The REAL ESTATE PROJECT IS REQUIRED TO BE REGISTERED UNDER UTTAR PRADESH REAL ESTATE (R & D) RULES, 2016.
TO UNDERSTAND THESE RULES ONE SHOULD HAVE BASIC UNDERSTANDING OF TWO IMPORTANT TERMS “ONGOING PROJECT” AND “PROJECT LAND”.
“ONGOING PROJECT” [Under Rule 2(1)(h) of the UTTAR PRADESH REAL ESTATE (R & D) RULES, 2016.]
(i) Where services have been handed over to the Local Authority for maintenance.
(ii) Where common areas and facilities have been handed over to the Association for the Residents’ Welfare Association for maintenance.
(iii) Where all development work have been completed and sale/lease deeds of sixty percent of the apartment/houses/plots have been executed.
(iv) Where all development works have been completed and application has been filed with the competent authority for issue of completion certificate.
“PROJECT LAND” [Under Rule 2(1)(i) of the UTTAR PRADESH REAL ESTATE (R & D) RULES, 2016]
REGISTRATION OF PROJECT
As per Rule 3(1) UTTAR PRADESH REAL ESTATE (R & D) RULES, 2016
The promoter shall furnish the following information and document for registration of the real estate project with the regulatory authority namely:-
(a) Authenticated copy of the PAN card of the promoter;
(b) Audited balance sheet of the promoter for the preceding financial year and income tax returns of the promoter for three preceding financial years;
(c) The number of open parking areas available in the said real estate project;
(d) copy of the legal title deed reflecting the title of the promoter to the land on which development is proposed to be developed along with legally valid documents with authentication of such title, if such land is owned by another person;
(e) the details of encumbrances on the land on which development is proposed including any rights, title, interest or name of any party in or over such land along with details;
(f) where the promoter is not the owner of the land on which development is proposed details of the consent of the owner of the land along with a copy of the collaboration agreement, development agreement, joint development agreement or any other agreement, as the case may be, entered into between the promoter and such owner and copies of title and other documents reflecting the title of such owner on the land proposed to be developed;
(g) Such other information and documents, as may be specified by regulations.
REGISTRATION FEES OF UP RERA PROJECTS
The promoter shall pay a registration fee at the time of application for registration by way of a demand draft drawn on any nationalized or scheduled bank, for a sum calculated at the rate of:-
In case residential or any other project
Rs 10 per square meter –
For projects where the area of land proposed to be developed do not exceed 1000 meters.
Rs 500 per 100 square meter –
For projects where the area of land proposed to be developed exceeds 1000 square meters. (As mentioned in RERA Uttar Pradesh notification)
In case of commercial projects
Rs 20 per square meter –
For projects where the area of land proposed to be developed does not exceed 1000 square meters
Rs 1000 per 100 square meter –
For projects where the area of land proposed to be developed exceeds one thousand square meters.
Disclaimer: The Article is written to best of the Knowledge of the Author as on date
(The Author is Practising Company Secretary can be reached at 9315760696 or E-mail at email@example.com)