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Ruchika Bhalla

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All about Gujarat RERA: Regulation and Registration

By
Ruchika Bhalla
-

The Real Estate (Regulation and Development) Act 2016 and all its sections came into force on May 1, 2017. Under this Act, the Government of Gujarat established the Gujarat Real Estate Regulatory Authority (GUJRERA) to regulate and promote the real estate sector in the State of Gujarat. Gujarat RERA is intended to make Gujarat the premier destination for real estate investment regionally, nationally, and globally, where the interest of consumers and developers in the real estate sector is secure through effective and fair regulation. The Act aims to provide a robust, secure, trustworthy, transparent, and sustainable real estate regulatory environment that encourages investment while protecting consumer rights.

Key components of Gujarat RERA Act, 2016 

Real Estate Regulatory Authority And Appellate Tribunal 

The appropriate government established real estate regulatory authority for regulating and promoting the real estate sector in State and Union Territories under this Act. 

The authority makes an effort to facilitate the growth and promotion of a healthy, transparent, efficient, and competitive real estate sector while protecting the interest of promoters, allottees, and real estate agents. Authority established an adjudicating mechanism for speedy dispute redressal regarding registered real estate projects.

The key responsibilities of the authority are as follows-

  • The act ensures the disclosure of real estate projects by realtors. 
  • Registration of real estate projects 
  • Registration of real estate agents
  • Covers receipt and processing of complaints from consumers
  • Provide recommendations to the appropriate Government on matters relating to the development and promotion of the real estate sector. 

Gujarat RERA – Real estate project registration 

All residential and commercial real estate projects will have to register except for projects where

  • The area of land proposed to be developed is not more than five hundred sq mt. 
  • Inclusive of all phases the number of apartments proposed to be developed does not exceed eight 
  • If the promoter has received completion certificate for a real estate project before the commencement of this Act
  • For the purpose of renovation, repair, or redevelopment which does not include marketing, advertising, selling, or new allotment of any apartment, building, or plot, as the case may be, under the real estate project. 

Without registration of the project under GUJRERA, no promoter is allowed to advertise, market, book, sell, offer for sale, or invite persons to purchase any plot, apartment, or building in any manner, as the case may be, in any real estate project or part of it, in any planning area within Gujarat. In ongoing real estate projects, in which buildings as per sanctioned plan have not received completion certificates, promoters are also required to be registered for such phases of the projects consisting of buildings without occupation or completion certificate. 

As per the Act, the promoter will be liable for a penalty that may extend up to ten percent of the estimated cost of the real estate project on the failure of registration. He will be punished with imprisonment for a term that may extend up to 3 years. 

The promoters are also required to provide updates on the project on a quarterly basis to the authority. 

Gujarat RERA – Real estate agents registration 

Real estate agents are required to be registered under this Act. Without registering under this Act, no agent is allowed to facilitate the sale or purchase of any plot or building, or act to facilitate sell or purchase on behalf of any person as the case may be in a real estate project. 

On failure of registration, real estate agent is liable to penalty of ten thousand rupees for every day during which such default continues, which may cumulatively extend up to five percent of the cost of plot, apartment, or building, as the case may be of the real estate project, for which the sale or purchase has been facilitated. 

Filing of complaints

Any person who is mistreated may file a complaint with GUJRERA or the adjudicating officer, as the case may be, with respect to any registered real estate project, for any violation of the provisions of this act. The authority establishes an adjudicating mechanism for the speedy redressal of such complaints. 

Any aggrieved person by any direction or decision or order made by GUJRERA may file an appeal before the Appellate Tribunal. Any person aggrieved by any order of the Appellate Tribunal may file an appeal to the high court. 

Financial discipline 

  • As per the act, the promoter is not allowed to accept more than ten percent of the total cost of the apartment, plot, or building as the case may be, as an advance payment or an application fee, from a person without first entering into a written agreement for sale with such person and register the said agreement for sale. 
  • Allottees shall deposit seventy percent of the amounts from time to time that is realized for the real estate project, 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. 
  • Withdrawals from these accounts must be made in accordance with the project’s progress as certified by an engineer, an architect, and a practicing chartered accountant.
  • The promoter must compensate the buyer in case of any false or incorrect statement with a full refund of property cost with interest. 
  • Project Accounts to be Audited/FY. Copy to be submitted to Gujarat RERA.
  • Provision for Gujarat RERA to freeze the project bank account upon non-compliance.
  • Impose stronger financial penalties for Gujarat RERA non-compliances. 

Citizen Centricity 

  • Citizens shall be able to view all disclosures about registered projects on the Gujarat RERA website. This shall enable data-driven, informed decision-making.
  • The act restricts the promoters from making any changes in the sanctioned plans, layout plans and specifications, and the nature of fixtures, fittings, amenities, etc. without the previous consent of at least two-thirds of the buyers who have agreed to take apartments in such buildings.
  • The promoter is liable to pay interest for every month of delay, in case of failure to provide possession of an apartment, plot, or building in accordance with the terms of the agreement for sale. Further, in case the allottee wishes to withdraw from the project, the promoter shall return the amount received by him with interest without prejudice to any other remedy available. 
  • Promoters must form a legal entity like a cooperative society, company, association, federation, etc. within three months from the date on which sixty percent of the total number of purchasers in such a building have booked their apartment. 
  • Within three months from the date of issue of occupancy certificate or sixty percent of the total number of purchasers have paid the full consideration to the promoter in such a building, the promoter should execute a registered conveyance deed in favor of the allottee. 
  • Real Estate (Regulation and Development) Act 2016 focuses on  reforming the real estate sector in India, encouraging greater transparency, citizen centricity, accountability, and financial discipline.

Transparency in the market 

RERA ensures the land title is clear, the encumbrances are sustainable, and the documents for sale are sound and legally enforceable and in accordance with the model documents to protect buyers from non-professionals. The physical progress and the financial discipline are monitored by independent engineers and financial experts as well as by ensuring the development and operation of the owners’ associations.

The act drives transparency in the real estate sector as follows-

  • Ensures sanctioned plans, layout plans, along with specifications, are approved by the competent authority. 
  • It allows buyers to ask the promoter for the proposed Plan, the Proposed Layout Plan of the whole project, and the Floor Space Index proposed to be consumed in the whole project.
  • Sanctioned and proposed number of buildings or wings to be constructed. 
  • The stage wise time schedule of completion of the project, including the provisions for civic infrastructure like water, sanitation, and electricity. 
  • Quarterly update of the list of the number of covered parking, and garages booked. 
  • Quarterly update the list of approval taken and the pending approvals 
  • which are subsequent to the commencement certificate.
  • Quarterly update of the status of the project
  • Other specified information and documents specified by the regulation made by GUJRERA.  

The advertisement of prospectus issued by the promoter shall prominently mention the RERA registration number and website address of GUJRERA, wherein all details of the registered project have been entered. 

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RERA Tamil Nadu Updates: Provision and Registration Process

By
Ruchika Bhalla
-

The Real Estate Regulatory Authority Act came into existence with the motive of protecting the interests of homebuyers. According to RERA rules, all developers/agents and real estate projects in the country must be registered with RERA on the official RERA website for their state. Every state has its own RERA Act which regulates activities of real estate in its own ways. 

RERA Tamil Nadu 

The Tamil Nadu RERA Act refers to the regulatory authority established by the state government to ensure efficient and transparent real estate transactions and other activities in the state. 

RERA Tamil Nadu has jurisdiction over the Andaman and Nicobar Islands in addition to the state of Tamil Nadu. Homebuyers have the right to go to RERA to have their dispute resolved and receive compensation if any discrepancy is found in the details and information.

RERA Tamil Nadu was introduced in March 2016 in response to a component of the RERA plan. This concept regulates every aspect of Tamil Nadu’s real estate industry and all activities that are maintained under the standard RERA Act. 

Functions of Tamil Nadu RERA

The Tamil Nadu RERA Act has the following key goals:

  • It encourages developers and homebuyers to uphold their legal rights.

  • It provides speedy resolutions of disputes

  • It establishes the procedure for real estate development and construction.

  • It aims to create a friendly environment for all real estate activities and investments.

  • It encourages efficient and up-to-date project execution. 

  • It contributes to increased accountability in the real estate industry and the transactions that occur within it.

  • It works to establish a transparent culture in the state’s real estate sector.

TNRERA Rules and Regulations

The Tamil Nadu RERA rules and regulations are divided into 9 and 20 chapters, each with its own set of responsibilities. 

The following are the significant TNRERA rules and regulations as outlined in these chapters:

  • Examining the documents that a promoter must submit in order to register a TNRERA real estate project.

  • Accepting promoters’ disclosure in light of existing projects

  • Considering the terms and conditions when approving or rejecting a TNRERA registration

  • Taking care of the agents’ application and registration renewal

  • Using a systematic process to resolve complaints

Registration Process for Promoters

By submitting Form A, promoters can register a real estate project under the TNRERA Act.  As a promoter, you have to fill Form A and send it to the Tamil Nadu RERA office, with the complete set of all the required documents.

The information that must be provided on Form A is listed below:

  • Basic details of the promoter/ developer

  • A copy of PAN card of the promoter

  • Service Tax Registration Number

  • Tax Identification Number Registration

  • Value Added Tax Registration Number

  • an estimate of the project’s real estate costs

  • Information regarding the registration fee that was paid

  • No-Objection Certificates, Permits, Approvals, and so forth. 

  • Form B declaration

Services Offered by TNRERA

The RERA Act in Tamil Nadu provides agents, promoters, and homebuyers with a variety of services as follows-

Services for homebuyers

  • Homebuyers can file an online complaint under RERA Tamil Nadu against developers in case they violate the provisions of the TNRERA Act

  • On the official website of Tamil Nadu RERA, they have access to all the records and information pertaining to real estate projects that have been registered under RERA and that have been submitted by promoters or agents. 

Services for promoters

  • Promoters can file grievances online.

  • They can register real estate projects under TNRERA

  • They may request a project extension.

  • They can update data pertaining to registered projects every three months. 

Services for real estate agents

  • Real estate agents can file complaints online.

  • They can renew their registration at the RERA Tamil Nadu official website. 

Project Registration Fees and Charges

The followings are the Tamil Nadu RERA Fees and Charges that developers and agents must pay in order to register their property under TNRERA- 

For Residential buildings 

INR 10/square meter of FSI area for a residential project where the dwelling unit size is lower than 60 square meters

INR 20/ square meter of FSI area for all the other residential projects

For Commercial Buildings 

INR 50/ square meter of FSI area

Site approvals, layouts, and sub-divisions

INR 5/ square meter of the plottable area excluding EWS plots

Other projects

INR 25/ square meter of FSI area

Registration Fees For Real Estate Agents

Here are the Tamil Nadu RERA Fees and charges that need to be paid by the developers and agents for registration under TNRERA-

For an individual, the registration charge is Rs 25,000 

For anyone other than an individual the registration charge is Rs 50,000

Required Documents for Real Estate Agent Registration

Following are the required documents that need to be submitted while registering a real estate agent with Tamil Nadu RERA –

  • A copy of the PAN Card of the concerned agent 
  • Address Proof of the concerned Agent/ Partners/ Directors
  • Registration Certificate in case of any Companies or Firm
  • Address Proof of the Registered Office premise
  • Passport-sized photographs of the concerned Agent/ Partners/ Directors
  • ITR for the previous 3 financial years

Registration for a Real Estate Agent Under TNRERA

Here is the step-by-step procedure to register a real estate Agent with RERA Tamil Nadu- 

Step 1- First of all, you need to visit the Official TNRERA Portal.

Step 2- Click on the “Registration” tab.

Step 3- Now, select the “Agent” option. 

Step 4- After that, choose the “apply online” option. 

Step 5- Select from the options, whether you’d like to apply as an “Individual” or a “Firm”.

Step 6- Moving to the next step, you will be redirected to a page where you have to choose the “New Registration”  option for creating an account to proceed with the registration. 

Step 7- Fill up the required details for creating a new account. You have to fill in details including your name, email address, and phone number along with a password. 

Step 8- Enter the captcha code that is given and click on the “Create New Account” tab. 

Step 9- After clicking the “Create New Account” option, your username and password will be sent to your registered email ID and mobile number. 

Step 10- By using the username and password log into your account on the TNRERA portal, after you choose from the options of whether you are registering as an “Individual” or “Firm”. 

Step 11- Enter the captcha code and click the “Login” option. 

Step 12- Enter all the required information there including name, type of registration, company registration, and PAN. 

Step 13- After entering the details, attach the required set of documents. 

Step 14- Now, make the payment of the applicable fees. 

Step 15- You have to declare in the final stage, which is the fourth section of the form, by attesting that all the information and supporting documentation you have provided is accurate. 

Submit the RERA registration form once you have completed all of the form’s criteria. 

How to File a Complaint Under TNRERA

You can file a complaint with the RERA Tamil Nadu or the Adjudicating Officer. To file a complaint you are required to fill in the required details in mentioned below forms –

  • Form M- It is used to file complaints with the agency responsible for overseeing the real estate. 
  • Form N-The complaint is submitted via it to the adjudicating officer.

How File a Complaint Before Real Estate Regulatory Authority

Below are the steps that you need to follow while filing a complaint before the Real Estate Regulatory Authority- 

Step 1- First, download Form M from the official website of Tamil Nadu RERA. 

Step 2- Now, fill in the required details including the name of the complainant, their address, the name of the respondent, and their address.

Step 3- Make the payment of Rs 1000/- to register the complaint and Rs 600/- for the postal charges. 

Step 4- After paying the complaint registration fee, you will get a complaint number generated, keep it handy for future reference. 

After submitting the form you have to provide three sets of copies of your complaint with the set of all the necessary documents duly attested to the RERA authorities. Ensure that the documents is being submitted within 7 days of filing a complaint and within 10 days if you filed it with Andaman and Nicobar Island. 

The Process to File a Complaint With Adjudicating Officer

You need to follow these procedures to file a complaint before the Adjudicating Officer-

Step 1- Download Form N from the RERA Tamil Nadu official website, which will be available in the Download section. 

Step 2- Now, fill in the required details in the form to register a complaint with the Adjudicating Officer. 

Step 3- You have to submit three sets of copies of the complaint duly attested with all the necessary documents. Keep in mind that you must pay a fee of INR 5,000 for submitting the complaint and INR 600 for postage.

Step 4- You can submit this form in person or via registered post. 

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Haryana RERA: Charges and Registration Process

By
Ruchika Bhalla
-

The government of India has established the Real Estate (Regulation and Development) Act, of 2016. The act came into force on 1st May 2017. The prologue to the Act reads, “ An Act to establish the Real Estate Regulatory Authority to regulate and promote the real estate sector and to ensure the sale of the building or apartment, plot, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, or orders of the real estate regulatory authority and the adjudicating officer and for matter connected therewith or incidental thereto”. Under the Real Estate (Regulation and Development) Act, 2016, the government of Haryana Real Estate (Regulation and Development) Rules, 2017 which came into force on July 28, 2017. while the Haryana RERA portal was launched on October 4, 2018.

Objective 

  • To regulate the real estate sector for its growth and development
  • To bring transparency in the dealings between the promoters of real estate projects and buyers of apartments
  • Ensure that the real estate projects are completed within the proposed time frame
  • To give speedy and efficient resolutions to disputes relating to the projects
  • To enforce the provisions of law and the orders of the authority

RERA for home buyers 

RERA Haryana has separate jurisdiction in Panchkula and Gurugram. Log on to the RERA Haryana website and select the jurisdiction from Appellate Tribunal (RERA Haryana except in Panchkula and Gurugram), RERA Panchkula, and RERA Gurugram. 

How to check registered projects?

Go to the Haryana RERA website and navigate to the ‘Project Registration’ tab for ‘Search Projects’. Developers can also register their projects with HRERA. Select the project authority whether RERA Gurgaon, RERA Panchkula or the Haryana Real Estate Appellate Tribunal. Complete the form to get the details about the project. 

How to check your agent 

You can access the list of registered agents as a precaution to avoid any trap of a dubious person. You can check their district, registration certificate, etc. online on the RERA Haryana website. Homebuyers must check these details to their advantage. 

Go to the website homepage and navigate to the Agent Registration, now, click on the ‘Registered Agents’ list to check of the agent you are dealing with is HRERA certified. 

How to Register a complaint ?

Before filing a complaint you must ensure that you go through the Haryana RERA rules. 

  • To register your complaint follow the steps given follow:
  • Go to the homepage of Haryana RERA and navigate to HRERA Panchkula/Gurgaon.
  •  Click on the tab ‘Complaint Registration’ and follow all the steps as directed. 
  • After filling out the HRERA complaint form submit it, you will receive an online complaint number. Keep it handy for future use. 
  • Make the required payment on the HRERA website. Payment can be made by way of a demand draft in favor of the Haryana Real Estate Regulatory Authority. 
  • After making the payment, print the acknowledgment page for reference. 
  • You will also have to take the printout of the Proforma B on the HRERA portal. This will be a detailed form of which you can make five copies. 
  • Annex a copy of the RERA Haryana certificate declaring that a self-signed copy of a complaint has been sent to the respondent directly and attach that HRERA certificate with the complaint. 
  • Physically deliver three copies of the HRERA set comprising the Complaint Registration Form and Annexure, Demand Draft of Fee Paid and Detailed Typed Complaint, and Self-declared and signed certificate in the office of Authority by hand or by post at the address. 

How to search for complaints?

You can check the status of the complaint on the HRERA portal by clicking on ‘Search complaint’ under complaint registration. 

Select the case appeal authority, enter the case number, the case year, and click on ‘search’. 

How to register a project?

Developers can register on RERA Haryana portal by these steps:

  • Click on the ‘Project Registration’ button on RERA Haryana portal and signup to register the project. 
  • Fill up the basic details about the project and applicant details on RERA Haryana. 
  • Save each page and continue
  • Fill up form A on RERA Haryana and pay the requisite fee. 
  • You can also preview the form after entering the details. Make sure of the details and submit the information. A temporary project ID will be saved. 
  • Keep handy several copies of this registration form. Three copies of this form are to be submitted to the authority. 
  • Keep handy all the necessary documentation such as bank drafts, licenses, approvals, renewal letters, ownership documents,  bilateral agreement with DTCP, copy of LC-IV, power of attorney wherever necessary, zoning plan, building approvals, and other such documents as mentioned on the Haryana RERA website. 
  • Prepare all the documents as per Haryana RERA regulations. 
  • You can submit the documents online and one hardcopy should be submitted to the authority. 
  • A receipt will be generated and the project will be live on the RERA Haryana portal. 

How to register as an agent?

Agents will be required to provide details of their company and its type, whether held individually, as a society or proprietorship. You will also need to provide the PAN card, address proof, registered address, photographs, contact details, particulars of registration, bye-laws, etc. to complete the registration process. 

By following the procedure given below agents can register themself on the RERA Haryana portal: 

  • Go to the HRERA website and navigate to the ‘Agent Registration’.
  • Under the ‘Agent Registration’, you will find ‘signUp to register a Agent’ tab, click on it. 
  • Select the ‘Agent’ tab above the form, and fill up the basic details, you will receive an OTP and enter it. 
  • Now, create a password, enter the captcha and click on the ‘create’ tab to register as an agent. 

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Jharkhand RERA: Updated Provisions and Registration Charges

By
Ruchika Bhalla
-

The Real Estate Regulatory Authority (RERA) Jharkhand makes sure that prospective homebuyers’ interests are safeguarded while enabling real estate developers and agents to offer top-notch services to industry prospects.

The authority has also established an Appellate Tribunal where consumers who are unhappy with the authority’s decision or order can appeal. This was done in order to ensure quick grievance redress. The Appellate Tribunal must guarantee that the appeal is heard and decided within 60 days. Under the Act, registration is mandatory for all real estate agents. According to the Act, real estate agents are not permitted to advertise in any way the sale or purchase of a real estate property unless they have registered with the Act.

Objectives of Jharkhand RERA 

Jharkhand RERA is intended to provide a transparent and sustainable environment to the real estate sector while taking care of consumer rights. Moreover, the RERA encourages investments in the real estate sector and expedites the redressal of complaints and appeals filed under the RERA.

Safety 

As per the RERA act, a minimum of 70% of the investor’s and buyer’s money is kept aside in a separate account. The amount is further disbursed to the builders for construction and development purposes. The act does not allow developers to receive more than 10% of the total cost of the project as advance payment from the buyer prior to the signing of the sale agreement. 

Clarity

Every developer must provide the original project documentation, and they are not allowed to modify the project without the buyer in question’s permission. 

Rightness

As per RERA, the builder can only sell the units based on carpet area instead of a super-built-up area. The buyer has every right to get a full refund of the amount or to keep the investment and get monthly interest on the same. 

Standardization

The builder is required to provide resolution to the disputes of the buyers pertaining to the property till 5 years of selling it, and it should be sorted within 30 days from the day of complaint filing. 

Authority

Builders are not allowed to promote, sell, advertise, or market the property without registering it with RERA. The advertisement and brochures of the property must mention the unique RERA number after a successful registration. 

Some key points under the real estate act 2016

The real estate sector has been growing in recent years, but considering the aspect of consumer protection, the industry was highly unregulated. Despite the numerous consumer protection laws in place, they are mostly curative and rarely preventive. The Government of India had put forward the Real Estate Act in 2016, and all of its sections became effective from May 1st, 2017.

RERA and Appellate Tribunal

In order to promote real estate, the government should implement the necessary measures and create the Real Estate Regulatory Authority in the Union Territories and States. This authority has the duty to maintain the needs of real estate agents, promoters, and allottees while providing a transparent and healthy promotion for the real estate industry. It is also in charge of quickly resolving disputes involving real estate projects that have registered with RERA. To hear appeals based on RERA’s orders and directives, the current administration should also operate an appellate tribunal. The Appellate Tribunal will expedite the hearing process by hearing any appeals made in response to complaints regarding RERA’s directives and orders.

Registration of real estate projects 

Every commercial and residential project is required to get registered with RERA, except: 

  • The proposed project has an area of less than five hundred square meters 
  • The proposed project with a number of residential units is 8 or less including all the phases 
  • The promoter has received the occupancy certificate of the property before the commencement of the RERA Act 
  • If the project is being renovated which does not involve any kind of unit development, advertising, or marketing

Registration of Real Estate Agents

Every real estate agent must register themselves with RERA. Agents are not allowed to encourage the promotion or sale of any property without getting registered with the RERA. real estate agents are liable to a penalty of Rs 10,000 daily till the default continues.

Process of project registration under Jharkhand RERA

  • Go to the official page of Jharkhand RERA
  • Click on the Registration tab and select the option of developer/promoter
  • Select the user type as Developer/Promoter 
  • Fill in the required details and click on Register Now

Required documents for project registration 

  • A copy of the PAN card that is authenticated
  • The balance sheet of the promoter from the previous year which is audited
  • Income Tax Returns of the promoter from the last three years which is audited
  • Documents of parking area whether closed or open
  • If the promoter registers herself/himself as an individual, the proof of residence, contact details, and photographs of the promoter are required
  • If the promoter has not paid the registration fee online then, the banker’s cheque or the demand draft should also be produced by the promoter
  • Documents that state the action of completion and status of the project which is inclusive of the layout plans, the authentic and approved plan, documents mentioning any amendments done recently
  • If the property is owned by a third party, the promoter needs to present the legal deed which includes the title of the promoter to the property
  • If the promoter does not own the property, the consent and a copy of the development agreement or collaboration agreement is required to be produced by the promoter
  • If it is plotted development, the promoter needs to produce the documents which state the plot areas being allotted
  • Documents stating the size of the property based on carpet area

Agent registration process

  • Go to the official page of Jharkhand RERA
  • Click on the Registration tab 
  • Select the user type as Agent
  • Fill in all the required details and click on ‘Register Now’

Required documents for agent

  • The agent needs to submit a written application to the Authority in Form H
  • A copy of the PAN card that is authenticated
  • A copy of the proof of address that is authenticated
  • Documents stating the details of the enterprise
  • If he/she has ITR Filling exemption, the agent needs to produce a declaration of the same
  • If the promoter has not paid the registration fee online then, the banker’s cheque or the demand draft should also be produced by the promoter
  • Documents stating the type of registration that whether the enterprise is private, or in partnership
  • If the agent is registering as an individual, the contact details, proof of address, and photographs are required
  • Income Tax Returns of the last three years

Jharkhand RERA is all about safeguarding consumers from fraudulent activities while keeping intact the flow of investment in real estate.

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Everything about Assam RERA

By
Ruchika Bhalla
-

The RERA Act protects the rights of buyers as well as sellers. Since the implementation of Assam RERA, the state has seen a rise in real estate investment and transparent transactions with sellers. The RERA act came into effect in Assam in 2017 to regulate the dealings and improve transparency in the real estate sector. Since the act’s implementation, there have been many changes in the real estate sector. The customer can easily access all the details related to the project, such as carpet area, quality of construction materials, price per sq/ft, etc. Now, there is no longer a chance that the developer or builder will defraud the buyer.

Objectives behind the Assam RERA

The establishment of the RERA in each state has made real estate efficient. Below are some key points on how RERA Assam has improved the real estate sector of the state.

Transparency 

The continued registration of institutions under RERA Assam will bring more transparency to its RERA transactions. As per RERA, all real estate companies must tell the buyers about any change in the RERA-approved projects in the state. It is mandatory for the buyers to know every detail about the project. Following that, registration under Assam RERA will make compliance with the acts and rules mandatory.

Accountability

When a company registers under Assam RERA, its accountability automatically increases. In addition, the company will be held accountable for informing its buyers and owners about the project’s progress. If the company fails to keep the promise it made when selling the project, the buyer has the right to file a complaint with the Assam Regulatory Authority.  

Uniformity

Another consideration for registering under Assam RERA is uniformity. The Real Estate Regulation Act is applicable in all Indian states and union territories. As a result, all regulations applicable under the Assam RERA are also applicable under the various RERAs throughout the country.

Why register with Assam RERA

Better transparency 

RERA’s primary function is to regulate transactions and increase transparency in real estate matters. This regulatory body eliminated the chances of promoters and agents defrauding buyers. 

Better resolution to the real estate disputes

RERA Assam will handle all complaints about real-estate transactions or dealings. As a result, with the acts and rules of RERA Assam, all property disputes will be resolved quickly. 

Reduced delays in project completion 

Unnecessary delays are a major factor in real estate transactions. The state’s unnecessary document processing delays have decreased since RERA’s implementation. RERA Assam has also decreased delays at every single stage of real estate transactions. 

Improved sector professionalism

Prior to the implementation of RERA, the real estate sector had no professionalism. But everything came together after RERA was put into effect in Assam. After RERA, the amount of unethical real estate transactions significantly decreased, which greatly increased the industry’s professionalism.

Establishment of Standard Carpet Area

Every builder has their own way to calculate the carpet area of their projects before the implementation of RERA. There is now a standard method for calculating the carpet area of a project under RERA. 

According to RERA Assam, carpet area is the total usable floor area of a project, excluding any open terraces, verandahs, or areas covered by external walls. The areas covered by any internal partition walls in the apartment are taken into account when calculating the carpet area. 

Now, in accordance with the guidelines outlined in the RERA act, the builders must specify the actual carpet area offered. 

Documents required for RERA registration

Prior to the registration process, you must ensure that you have the documents required for registration. Your application might get rejected if you miss any of these documents, or you will be required to submit them later on. Here is a list of required documents for sellers and agents for RERA registration. 

  • Duly filled application form.
  • Payment slip.
  • Photograph of the real estate agent or promoter.
  • Requisite Experience Certificate.
  • Details Of Registration in any other part of the country.
  • PAN Card.
  • Authorization Resolution Copy.
  • Proof Of Address (of the business).
  • Other documents as well as information required by the Assam RERA (it may vary from state to state):

Documents required by the Promoter / Company

  • Incorporation certificate of the company.
  • Association for Memorandum and Association for articles copies. 
  • TAN card.
  • Information regarding prior experience in real estate.
  • Information of directors and shareholders.
  • The present real estate project.
  • Email of the promoter.
  • Company Identification Number.

Required documents  by individual Promoter / Builder 

  • Name of the individual.
  • Name of their father.
  • Occupation.
  • Website of the promoter.
  • ITR (Income Tax Returns).
  • Experience with previous projects.
  • Email id
  • Income Tax details.
  • Balance Sheets (Audited).

Documents required by the Real Estate Agent

  • Details of their Tehsils.
  • State and District.
  • Bank Details.
  • PAN Card.
  • Father’s Name.
  • Occupation.
  • Certificate Of Digital Signature.
  • Copy of Registration Fees.
  • Date Of Registration.
  • Date of Payment.
  • Name of the Individuals.
  • Details of Income Tax.
  • Balance Sheets (Audited).

How to register with RERA Assam 

Following are the steps that you need to follow in order to register with RERA Assam.

  • You will need to visit the office to register as a real estate agent, promoter, or builder with RERA Assam.
  • Get the relevant RERA registration Assam form by going to the appropriate department.
  • You must complete the application with all the necessary information and sign it to verify it. 
  • You must submit your application along with all the supporting documentation specified on the application form. 
  • You must pay the application processing fees after submitting your application to the appropriate authority. You will receive an acknowledgment slip after paying the RERA agent registration fees, which you should keep on hand for future use.
  • Your application and all supporting documentation will be sent for verification after you have paid the RERA registration fees.
  • The relevant authority will approve the application following the verification process and proceed with the registration process.
  • Once the RERA license has been created, the applicant must collect it up from the office.

Complaint Registration Under Assam RERA 

  • On the RERA website in Assam, register an account, and then sign in.
  • Choose and click “Complaint Registration” from the menu.
  • After that, you will be taken to the e-form. Complete the form with the necessary information regarding Assam’s RERA-approved projects.  Include supporting documentation to help you make your case. 
  • Pay the fees required by the portal in order to submit your complaint. 

Conditions for Filing a Complaint

  • Possession Delay
  • False Promises In The Advertisement
  • Defects In The Structure Of Project
  • Transfer Of Ownership
  • Zero Details About The Project
  • Payment In Advance
  • Project Registration In An Improper Way
  • Falsely Advertising The Project

Remarkably, RERA Assam has decided to punish builders harshly for failing to finish projects within the allotted time frame. The Real Estate Regulatory Authority will locate those builders via GMC or GMDA. In addition, the questions and grievances of particular homeowners must be addressed by these builders. 

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The Impact of Proptech on Commercial Real Estate

By
Ruchika Bhalla
-

The real estate industry has been known to be traditional and slow to adopt new technologies. However, the emergence of proptech has disrupted the industry and driven significant changes in the commercial real estate sector. Proptech, which combines real estate and technology, has grown rapidly, with the market currently estimated to be worth $18.2 billion, and expected to reach $86.5 billion by 2032. This article explores the impact of proptech on commercial real estate, with a focus on companies like Pepro Money.

The Automation Revolution

One of the most significant trends in proptech is the automation of real estate processes through CRM and project management software platforms. This automation has led to enhanced efficiency across various sectors of the industry, including agents, brokers, investors, and property managers. For instance, agents can use automation tools to perform ongoing tasks such as communication, marketing, property valuation, lead nurturing, and deal closing faster. This leaves them with more time and energy to focus on crucial aspects of their business, such as growing their brand, developing a lead generation strategy, and networking.

Similarly, real estate investors can use automation tools to find and analyze deals, buy and sell properties, and manage their rentals more efficiently. The advancement of automation through proptech has been a win-win situation for everyone, and we recommend that new and experienced real estate professionals adopt tools relevant to their niche as soon as possible.

The Rise of Virtual Reality

Virtual reality (VR) has taken the real estate industry by storm, causing major changes in the way business is conducted. This trend has been accelerated by the pandemic and has touched upon the businesses of many different professionals. For instance, virtual property showings, 3-D tours, home staging, and virtual guides have allowed agents, landlords, and short-term rental hosts to optimize their marketing and lead generation efforts.

Architectural visualization has also made it easier than ever before for developers to sell residential and commercial properties that are still under construction. Furthermore, virtual real estate has created a whole new universe that has emerged as its own investment strategy. While the recent focus has been on investors buying virtual land parcels and properties in the metaverse, we can expect other real estate professionals like agents and property managers to find their own place in this new world.

The Power of Big Data and AI

The adoption of artificial intelligence (AI) and big data is another significant trend in proptech. There are numerous proptech companies whose mission is to use these tools to collect and analyze previously unimaginable amounts of data within seconds. A particular area worth mentioning is property investments, where technological advancements have allowed real estate investors to analyze the investment potential of entire markets and specific properties within minutes.

This has contributed to the democratization and transparency of the real estate industry, allowing new, small-scale investors to access deals as more experienced investors were already familiar with the market. We recommend that real estate investors do their research when considering using proptech tools to find the right match and make faster, more profitable investment decisions.

Fractional Investing

Fractional ownership of properties is another major trend in real estate driven by proptech. This trend is particularly important as it is one of the driving forces behind the democratization of real estate and opening it to virtually everyone. We believe that access to real estate assets should be less limited than it has historically been, and that everyone should be able to invest in shares of real estate properties with as little as $50.

Companies like Pepro Money have made this possible by allowing individuals to invest in commercial real estate properties without having to purchase the entire property. This allows investors to purchase a share of the property and enjoy the benefits of being a landlord, such as rental income, reduced rates, and usage rights.

The Future of Proptech

Proptech has been through a wild ride over the last decade, and we expect the coming years to be no less exciting. The impact of proptech on commercial real estate is undeniable, and we believe that it will continue to drive significant changes in the industry. Companies like Pepro Money are at the forefront of this revolution, making it possible for everyone to invest in commercial real estate.

As the industry evolves, we recommend that real estate professionals stay up-to-date with the latest proptech trends and adopt tools relevant to their niche as soon as possible. This will allow them to stay ahead of the competition and continue expanding their business, even in tough markets like the one we have witnessed since the outbreak of the Covid-19 pandemic.

Conclusion

In conclusion, proptech has had a significant impact on the commercial real estate sector, with trends like automation, VR, big data and AI, and fractional investing driving significant changes in the industry. Companies like Pepro Money have made it possible for everyone to invest in commercial real estate, democratizing the industry and opening it to virtually everyone. We recommend that real estate professionals stay up-to-date with the latest proptech trends and adopt tools relevant to their niche as soon as possible to stay ahead of the competition.

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Dubai Prime Property Prices Remain Cheaper by 80% Compared to Global Cities, Even After 2-Year Rise

By
Ruchika Bhalla
-

Despite a two-year rise in prime property prices, Dubai remains significantly cheaper than other global cities, with prices up to 80% lower. This is according to recent data that highlights the affordability and potential for returns in Dubai’s real estate market.

Dubai‘s prime property market has seen steady growth over the past two years, with increased demand from international buyers and investors. However, the city’s prime property prices remain significantly lower than other global cities, providing an attractive investment opportunity for those looking to invest in real estate.

The affordability of Dubai’s prime property market is due to a combination of factors, including a large supply of properties, favorable tax policies, and a growing economy. The city’s real estate market is also known for its transparency and regulation, making it a safe and secure place for investors to put their money.

Investing in Dubai’s prime property market can provide significant returns, with rental yields in some areas exceeding 7%. With the city’s focus on developing world-class infrastructure and amenities, the potential for capital appreciation is also high.

In conclusion, Dubai’s prime property market remains significantly cheaper than other global cities, even after a two-year rise in prices. The city’s real estate market provides an attractive investment opportunity for those looking to invest in the sector, with potential for high returns and significant capital appreciation. With its focus on developing world-class infrastructure and amenities, Dubai’s real estate market is poised for continued growth and success.

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Considerations before filing a partition suit in India

By
Ruchika Bhalla
-

In real estate, the term “partition” means the division of property owned jointly by several people. Through the execution of a related deed, the procedure aids in preserving the owners’ rights and preventing potential conflicts in the future. A partition lawsuit is one way to ensure equality between the parties in conflict. To know more about the steps and required paperwork, continue reading.

In India, dividing movable property and other immovable assets is quite common. It is carried out when the owners want to take the portion that is exclusively theirs by way of inheritance or gift and own it on their own. A partition lawsuit typically takes two or three years to resolve. A partition lawsuit can be filed for both residential and commercial properties, as well as plots. The filing fee for each suit is Rs 500.

What is a partition suit?

A partition suit is a legal action brought by either party when a family property dispute arises. This legal document is created either by a court order or following negotiations between the parties. In essence, it represents the share of the property that is claimed by each party. However, it is required to be registered at the Sub-Registrar’s office in order to be an enforceable partition deed.

According to Article 65 of the Limitation Act, you can file a partition lawsuit within  12 years. This time frame starts once the co-owners of the public domain are notified of the adverse claim. An adverse claim occurs when the claimant has an interest in a financial asset and that interest is violated by others by holding, transferring, or dealing with the financial asset.

In addition, when a claim is made for the division or separation of a share, the court determines whether the complainant (plaintiff) has a share in the subject property and is qualified for both division and separate possession

Who can file a partition suit?

While there are no specific guidelines in place to define who is eligible to file a partition suit in India, it can be assumed that any or all co-owners of a property can file a partition suit. Additionally, not all of the heirs are required to participate in the process if they don’t want to.

Steps to file a partition suit

Although the timeline for filing a lawsuit for partition is already known, it is crucial to understand the steps involved.

  • Find the property’s legitimate heirs first. While not all of them must participate, having a clear understanding of who is eligible to claim each property could be very helpful.
  • Gather all necessary documentation, including proofs of identity and residence, property valuati on papers, and the owner’s death certificate, among other things.
  • Send a legal notice to the defendant and take legal action if the notice is not responded to within a specified time.
  • Prepare a complaint and a Power of Attorney (POA) for court submission.
  • Pay the applicable court fine
  • Wait for the court to schedule a hearing before taking any further action on the particular case

Partition suit: Chronology of proceedings

Prior to filing a lawsuit for partition, you must first send a legal notice. The plaintiff may proceed with filing the lawsuit if the notice is ignored. After that, you must adhere to the instructions listed below.

  • Create a complaint using the format specified by the court. The complainant is referred to as the plaintiff, and the defendant is the party being sued. It is important to carefully include all pertinent information, such as the parties’ names, addresses, the type of complaint, and an affidavit attesting that the information in the plaint is accurate.
  • File a Power of Attorney, a legal document that gives the advocate the authority to represent the client in the disputed matter.
  • Pay the court fee depending on the case and state. The court fee can be calculated with the assistance of a legal representative. 
  • Once the fee is paid, the relevant court will schedule a hearing and make a decision regarding the case’s merits.
  • It’s crucial to keep in mind that the court will only continue with the case if it finds that the lawsuit has merit. A legal notice requiring the defendant’s appearance on the day of the subsequent hearing would be sent to them, at the court’s discretion.
  • The opposing party is required to submit a written statement in response to the plaintiff’s complaint as soon as they receive the notice. The written statement must be submitted within 30 days of receiving the notice. However, if the court approves, the time limit may be extended to a maximum of 90 days.
  • The plaintiff is required to either admit or deny the defendant’s claims after receiving the written statement. Replication describes a response that is provided in the form of a written document.
  • Once the replication is submitted to the court, the pleadings are finished. Following that, the parties are requested to provide pertinent documents to support their claims. The court retains the authority to accept or reject the documents, though.
  • The parties have 15 days from the date the issues were framed to present witnesses in support of their claims.
  • The parties’ list of documents filed with the court as well as the documents they presented in Court of Law are taken into consideration when the court makes its decision.
  • The parties can obtain a certified copy of the final order from the court.

Required documents for filing a partition suit

The following documents are required for filing a property partition suit:

  • Proof of legal heir’s identity
  • Certified copies of each title deed for the property, along with the property description
  • Property valuation
  • Proof of the legal heir’s birth and address
  • Original copy of the owner’s death certificate
  • Residence certificate of the deceased

How quickly does the court issue orders in a partition case?

Obtaining a preliminary decree typically takes two years, and obtaining a share of the property typically takes another year.

The real estate partner at Veritas Legal, Vineet Nalawalla, explains that “partition of property is re-distribution or adjustment of pre-existing rights among co-owners of property. As a result, the underlying principle is that a partition is only permitted among those who have a share in the property. In cases involving property division, the courts typically take into account whether the party seeking a division has a legal claim to the property and separate possession. Therefore, it is crucial for a person seeking such a partition to be able to prove his co-ownership in the property. Additionally, even though courts may order the division of the property, the actual physical division of the property still poses difficulties.

Even though partition disputes are frequent in India, filing a lawsuit can be difficult and time-consuming. A family settlement is a much more amicable and economical option, in which family members mutually decide the share of the property, including movable assets like jewelry and money in bank accounts. A family settlement is a conciliation process that involves a third party, typically a senior family member or a lawyer, who aids in finding a resolution to the conflict that is acceptable to both parties.

How is property divided in a partition suit?

The property is divided between the co-owners of the property by a partition deed. The property is divided through the execution of this deed, granting each co-owner an absolute title to their respective portion. Once mutated, the divided property is then regarded as a separate unit. Each co-owner now owns their respective portion of the property and is free to gift, sell, or otherwise dispose of it as they want. For a mutation to take place, it is mandatory that partition deed gets mutated.

Is it necessary to register a partition deed?

As per the Maharashtra government,  it is not compulsory to register such partition deeds, as the process of partitioning properties belonging to a Hindu Undivided Family (HUF) do not fall under the definition of ‘transfer’,. However, the executed partition deed won’t be admissible as evidence in court if it isn’t registered.

Things to know about a partition suit:

  • The partition suit may be filed by an adult (18 years of age or older) and a sound coparcener. Furthermore, they are not required to give any justification for seeking the partition.
  • According to Section 52 of the Transfer of Property Act, 1882, a coparcener cannot sell the property while the lawsuit is ongoing.
  • Depending on the value of the property in dispute, each state has a different court fee. However, some States have fixed this cost. The cost of a partition suit is Rs 200 in Karnataka and Rs 500 in Delhi.
  • Each share of the property becomes a separate legal entity after the partition deed takes effect.

Ways to partitioning a property in India

There are two additional ways to divide property in India aside from filing a partition lawsuit. These include:

Partition Deed

Each co-owner must agree to the division in a partition deed. The partition deed must be signed using stamp paper and submitted to the sub-registrar’s office for registration.

A partition deed consists of:

  • Dispute resolution and settlement
  • Defined share in the partition
  • Creation of title deeds
  • A description of all the circumstances
  • Adherence to existing laws

Family settlement

In this case, the partition deed-like settlement agreement must be drawn up by all family members, but it is not legally recognized unless it is registered and stamped. In addition, all the members of the family must sign the settlement agreement to make it enforceable.

It is best for all parties concerned to consult a legal professional before moving forward with the proceedings because contested property partition may seem like a tedious process. One must remember to take all necessary precautions to make sure that the deed that is executed following the lawsuit is error-free.

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Real estate documents must be displayed on local government websites in Maharashtra

By
Ruchika Bhalla
-

PUNE: According to a government resolution (GR) issued by the urban development department (UDD) on Thursday, all local planning authorities must post the commencement certificate (CC) and occupancy certificate (OC) granted for new and upcoming real estate projects on their websites and notify the Maharashtra Real Estate Regulatory Authority (MahaRERA) regarding the sanctions.

They were further instructed to eventually integrate their websites with MahaRERA’s before March 31.

In order to activate and integrate, the aforementioned local authorities—corporations, councils, nagar panchayats, and metropolitan planning authorities—must create websites by the deadline if they don’t already have any. Till then, they have been directed to email these permissions to MahaRERA, as per the GR.

The orders were issued in response to a recent incident in Thane where developers used forged documents to register their projects with MahaRERA. After a PIL was filed in the Bombay High Court last year by an activist and architect, the problem of forged documents came to light. The court was made aware of the builders’ use of fraudulent paperwork to make bookings as well as applications for MahaRERA registration. The local civic body in Thane took appropriate action after discovering that over 50 builders were operating illegally. MahaRERA also stopped many developers from registering.

The state government had been contacted by the MahaRERA authority, according to UDD officials. A senior UDD official told TOI, “It is crucial that these documents are displayed on a portal for citizens to weed out fraudulent practices.” The official continued: “Almost all businesses have websites, and they can have a page specifically for this display to be accessed by the public.

The GR should be followed on a regular basis, according to citizen groups that have been demanding this action for long. Ramesh Prabhu, the chairman of the Maharashtra Societies Welfare Association, claimed that UDD is making this effort to ensure fraud prevention and safeguard homebuyers’ interests. He added, “It promotes transparency, standardization, and providing stakeholders with accurate information about projects. Additionally, if any promoter is having trouble obtaining permissions or approvals in a timely manner, they are welcome to contact MahaRERA and the local authority. He added that the integration of the websites will benefit the recipients.

Members of the State Housing Federation have also been calling for an online integrated system with a single point of contact for all real estate projects. Advocate Shreeprasad Parab from the federation stated, “All updates, not only with regards to approvals but also progress of construction activities will be linked, thereby bringing in fairness in the real estate sector”.

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Malibu Towne’s residents protest against ban on registry seeking CM’s help

By
Ruchika Bhalla
-

GURUGRAM: Malibu Towne residents protested on Sunday against the total ban on the registration of properties in the township and demanded that the CM step in to lift the ban. This follows the Haryana State Pollution Control Board’s (HSPCB) closure order from December of last year.

Residents have requested SDM Ravinder Yadav’s intervention in order to restrict the application of the HSPCB’s order against the developer only in a memo addressed to the chief minister. The restriction against residents purchasing and owning real estate should be lifted.

After Raman Sharma, an RTI activist and colony resident, filed a complaint with the NGT, the HSPCB issued a closure notice to the developer for allegedly violating environmental standards during the construction of the township.

The closure order has had a negative impact on residents, particularly those who are in the process of selling or purchasing property. “The sale contract was signed on December 10; however, the registry ban was implemented on December 23. I found out about the ban when we went to register in January. I’ve already moved out of my apartment. I am currently residing in rented housing because the transaction has not yet been completed, said KK Grover, a local.

The closure notice is affecting other development works that were supposed to be done by the MCG and other departments, according to Vijay Shiv Nath, president of Malibu Towne RWA. If there were any errors, whether regarding environmental clearance or effluent discharge, the HSPCB’s order ought to have been directed at the developer. Why should residents who have already paid their dues be penalized?

The township, which was built in 1992–1993, spans 204 acres in sectors 47 and 51. The township currently has 2,500 families residing there.

In response to inquiries, sub-divisional magistrate Ravinder Yadav stated, “I have received the memorandum submitted by the residents and all of their demands will be put forth to the government for consideration.”

The developer’s representative announced that they intend to appeal the closure order. Even though there was insufficient proof to prove all of the claims, the pollution board still issued the closure order. We have repeatedly asked the pollution board to take another water sample after they took one in response to a resident’s frivolous complaint, but they have not yet done so. “We only recently formed the party in the NGT, and we intend to appeal,” an official declared.

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