RERA

Consultancy in RERA (Real Estate Regulation and Development) Act 2016, Government of India has enacted the Real Estate (Regulation and Development) Act 2016 and all the sections of the Act shall come into force with effect from May 1, 2017. The key objectives of the Act are:

• Ensuring Transparency & Efficiency in real estate sector in regards to sale of plot, apartment, building or real estate project.
• Protecting the interest of consumers in real estate sector
• Establishing adjudicating mechanism for speedy dispute redressal
• Establishing Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority

The thing is, there are several government rules and regulations which, if made aware properly to the general public, then many things will get proper transparency and discipline. We, SBH, is one such advisory body whose purpose is to guide the people related to real estate in an organised manner. Even though the guidelines laid by RERA for promoters and real estate agents are very basic and affective, the general public needs a platform where they can be made aware of their particular rights.

• Withdrawal Certification
  Withdrawal from the separate account to cover the cost of the project only proportionate to percentage of completion of project. Amount can be withdrawn only after certification by an engineer, an architect and a CA in practice (ref Section 4 (2)(l)(D) of the Act)
• Project Audit Certification
  The Promoter is required to get his account audited within six months after the end of every financial year by a CA in practice and shall produce a statement of accounts duly certified and signed by such chartered accountant (ref Section 4 (2)(l)(D) of the Act)
• Utilisation Verification
  The CA is required to verify during the audit that the amounts collected for a particular project have been utilised for the project and the withdrawal has been in compliance with the proportion to the percentage of completion of the project (ref Section 4 (2)(l)(D) of the Act)
• Estimated Cost of Project
  Detailed cash flow and project cost estimation of entire project – phase-wise if applicable is required by the Promoter. All the penalties are a % of the estimated cost. (ref Chapter VIII of the Act)
• Registration Advisory
  Registration process is quite detailed with requirement of multiple documents and declarations required from the Promoter (ref Section 4 of the Act)
• Legal Representation
  Legal Representation before Appellate Tribunal or Regulatory Authority or Adjudicating Offer - In case of appeal, the applicant or appellant may either appear in person or authorise one or more chartered accountants in practice or company secretaries or cost accountants or legal practitioners or any of its officers to present his or its case to the RERA authority (ref Section 56 of the Act)