In Todays, there be challenges for buyers of real estate project, from where to buy a home, who is a genuine real estate agent, of course, it's challenging for everyone because the cost of a flat or project is more than seven-digit, It is always advised to buy any flat, land or property from registered agent or promoters. Every near closer and ready to move flat have an additional cost that is the premium part, and that is apart from the Sales Deed price. That premium part has to pay in cash, It is very risky in that case always buy from registered promoters and Real Estate Agent and demand recept against the cash part.
The Project which is registered under RERA ACT, that project is genuine and need not to be worry if buys from registered agents,
Lawyersera gives free advice to the consumer in buying flat, land, and commercial property in NCR, you may put your query at firstname.lastname@example.org
We will explain about RERA ACT, Objective to bring this Act
Real Estate (Regulation and Development) Act, 2016. The Act Establishes Real Estate Regulatory Authority (रेरा ) in each state for Regulation of the real estatesector and also acts as an adjudicating body for speedy dispute redressal. The main aim of RERA is to provide relief to the buyers from the malpractices of unfair builders. RERA specifies certain norms for building and development of real estate which will enhance the transparency in transactions in the real estate sector. According to the RERA, carpet area is defined as 'the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment'
Section 3(1): According to this section, No promoter shall advertise, market, book, Sell or offer for sale, or invite persons to purchase any plot, apartment or building, in any real estate project or part of it in any planning area without registration the real estate project with the Real Estate Regulatory Authority established under this Act.
However, the promoter shall make an application to the authority for registration of the project that is ongoing on the date of commencement of this Act and for which completion certificate has not been issued within a period of three months from the date of commencement of this Act
If the authority thinks necessary, in the interest of allottees, for project which are developed beyond the planning area but with the requisite permission of the local authority it may by
Order, direct the promoter of such project to register with the authority
The provision of this Act or the rules and regulations made thereunder,shall to such projects
Section 3(2):- This section further provides that no registration of the real estate projects shall be required
- Where area of land proposed to be developed does not exceed 500 square meter or the number of apartment proposed to be developed does not exceed 8 inclusives of all phases
- Appropriate Goverement may reduce the threshold below 500 square meters or 8 apartment
- Where Promoters has received completion certificate for the real estate project prior to commencement of this Act
- For the purpose of renovation, repair, or redevelopment which does not involves marketing, advertising, selling or new alotment, plot or building as the case may be under the real estate project
Explanation- For the purpose of this section, where the real estate project is to be developed in phase, every such phase shall be considered a stand alone real estate project and the promoter shall obtain registration under this Act for each phase separately
Section 4(1) : According to this section, every promoter shall make an application to the authority for the registration of project in such form, manner within such time and accompanied by such fee as may be prescribed
Section 4(2):- The promoter shall enclose the following documents along with the application
A brief details of his enterprises including its name, registered address, type of enterprises (proprietorship, societies, partnership, companies, competent authority), and names and photographs of the promoters
A breif detail of the projects launched by him, in the past five years whether already completed or being developed as the case may be, including the current status of projects, any delay in its completion, details of case pending, details of type of land payment pending
An authenticated copy of the approvals and commencement certificate from the competent authority obtainbed for the real estate project mentioned in the application, and where the project is proposed to be developed in phases, an authenticated copy of the approvals and commencement certificate from the competent authority for each of such phases
The sanctioned plan, layout plan, and specification of the proposed project or the phase thereof, and the whole project as sanction by the competent authority
The plan of development works to be executed in the proposed project and the proposed facilities to be provided thereof including fire fighting facilities, drinking water facility, emergency evacuation service, use of renewable energy
The location details of the project
Performa of the allotment letter,agreement for sale, and the conveyance deed proposed to be signed with allottees.
The number, type and the carpet area of the apartment for the sale in the project along with the exclusive balconies and verandah areas
The number of area of garage for the sale in the project
The name and address of real estate agent, if any for the proposed project
The name and address of contractors, architect, structural engineer if any and other person connected with development of the proposed project
A declaration, supported by an affidavit which shall be signed by the promoter or any person authorised by the promoter, stating
He has legal title to the land on which the development is proposed along with legally valid documents with authentication of such title if such land is owned by another person
That the land is free from all encumbrance, or as the case may be details of the encumbrance on such land
The time period within which he undertakes to complete the project or phase thereof as the case may be
That the 70 % of the amount released for the real estate project from the allottees 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
The promoters shall withdraw the amount from such account to cover the cost of the project in proportion to the percentage of the completion of the project.
The amount from such an account shall be withdrawn by the promoter after it 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.
The promoter shall get his account audited within six month after the end of every financial year by a chartered accountant in practice and shall produce a statement of account certified and signed by such chartered accountant and it shall be verified during the audit that the amount collected for a particular project have been utilized for that project and withdrawal has been in compliance with the proportion to the percentage of completion of project
That he shall take all pending approvals on time from the competent authority
That he has finished such other documents as may be prescribed by the rules and regulation made under this act and such