Real Estate (Regulation & Development) Act, 2016 came into force w.e.f May 1st, 2017. Every Real Estate Project in India which meets specified criteria has to “Compulsorily” register under the Act as per the prescribed procedures with Real Estate Regulatory Authority (RERA). Developers shall not advertise or offer any Real Estate Project(s) to Customers & Investors without the registration of the project with RERA.
RERA regulations are applicable to:
- Commercial Real Estate projects including shops, offices, showrooms, godowns etc.
- Residential Apartments.
- Plotted Developments.
Exemptions from applicability to RERA are:
- Projects being developed on land less than 500 square meters (0.05 hectare or 0.12 acre).
- Number of units does not exceed 8 (all phases).
- Unit being developed is outside the planning area.
- Obtained completion certificate for the project before 01st May 2017.
- Redevelopment Real Estate projects where no new allotments are to be made.
- Renovation or Repair of any Building, Apartment, Plot.
- Sale of ready to occupy property in the resale market.
We can help you with the following areas of RERA advisory:
- RERA Project Registration
- RERA Quarterly Progress Reports and other submissions
- Financial Planning and structuring of projects
- Financial Projections of funds required for the project
- Maintenance of Books of Accounts for the purpose of RERA
- Maintenance of financial records in compliance with RERA
- Certificate by Chartered Accountants for withdrawal of funds for utilization in proportion to % of completion project
- Audit Report on utilization of funds for a particular project
- Audit Report on withdrawal of funds in proportion to the % of completion of the project
- Filing of/ Handling Complaints before Real Estate Regulatory Authority/ Appellate Tribunal