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JOINT DEVELOPMENT UNDER RERA

by RERA Consultants LLP | Authored by Mr. E. Suhail Ahmed- Partner- TRIALBASE- ADVOCATES

With the coming into effect The Real Estate (Regulation and Development) Act 2016, the whole aspect with regard to the method in which a joint development of a project can be accomplished has changed substantially. The Karnataka Real Estate Regulatory Authority has issued circular giving RERA Bank Account Directions, 2020 [1] regarding the method of management of funds for projects registered under RERA and a Circular regarding status of Land Owners in case of Revenue/Area share joint development [2] . The gist of the circulars would be that the Promoter as well as Land Owner are considered as the Promoters of a project who are responsible for all compliances including the collection of money, withdrawal of money, spending the money towards development work in the project and also various compliances under The RERA Bank Account Directions, stipulates that there shall be only one bank account for a Project irrespective of the mechanism of Joint Development, viz., in case of an area sharing mechanism of joint development, irrespective of the sale accomplished either by the Promoter or the Land Owner,

AN OVERVIEW OF THE AGREEMENT FOR SALE NOTIFIED UNDER THE KARNATAKA REAL ESTATE (REGULATION AND DEVELOPMENT) RULES, 2017

by RERA Consultants LLP | Authored by Mr. Hitendra V.Hiremath

An Agreement for Sale is an agreement entered into between the promoter and the allottee as per Section. 2 (c) of The Real Estate (Regulation and Development) Act, 2016 (“Act”). The definition doesn’t actually define an Agreement for Sale, however, the definition can be deduced keeping in mind the objective of the Act, an Agreement for Sale is a binding legal contract entered between the Promoter and Allottee to sell an apartment, building or plot as the case may be. The Agreement for Sale is also required to be notified under the respective state rules and all Agreement for Sale being entered between the promoter and allottees should necessarily adhere to the notified drafts. Further, the Housing Department,

COMPLIANCES UNDER RERA POST REGISTRATION AND QUARTERLY UPDATES UNDER RERA

by RERA Consultants LLP | Authored by CA.Vinay Thyagaraj

Every promoter after registration of their Real Estate project under RERA, shall update on the RERA Authority website complete details of the project including list of number and types of apartments or plots, booked, no of garages booked, list of approvals taken and the approvals, NOC obtained and development, construction status, Including Photos of stage of development, pending litigations and status of the same as per Sec 11(e) of RERA Act and Rule 15(D) of Karnataka RERA Rules 2017.

PENALTY FOR VIOLATION OF PROVISIONS UNDER REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016

by RERA Consultants LLP | Authored by Mr. Hitendra V.Hiremath

The Real Estate (Regulation and Development) Act, 2016 ("Act") was passed by Rajya Sabha on 10th of March, 2016 which received the assent of the President of India on 25th of March, 2016 and was published in gazette on 26th of March, 2016. Out of total 92 sections, Section 2, Section 20 to 39, Section 41 to 58, Section 71 to 78 and Section 81 to 92 came into force on 01st of May, 2016 and Section 3 to 19, Section 40, Section 59 to 70 and Section 79 to 80 came into force on 01st of May, 2017.

ADVERTISEMENT OF REAL ESTATE PROJECT - DO'S AND DONT'S

by RERA Consultants LLP | Authored by Mr. Hitendra V.Hiremath

A Real Estate project can be advertised after registration with concerned real estate regulatory authority subject to compliance of the necessary directions as per the provisions of The Real Estate (Regulation and Development) Act, 2016 ("RERA"). The advertisement materials under RERA may includes any materials describing the details of project which is marketed and advertised through the Short Message Service (SMS), e-mails, hoardings, prospectus, brochures, newspaper, leaflet, radio, television, social media platforms, websites and/or any other forms of media.

MODIFICATION OF SANCTIONED PLAN AFTER COMMENCEMENT OF REAL ESTATE PROJECT - NECESSARY COMPLIANCES UNDER THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016.

by RERA Consultants LLP | Authored by Mr. Hitendra V.Hiremath

It is necessary to understand as what does a sanctioned plan means under the provisions of the Real Estate (Regulation and Development) Act, 2016 ("Act"), as per Section. 2(zq) of the Act, a sanctioned plan means the site plan, building plan, service plan, parking and circulation plan, landscape plan, layout plan, zoning plan and such other plan and includes structural designs, if applicable, permission such as environment permission and such other permissions, which are approved by the competent authority prior to start of a real estate project; so the definition has included all plans not only limiting building plan but including all other requisite permissions required to be obtained from the competent authorities with respect to a real estate project.

WHETHER REGISTRATION OF A REAL ESTATE PROJECT IS MANDATORY IF PROMOTER INTENDS TO LEASE THE PROJECT INSTEAD OF SALE?

by RERA Consultants LLP | Authored by Mr. Hitendra V.Hiremath

It is necessary to understand the definition of ‘Lease’ much before discussing the registration of real estate project wherein the promoter intends to lease the project. Section. 105 of the Transfer of Property Act, 1882 defines “a lease of immoveable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee. Who accepts the transfer on such terms.

ANALYZING THE IMPORTANCE OF AGREEMENT FOR SALE AND RIGHTS AND DUTIES OF PROMOTER AND ALLOTTEES UNDER THE PROVISIONS OF THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016

by RERA Consultants LLP | Authored by Mr. Hitendra V.Hiremath

What is an Agreement for Sale? As per Section. 2 (c) of The Real Estate (Regulation and Development) Act, 2016 (“Act”) defines an agreement for sale as an agreement entered into between the promoter and the allottee. The definition doesn’t actually define an Agreement for Sale, however, the definition can be deduced keeping in mind the objective of the Act, an Agreement for Sale is a binding legal contract entered between the Promoter and Allottee to sell an apartment, building or plot as the case may be. The Agreement for Sale is also required to be notified under the respective state rules and all Agreement for Sale are necessarily required to follow the notified drafts.

ADVERTISEMENT OF REAL ESTATE PROJECT UNDER THE PROVISIONS OF THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016

by RERA Consultants LLP | Authored by Mr. Hitendra V.Hiremath

What is Advertisement? Section. 2 (b) of The Real Estate (Regulation and Development) Act, 2016 ("Act") defines advertisement, advertisement means any document described or issued as advertisement through any medium and includes any notice, circular or other documents or publicity in any form, informing persons about a real estate project, or offering for sale of a plot, building or apartment or inviting persons to purchase in any manner such plot, building or apartment or to make advances or deposits for such purposes;

ANALYZING THE AMBIT AND POWERS OF 'ADJUCATING OFFICER' UNDER THE PROVISIONS OF THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016 AND THE KARNATAKA REAL ESTATE (REGULATION AND DEVELOPMENT) RULES, 2017

by RERA Consultants LLP | Authored by Hitendra V.Hiremath

Who is Adjudicating Officer? Section. 2(a) of Real Estate (Regulation and Development) Act, 2016 ("Act") defines Adjudicating officer as officer appointed under sub-section (1) of Section 71 of the Act. If we read Section.71 of the Act, it stipulates that the authority in consultation with the appropriate Government shall appoint one or more judicial officers who is or has been a District Judge to be an adjudicating officer for holding an inquiry with respect to violation under Section.12, 14, 18 and 19 of the Act.

Role of professionals charted accounts(CA'S), Engineer, Architects under RERA

by RERA Consultants LLP | Authored by Vinay T

CA's, Engineer, Architects Professionals play a prominent role under RERA. All promoters shall obtain from these 3 professional's certificates from time to time to withdraw the money from the project Bank Account based on % of development of the project. The engineer shall certify that the items shown in the cost of construction is matching to the physical condition at the site of the real estate project;

Updates under RERA, Quarterly Updates under RERA

by RERA Consultants LLP | Authored by Vinay T

Every promoter after registration of their project under RERA, shall update on the Authority website complete details of the project including list of number and types of apartments or plots, booked, no of garages booked, list of approvals taken and the approvals, NOC obtained and development, construction status, Including Photos of stage of development, pending litigations and status of the same as per Sec 11 of RERD Act

Whether it is necessary to obtain registration of a Project when the Promoter himself invests the funds required to complete the Project and obtains Occupancy Certificate ?

by RERA Consultants LLP | Authored by E Suhail Ahmed

The above question is an often repeated question from time to time that the Promoters ask to which the answers were discussed in several fora. However, the question still lingers in the minds of the Promoters. The answer to the said question is "YES"- it is necessary to register a Project even when the Promoter himself has invested all the funds to complete the Project and wants to sell only after obtaining occupancy certificate.

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