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RERA Act

  • FINANCIAL DISCIPLINE
  • TRANSPARENCY
  • ACCOUNTABILITY
  • BENEFITS OF RERA

Fiscal discipline will play a critical role in project development and requires utmost importance

  • 70% of the funds collected from allottees need to be parked in the project account.
  • Withdrawls to cover construction and land cost.
  • In proportion of the % completion method.
  • Withdrawls to be certified by Engineer, Architect and CA.
  • Provision for RERA to freeze project bank account upon non-compliance.
  • Project Account to be Audited/FY. Copy to be submitted to RERA.
  • Provision stronger financial penalties for RERA non-compliance.
  • Interest on delay will be same for customer and promoter.
  • Promoter to compensate buyer for incorrect statement with full rerun of property cost with interest.

Structured communication is required to furnish all project related information to the customers.

  • Number, type & carpet area of apartments
  • Consent from affected allottees for any major addition or alteration
  • Consent of 2/3rd allottees for any other addition or alteration
  • No false statements or commitments in advertisement
  • Quarterly updating RERA website with details such as unsold inventory & pending approvals
  • No arbitrary cancellation of units by promoter
  • Project complition time frame
  • Informing allottees for any minor addition or alteration
  • No Launch or advertisement before registration with RERA
  • Consent of 2/3rd allottees for transferring majority rights to 3rd party

A PMO would be required to track and monitor developments as per defined project plans

  • Quarterly update of project progress along with pending approvals on RERA website
  • Every office of the company, who as in charge or responsible will be liable for the conduct of the company and deemed guilty
  • Offence by an officer committed with the consent or connivanc of any director, manager, secretary or other officer of the company, will also be guilty

Registration of all projects & brokers/agents and a strong dispute management will be

  • Authenticated copy of all approvals, commencement certificate, sanctioned plan, layout plan of development work, proposed facilities, proforma allotment letter, agreement for sale & conveyance deed to be given when applying for project registration with RERA
  • Registrations of brokers/agents with RERA
  • Maximum 1 year extension in case of delay due to no fault of developer
  • Annual audit of projects account by a CA
  • Dispute resolution within 6 months at RERA and FERA appellate rebalance
  • Developers to share details of projects launched in last 5 years with status and reason for delay with RERA
  • Conveyance deed for common area in favor of RWA
  • Mandatory registration of new and existing projects with RERA before launch
  • Separate registration of different phases of a single projects
  • Construction and land title insurance
  • Project completion time period

Industry:

  • Governance and Transparency
  • Project efficiency and robust project delivery
  • Standardization and quality
  • Enhance confidence of investor
  • Attract higher investments and PE funding
  • Regulated environment

Developer:

  • Common and best practices
  • Increase efficiency
  • Consolidation of sector
  • Corporate branding
  • Higher investment
  • Increase in organization funding

Buyer:

  • Significant buyers protection Quality products and timely delivery
  • Balanced agreements and treatment
  • Transparency - Sale based on carpet area
  • Affordability will become distant
  • Delayed launches and thereby lesser projects
  • Safety of money and transparency on utilization