PROJECT REGISTRATION
- PROJECT REGISTRATION
RERA, or the Real Estate (Regulation and Development) Act, is a regulatory framework in India that aims to protect the interests of homebuyers and promote transparency and accountability in the real estate sector. One of the key provisions of RERA is the requirement for real estate developers to register their projects with the regulatory authority. Here’s how you can register a project under RERA
Ensure that your project falls within the scope of RERA. Typically, all residential and commercial real estate projects where the land area exceeds 500 square meters or the number of apartments exceeds eight units need to be registered.
Gather all the necessary information about your project, including details about the land, the project's layout, and specifications. You will need to provide details about the project's location, number of units, carpet area, amenities, etc.
Identify the project promoter, which is the entity responsible for developing and promoting the project. This entity needs to be registered under RERA as well.
These may include title deeds, layout plans, approvals from competent authorities, project financials, and other relevant documents.
After your application is processed, you will be issued a unique RERA registration number for your project. This number should be prominently displayed in all project advertisements and documents.
Ensure that you comply with all the regulations and guidelines set by RERA. This includes keeping the project on schedule, maintaining a separate bank account for the project, and providing periodic updates to the regulatory authority and homebuyers.
REAL ESTATE PROJECT BUSINESS PLAN
Providing effective advisory about real estate project business plan. It’s advisable to join with us for your growth and career development. We will join together and to operate within the legal framework and providing the positive output to buyers.
QUARTERLY FILING
Under RERA, developers and builders are required to provide certain information and updates to the regulatory authority and homebuyers. One of the compliance requirements under RERA is the filing of quarterly updates.
Project Details
Developers must provide project details, including the status of the project, the number of units sold, and the number of units under construction.
Financial Information
Developers need to disclose the project's financial information, such as the cost incurred and funds collected from buyers. This information ensures transparency in the use of funds for the project.
Construction Progress
Quarterly updates on the progress of construction work, such as the completion of the project, are required. This helps buyers to track the development of their property
Approvals and Permits
Developers must inform the regulatory authority about any new approvals or permits obtained for the project during the quarter.
Sales Updates
Details about the units sold during the quarter, along with their prices, should be included in the filing.
Complaints and Disputes
Any complaints or disputes related to the project need to be reported.
Project Delays
If there are any delays in the project, developers must provide explanations for the delays and the revised project completion timeline.
Legal Proceedings
Any legal proceedings related to the project must be disclosed.
PROJECT EXTENSION FILING
The registration granted under section 5 may be extended by the Authority on an application made by the promoter, due to force majeure, in such form and on payment of such fee as may be prescribed
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Provided that the Authority may in reasonable circumstances, without default on the part of the promoter, based on the facts of each case, and for reasons to be recorded in writing, extend the registration granted to a project for such time as it considers necessary, which shall, in aggregate, not exceed a period of one year.
Provided further that no application for extension of registration shall be rejected unless the applicant has been given an opportunity of being heard in the matter.
CHANGE REQUEST FILING
We have dedicated staffs to solve your queries. Simple document process and no direct appointment required.
Will check the eligibility to file a change request under the RERA regulations. Common reasons for change requests include alterations to the project plan, changes in the developer’s information, and modifications to the project’s completion date.
Prepare Required Documents: These documents might include revised project plans, legal documents, and any other relevant
ANNUAL FILING
The annual filing of the Real Estate (Regulation and Development) Act, commonly known as RERA, is a crucial process for real estate developers and agents. RERA aims to bring transparency and accountability to the real estate sector by regulating and promoting the real estate market.
The specific requirements for annual filing under RERA can vary by state in India, as each state has its own rules and regulations. However, in general, real estate developers are typically required to provide updated information about their projects to ensure compliance with RERA guidelines.
RERA FINANCIAL GAP AUDIT
However, considering the nature of the Real Estate (Regulation and Development) Act (RERA) and common financial auditing practices in real estate, it’s possible that the term refers to a financial audit conducted in the context of RERA compliance.
In general, a financial audit in the real estate sector, especially in relation to RERA, may encompass the following aspects
Auditing the use of funds collected from homebuyers to ensure that they are being utilized for the intended project and are in compliance with RERA guidelines.
Reviewing the financial statements of the real estate project to ensure transparency and accuracy. This may include income and expenditure statements, balance sheets, and other financial documents.
Verifying that the funds collected for a particular project are deposited into a designated escrow account as required by RERA. This is intended to prevent diversion of funds to other projects.
Ensuring that the financial aspects of the project comply with the specific guidelines and regulations outlined by the respective state's RERA authority.
Examining reasons for any cost overruns or delays in the project and assessing their financial implications.
Confirming that developers are transparently disclosing all necessary financial information to both regulatory authorities and homebuyers.
We are here to address any questions you may have as you implement your plan. Additionally, for clients seeking an ongoing partnership, we provide comprehensive RERA consultancy services
