THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016 -CA Javed Gadiwala PGRT & Associates

1. THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016 -CA Javed Gadiwala PGRT & Associates

2. Overview of RERA 2

3. Important Definition under RERA (Sec.2) 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 Building- includes any structure or erection or part of a structure or erection which is intended to be used for residential, commercial or for the purpose of any business, occupation, profession or trade, or for any other related purposes 3

4. Important Definition under RERA (Sec.2) Carpet area- means the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment. Explanation.— For the purpose of this clause, the expression "exclusive balcony or verandah area" means the area of the balcony or verandah, as the case may be, which is appurtenant to the net usable floor area of an apartment, meant for the exclusive use of the allottee; and "exclusive open terrace area" means the area of open terrace which is appurtenant to the net usable floor area of an apartment, meant for the exclusive use of the allottee 4

5. Important Definition under RERA (Sec.2) Development - with its grammatical variations and cognate expressions, means carrying out the development of immovable property, engineering or other operations in, on, over or under the land or the making of any material change in any immovable property or land and includes re-development; PersonInclude individual, HUF, Company, Firm, Competent authority, AOP/BOI, Co-op. society, any such other entity as the appropriate Government may, by notification, specify in this behalf 5

6. Important Definition under RERA (Sec.2) Estimated cost of real estate project – means the total cost involved in developing the real estate project and Includes Land Cost, Taxes, Cess, Development and Other charges. 6

7. Important Definition under RERA (Sec.2) Real estate project- means the development of a building or a building consisting of apartments, or converting an existing building or a part thereof into apartments, or the development of land into plots or apartment, as the case may be, for the purpose of selling all or some of the said apartments or plots or building, as the case may be, and includes the common areas, the development works, all improvements and structures thereon, and all easement, rights and appurtenances belonging thereto 7

8. Provision under RERA Act, 2016 Registration Right & Duties of Promoters Right & Duties of Allotee Section 3 – Registration and exemption from registration Section 4 – Documents required for Registration Section 5 – Grant or rejection of registration by authorities Section 6 – Extension of validity of Registration Section 7 – Revocation of registration granted Section 8 - Obligation of Authority consequent upon lapse of or on revocation of registration Section 9 &10 –Real estate Agent Registration and their function Section 11 - Duties of Promoters Section 12 – Compensation by promoters due to false adv. Section 13 – No deposit by promoters before Agreement for sale (< 10%) Section 14 – Adherence to Approved plan by Promoters Section 15 – Transfer of project to third party by promoters (2/3rd Consent) Section 16 – Insurance of project Section 17 – Transfer of title. Section 18 – In case failure returning of amount (Amount + Interest + Compensation) Section 32 – promotion of Real estate sector by RERA Section 19 – Right & Duties of Allotee Section 31 – Filling of complaint to RERA Section 44 – Right of Appeal against order under RERA to REAT Section 56 – Right of legal representative (CA *) 8

9. Major Provision under RERA Act, 2016 RERA REAT Other Section 20 – Establishment of RERA by state. Section 21 – Composition of Authority. Section 22 –Qualification Section 23 – Terms or CP / Members (Not exceeding 5 years or 60 age) Section 24 – Salary of CP/Member Section 25 – Power of CP Section 26 – Removal of CP/members Section 27 – Restriction on employment Section 28 – Additional Staff Section 43 – Establishment of Real Estate Appellate Tribunal (REAT) Section 44- Appeal (within 60 days of order) (disposed off in 60 days) Section 45 – Composition of REAT (1 CP 2 members) Section 46 – Qualification of CP/ Members of REAT Section 47 - Terms or CP / Members (Not exceeding 5 years or 67/65 age) Section 48 – Salary Section 49 – Removal of CP/members Section 50 - Restriction on employment Section 51 - Additional Staff Section 41 – Establishment of Central Advisory Council Section 42 – Function of Council Section 58 – Appeal to high court on order of REAT (within 60 days on ground as per section 100 of CCP, 1908) Section 73 –Grant by CG Section 74 – Grant by SG Section 75 – Constitution of fund. Section 76 – Credit of Penalty Section 77 – Budget, a/c & Audit of RERA Section 78 – Annual report RERA Section 79 – Bar of jurisdiction Continue… 9

10. Major Provision under RERA Act, 2016 RERA REAT Other Section 29 – Meeting (decision by majority) Section 30 – Vacancies etc., not to invalidate proceeding of Authority. Section 31 – Complaint (Any person can complain ) Section 33 – Advocacy and awareness measures Section 34 – Function of Authority Section 35 –Power of authority to call for Info/ investigation Section 36- Issue interim order Section 37 – Issue direction Section 38 – Impose penalty/ interest Section 52 – Vacancies need to filled Section 53 – Power of REAT (Power of Code of Civil Proc. 1908)(deemed to be civil court) Section 54 – Administration power of CP Section 55 - Vacancies etc., not to invalidate proceeding of Authority. Section 57 – Order = Decree of civil court Section 80- No Cognizance of offence Section 81 – Delegation of Power Section 82 - Power of supersede the authority by Appropriate govt. Section 83 - Power to issue direction/order to authority by Appropriate govt. Section 84 – Power to make rules by Appropriate govt. Section 85 – Power to make regulation by Appropriate govt. Section 86 - Lying of rules Section 87 – All members = Public servant Section 88 – Application of other law not barred Section 89 – Act have overriding effect Continue… 10

11. Major Provision under RERA Act, 2016 RERA REAT Other Section 39 – Rectification of Order (within 2 yrs) Section 40 – Recovery of interest/ penalty / comp. Section 90 – protection of action taken in good faith. Section 91 – power to remove difficulties Section 92 – MH(R&D) Act, 2012 repeal. Section 71 – Power to adjudicate compensation u/s 12, 14, 18 & 19. Section 72 – Factor to be consider for adjudging u/s 71 11

12. Registration (Sec. 3) 12

13. Registration {Sec. 3(2)} 13

14. Promoters - a person who constructs or causes to be constructed or develops land into a project or any other public body or any development authority or apex State level co-operative housing finance society and a primary co-operative housing society or any other person act as promoter Application for registration (Sec. 4) Every promoter shall make an application to the Authority for registration of the real estate project in such form, manner, within such time and accompanied by such fee as may be specified by the regulations made by the Authority. Who is required to register 14 14

15. Application for registration (Sec. 4) 15 15

16. Application for registration (Sec. 4) 16 16

17. Documents & Information in addition to Sec.4 (As per Gujarat General Rule 3) 17 17

18. Grant, Reject, Extension & Revocation of Registration force majeure shall mean a case of war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature affecting the regular development of the real estate project 18 18

19. Grant, Reject, Extension & Revocation of Registration 19 19

20. Registration of Real Estate Agent (Sec. 9) No real estate agent w/o registration shall facilitate Purchase Or act on behalf of other to facilitate Sell Any plot, apartment or building of real estate project u/s 3 Sec. 10 20 20

21. Fees of New Registration Gujarat RERA (Rule 3) 21

22. Fees of Registration of Agent under Gujarat RERA 22

23. List of Forms under Gujarat RERA 23

24. Fees extension of Registration under Gujarat RERA 24

25. Penalties under RERA Act, 2016 25

26. Penalties under RERA Act, 2016 26

27. Penalties under RERA Act, 2016 27

28. Opportunities for CA Registration Extension of Registration Advisory Role Appeal (Section 56 of the act allowed CA) 1 2 3 4 28

29. Opportunities for CA CA Certification for Withdrawal from bank Annual Audit under RERA Act (Sec 4) Status reporting of every project Assisting in preparation of submission 5 6 7 8 29