to be kept in separate bank acc. And to be used only for project purpose.
4. Withdrawal of amt. will be proportionate to the completion of project.
5. Certificate for withdrawing amt: a. engineer or architect, and b. Practicing Chartered Accountant.
6. Audit of the accounts of promoter every year within 6 months from the end of every F.Y. form
7. Grant or Rejection of registration with 30 days on receipt of the application by Authority
8. Deemed registration, if no response by Authority within 30 days.
9. Authority will provide website credentials within 7 days from the expiry of 30 days, in case of deemed registration.
10. Validity of the registration will depend on the completion periods disclosed by the promoter during registration.
11. Extension for aggregate of 1 year can be granted by authority, in case of reasonable circumstances.
12. Revocation of registration by the authority, after giving notice of at least 30 days to the promoter.
13. Maximum 10% cost of the apartment, plot or building can be accepted as Advance or Application money by the promoter.
14. Advance or application money can be accepted after entering into and registering Agreement of Sale.
15.Alteration in the sanction or layout plan or building specification or common area can be done after the approval of 2/3rd allottees other than promoter.
16. If any defect identified by the allottee within 5 years from the date of possession, than promoter will have to without further charge, rectify such defect within 30 days, else will have to compensate the allottee.
17. Promoter shall carry out conveyance deed, in the favour of allottee or association, within 3 months from occupancy certificate- in absence of Local Law.
18. Promoter shall handover documents and plans, to allottee or association, within 30 days from occupancy certificate- in absence of Local Law.
19. Allottee shall take over the physical possession of the property within 2 months from the issuance of occupancy certificate for the same.
REAL ESTATE REGULATORY AUTHORITY
1. The RERA shall consist of a Chairman and at least 2 whole time members, appointed by appropriate Govt.
2. The tenure of chairman and member of RERA: 5 years from entering to the office OR age of 65 years, whichever is earlier.
3. The chairman and member shall not be eligible for Re-appointment.
4. The chairman and member may relinquish the office after giving notice of at least 3 months to appropriate govt.
5. Vacancy in the office shall be filled up within 3 months of such vacancy.
6. RERA shall dispose of matter arising within 60 days from the receipt of application of the same.
7. RERA shall, within 60 days of making reference, give its opinion to appropriate govt. as on any policy or matter referred to it by appropriate govt.
8. RERA shall rectify or amend any order passed by it, if any mistake noticed or bought by parties, with 2 years from such order passed- except if any appeal has been preferred.
REAL ESTATE APPELATE TRIBUNAL
1. AT shall consist of a Chairman and at least 2 whole time member (1 judicial and 1 technical or administrative member), appointed by appropriate govt.
2. Tenure of chairman of AT: 5 years from entering to the office or 67 years, earlier of the one.
3. Tenure of members of AT: 5 years from entering to the office or 65 years, earlier of the one.
4. Chairman and member shall not be eligible for re-appointment.
5. The chairman and member may relinquish the office after giving notice of at least 3 months to appropriate govt.
6. Vacancy in the office shall be filled up within 3 months of such vacancy.
7. Amount to be deposited with Appellate Tribunal while filing any appeal: a. at least 30% of the penalty or higher determined by tribunal, OR b. total amt. to be paid to the allottee + int. AND Compensation imposed, or BOTH.
8. The party aggrieved shall file the appeal to AT within 60 days from receipt of the order of RERA or AO.
9. AT shall dispose of the appeal filed within 60 days from the receipt of such appeal.
10. The aggrieved person shall file the appeal to High Court within 60 days from receipt of the order of AT.
11. No appeal shall be made if the order passed by AT with consent of the parties.
Author Bio
Most IMPORTANT rather predominant of ALL is that, while the RERA regulations have the primary objective of reguarising the actives of the players in the notorious and highly thus far remaing irrergulated realty sector, that is not a comprehensive and all embracing CODE by itself. For, as widely viewed and advocated, anyone having vested interests – personal or professional, and real concerns might have to turn to and necessarily look through for application and guidance the provisions of the State LEGISLATIVE enactments STILL CONTINUE TO BE IN FORCE. For instance, in the state of Maharashtra the two enactments in force- known in short as, – MAOA and MOFA.
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