1 2 3 BHK Flats in Sinhagad Road Pune

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Nirman Developers
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What is Rera ?

• Across the country, aspiring property buyers are
  waiting for RERA - or the Real Estate Regulation
  Act - to be implemented by the States. Time and
  again, it has been stated that the consumer must
  consider the reputation of the builder prior to
  taking a decision to buy a property/asset which
  is likely to remain for generations.

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After Implementing RERA

• On implementation of RERA, only builders with
  sound reputations will remain in the fray - this
  probably its most important function in
  protecting consumer rights and interests. Once
  RERA becomes a enforceable law, it will change
  the ways in which residential housing projects
  are planned, offered, sold and possessed across
  India. Property buyers will no longer need to
  worry about unfair contracts, delayed
  possessions, non-notified alterations in building
  plans and other risks.

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10 Rules of RERA

• Pay compensation
• Developers will now be required to refund or pay
  compensation to the allottees for delay in
  projects with an interest rate of the State Bank
  of India's highest marginal cost of lending rate
  plus 2 within 45 days of it becoming due. This
  would come to around 11 to 12.

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10 Rules of RERA

• Deposit money
• For the completion of ongoing projects,
  developers will have to deposit 70 of the amount
  collected and unused within three months of
  applying for registration of a project with the
  Real Estate Regulatory Authority in a separate
  bank account

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10 Rules of RERA

• Punishment
• The rules also contain clauses providing for
  compounding of punishment with imprisonment for
  violation of the orders of Real Estate Appellate
  Tribunal against payment of 10 of project cost
  in case of developers and 10 of the cost of
  property purchased in case of allottees and
  agents.

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10 Rules of RERA

• Sale of properties
• Discrimination in sale of properties on any
  grounds will also not be entertained under the
  new rules. Adjudicating Officers, Real Estate
  Authorities and Appellate Tribunals shall dispose
  of complaints within 60 days.

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10 Rules of RERA

• Certification
• 5) In respect of the ongoing projects that have
  not received completion certificate in specified
  time, developers will have to make public the
  original sanctioned plans with specifications and
  changes made later, total amount collected from
  allottees, money used, original timeline for
  completion and the time period within which the
  developer undertakes to complete the project

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10 Rules of RERA

• Carpet area
• Promoter shall also declare size of the apartment
  based on carpet area even if it was earlier sold
  on any other basis.

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10 Rules of RERA

• Registration
• For registration of projects with the
  authorities, developers will be required to
  submit authenticated copy of PAN card, annual
  report comprising audited profit and loss
  account, balance sheet, cash flow statement and
  auditors report of the promoter for the immediate
  three preceding years, authenticated copy of
  legal title deed, copy of collaboration agreement
  if the promoter is not the owner of the plot.
  Promoter also has to declare information
  regarding the number of open and closed parking
  areas in the project.

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10 Rules of RERA

• Income Tax returns
• The requirement of disclosing Income Tax returns
  proposed earlier has been withdrawn in the final
  Rules keeping in view the confidentiality
  attached with them and as pointed out by legal
  experts and promoters.

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10 Rules of RERA

• Fee for registration
• To incentivize registration of projects and Real
  Estate Agents with Regulatory Authorities, fee
  for the same has been reduced by half based on
  suggestions from promoters for reduction of fee

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10 Rules of RERA

• Information about details
• To enable informed decisions by buyers, Real
  Estate Regulatory Authorities will ensure
  publication on their websites information
  relating to profile and track record of
  promoters, details of litigations, advertisement
  and prospectus issued about the project, details
  of apartments, plots and garages, registered
  agents and consultants, development plan,
  financial details of the promoters, status of
  approvals and projects etc

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• Thanks