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holyterminusapex · 1 month ago

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How RERA Will Benefit Buyers: A Game-Changer in Real Estate

The real estate sector in India has witnessed significant transformation over the past decade, and one of the most impactful reforms is the introduction of the Real Estate (Regulation and Development) Act, commonly known as RERA. Designed to protect the interests of homebuyers and bring transparency to the real estate market, RERA is a landmark legislation that aims to instill confidence among buyers. By mandating builders to register projects and adhere to strict timelines and quality norms, RERA will benefit buyers by reducing fraud, delays, and discrepancies, making property investment safer and more reliable than ever before.

What is RERA and Why Was It Introduced?

Before diving into how RERA benefits buyers, it’s important to understand what RERA is and the challenges it aims to address. The Indian real estate industry was often marred by delayed project deliveries, ambiguous agreements, poor construction quality, and lack of transparency. Homebuyers frequently faced issues such as arbitrary price escalation, incomplete projects, and difficulty in getting refunds.

To tackle these problems, the Government of India enacted the Real Estate (Regulation and Development) Act in 2016, which became operational in various states from 2017 onwards. RERA mandates that all commercial and residential real estate projects with more than eight units or covering an area of over 500 square meters must be registered with the respective state RERA authority before marketing or selling.

How RERA Will Benefit Buyers

1. Transparency and Accountability

One of the biggest grievances of property buyers was the lack of transparency. Builders were not obligated to disclose the full details of the project, such as approvals, layout plans, or status of the construction. RERA requires developers to provide detailed project information on the official RERA website, including

Project layout and plan

Approved sanctions

Timeline for project completion

Details of contractors and architects involved

This transparency enables buyers to make well-informed decisions and hold builders accountable.

2. Timely Project Completion

Delayed possession was a major issue in the pre-RERA era. Buyers often had to wait years beyond the promised possession date, with little legal recourse. Under RERA, developers are legally bound to complete projects on time, failing which they face heavy penalties, including fines and imprisonment. Buyers can also claim compensation for delays, ensuring greater project discipline.

3. Quality Assurance

RERA mandates that developers must adhere to approved plans and specifications. Any deviation can lead to penalties or cancellation of registration. Moreover, RERA requires a builder to deposit 70% of the collected money in a separate escrow account, to be used exclusively for construction and land costs. This ensures funds are not diverted elsewhere, directly impacting the quality and timely completion of the project.

4. Grievance Redressal

Before RERA, buyers often struggled to get legal recourse against errant builders. With RERA, each state has established a Real Estate Regulatory Authority and an appellate tribunal to resolve disputes swiftly and fairly. Complaints can be filed online, and the authority has the power to order refunds, compensation, or completion of the project.

5. Fair Dealings and Standardized Agreements

RERA has introduced standardized, clear, and fair agreements between buyers and builders, minimizing the chances of hidden clauses or unfair terms. Builders cannot change the sale agreement arbitrarily or increase the property price beyond what is agreed upon, protecting buyers from exploitation.

Why RERA Approval is Required: Understanding Its Importance

To truly appreciate the benefits of RERA, it’s essential to understand why RERA approval is required and how it acts as a quality benchmark in real estate transactions.

Legal Compliance and Protection

RERA approval is mandatory for all eligible real estate projects before they can be sold. This ensures that only projects that comply with legal and regulatory norms reach the market, preventing the sale of illegal or non-compliant properties. For buyers, this approval acts as a safety net, guaranteeing that the project has met necessary government clearances.

Assurance of Financial Discipline

One of the biggest reasons RERA approval is required is to enforce financial discipline among developers. The escrow account system mandated by RERA restricts the misuse of funds, thereby assuring buyers that their money is utilized only for the intended project. This reduces the risk of stalled or abandoned projects due to financial mismanagement.

Transparency of Project Details

RERA approval requires developers to upload and maintain updated project details on the official RERA portal. This ensures that buyers have access to authentic information such as sanctioned plans, layouts, builder licenses, and ongoing construction updates. Lack of RERA approval implies that the buyer is purchasing a property with unknown risks, which could lead to future legal hassles.

Enforcing Builder Accountability

RERA approval comes with the builder’s commitment to adhere strictly to project deadlines and quality standards. Non-compliance can result in penalties, suspension, or cancellation of the registration. This accountability mechanism instills confidence among buyers, encouraging more transparency and honesty in real estate dealings.

How Buyers Can Benefit from Checking RERA Approval

Before finalizing any property deal, buyers should verify the project’s RERA registration number and approval status on the official state RERA website. Here’s why this step is critical:

Ensures Project Legitimacy: Helps confirm that the project is legally registered and compliant.

Provides Access to Project Information: Buyers can view the builder’s details, project plans, approvals, and updates.

Allows Tracking of Construction Progress: Buyers can monitor if the project is progressing as per the promised timeline.

Enables Filing Complaints if Needed: If the builder delays possession or violates terms, buyers can approach the RERA authority for resolution.

Common Misconceptions About RERA

While RERA is a powerful tool for buyers, some misconceptions need to be clarified:

RERA does not guarantee the quality of construction beyond the approved plan; buyers must still do due diligence.

Not all projects are under RERA, only those above a certain size or unit count. Small developers or properties in certain states might be exempt.

RERA cannot compensate for price appreciation or market risks; it mainly ensures transparency and accountability.

The Bigger Picture: Transforming the Real Estate Landscape

Since its implementation, RERA has instilled more confidence in homebuyers and boosted the demand for genuine projects. Developers, on the other hand, are now compelled to adopt more transparent practices, improve quality, and deliver on time, creating a more balanced ecosystem.

For first-time buyers and seasoned investors alike, RERA approval and its enforcement mechanisms provide a safeguard against the uncertainties that traditionally plagued the real estate market. As the law continues to evolve with amendments and better enforcement, the overall effect will be a more transparent, trustworthy, and consumer-friendly real estate industry.

Conclusion

The introduction of RERA marks a paradigm shift in the Indian real estate sector. By making developers more accountable, ensuring transparency, and empowering buyers with legal rights, RERA will benefit buyers immensely. Understanding why RERA approval is required is critical for any property buyer, as it protects their investment, promotes fair dealings, and reduces risks associated with property purchase.

Whether you are buying your first home or investing in commercial property, always ensure that the project is RERA-approved. This simple check can save you from numerous headaches and financial losses, making your property journey smooth and secure.

#why rera approval is required #why rera is important to buyers #buying home before rera

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dubaivirtualoffice · 2 months ago

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How Ejari Services in Dubai Benefit Landlords and Tenants

Introduction

Understanding Ejari Services in Dubai

Dubai's real estate sector is strictly regulated to ensure transparency, fairness, and legal protection for all parties involved. One of the key regulatory tools is the Ejari system, which is Arabic for "My Rent." Ejari is a government-mandated tenancy contract registration system managed by the Dubai Land Department (DLD) and enforced by the Real Estate Regulatory Agency (RERA). To be legally binding, every rental contract must be registered through Ejari.

What This Article Will Do for You

This article shows how Ejari services in Dubai benefit landlords and tenants. Whether renting out a property or moving into one, you'll learn how Ejari protects your rights, ensures compliance with the law, and simplifies the leasing process. We'll cover legal, financial, and procedural advantages step by step.

Why Ejari Registration is Mandatory in Dubai

Legal Framework for All Tenancy Agreements

Dubai law requires all residential, commercial, or industrial rental agreements to be registered with Ejari. This ensures government institutions recognize your lease and can use it in legal proceedings. Without Ejari, your contract is not enforceable under Dubai's rental laws.

Standardization and Legal Clarity

Ejari ensures that contracts are uniform, eliminating vague terms or hidden conditions. You and your counterparty clearly understand rights, obligations, and timelines.

Access to Government and Utility Services

DEWA (Dubai Electricity and Water Authority), telecommunications, visa applications, and other essential services require a valid Ejari certificate. For tenants, it's your ticket to settling in; for landlords, it proves a lawful lease.

How Ejari Services Benefit Landlords

1. Legal Protection in Disputes

If tenants default on rent, damage the property, or violate contract terms, a registered Ejari lease allows you to file complaints with the Rental Dispute Settlement Center. Unregistered agreements will not be considered in legal proceedings.

2. Secure and Traceable Lease Transactions

Ejari records tenant and property information, making it easy for landlords to track rental history. This helps in tenant screening and building a rental portfolio.

3. Prevents Illegal Subleasing

Ejari prevents tenants from subletting your property without your consent. If an issue arises, authorities will refer to the registered lease to identify the rightful tenant.

4. Simplifies Eviction Procedures

If a tenant defaults on rent or breaches the lease, Ejari-backed contracts enable you to start legal eviction faster, with documented evidence.

5. Compliance with Real Estate Regulations

As a landlord, registering your properties through Ejari protects you from fines and ensures you meet RERA's requirements, especially for commercial and corporate leases.

How Ejari Services Benefit Tenants

1. Legal Proof of Residency

Your Ejari certificate is official proof of your tenancy. You'll need it to activate DEWA, register an Emirates ID, apply for family visas, and use other services.

2. Regulates Rent Increases

Ejari links to RERA's rent calculator, ensuring landlords cannot increase rent beyond the legal limit. You are protected from arbitrary or excessive hikes.

3. Facilitates Legal Disputes

If a landlord withholds your security deposit or makes illegal claims, your registered contract gives you solid legal standing in court.

4. Enables Family Visa and Sponsorship Applications

If you plan to sponsor family members, the Ejari certificate is mandatory. It shows that you live in suitable, legal accommodation.

5. Transparent Leasing Process

With Ejari, you can be sure your landlord isn't renting illegally or leasing the same unit to multiple tenants. The government validates your contract.

Step-by-Step: How to Register Ejari in Dubai

Step 1 – Gather Required Documents

Prepare the following:

Tenancy contract signed by both parties

Emirates ID (tenant)

Passport copies (landlord and tenant)

Title deed of the rented property

Trade license (for commercial properties)

DEWA premise number

Step 2 – Choose a Registration Method

You can register through:

Ejari online portal

Dubai REST app

Authorized typing centers

Real estate companies (if authorized)

Step 3 – Pay the Registration Fee

Typical Ejari registration fees range between AED 195 to 220, depending on the channel.

Step 4 – Receive Your Ejari Certificate

Within minutes (if done online) or a few hours (at centers), you'll receive the official Ejari certificate in PDF. Please keep it for all legal and service-related needs.

Common Mistakes to Avoid During Ejari Registration

1. Missing or Incorrect Documents

Any mismatch in names, passport numbers, or contract details can delay or invalidate the process. Double-check before submission.

2. Using Unapproved Typing Centers

Only register through RERA-authorized channels. Unauthorized centers may issue invalid or unverifiable certificates.

3. Delaying Registration

Delaying Ejari registration may result in DEWA delays, fines, or inability to complete visa or residency tasks.

4. Not Renewing on Time

Each time the lease renews, you must also update your Ejari. Failing to do so can affect utility continuity and legal standing.

How Ejari Strengthens Dubai's Real Estate Sector

Promotes Market Trust

All rental activity becomes traceable, reducing fraud and boosting investor confidence.

Enables Urban Planning

The DLD uses Ejari data to analyze market trends, rental demand, and future infrastructure needs.

Supports Legal Enforcement

Without Ejari, rental disputes often turn into verbal confrontations. With it, there's clarity and enforceability.

Builds a Tenant-Landlord Registry

Dubai can now track delinquent tenants and blocked landlords. This benefits all market participants.

Ejari for Business Use: What Corporates Must Know

Mandatory for Business Setup

If you're applying for a trade license or renewing it, Ejari must prove your commercial address.

Applies to Serviced and Shared Offices

Even coworking spaces offering trade licenses must provide you with an Ejari-backed agreement.

Used in Visa and Labor Applications

Government departments require Ejari as proof that your business has a physical or virtual presence in Dubai.

When to Renew Your Ejari Certificate

Upon Lease Renewal: Even with the same terms, every new lease agreement must be re-registered.

When Changing Landlords or Properties: A new Ejari certificate is required for each new lease.

If There's a Change in Tenancy Details, Name, address, or unit number changes must be updated.

How to Choose a Reliable Ejari Service Provider in Dubai

Check for RERA Approval

Make sure the Dubai Land Department licenses the agency or center.

Ask About Extra Services

Some providers also handle DEWA activation, PRO work, and trade license support. This saves you time.

Review Customer Ratings

Quick processing time, helpful support, and post-registration help are signs of a trustworthy provider.

Key Takeaways: Why You Need Ejari Services in Dubai

Legal Compliance: It's mandatory—no excuses.

Access to Services: DEWA, visas, and licenses require it.

Dispute Resolution: It protects you in court.

Market Transparency: It builds trust and stability.

Security for Both Parties: Clear terms defined roles.

Whether you're a tenant or landlord, Ejari services in Dubai are non-negotiable. They protect your rights, give you access to critical services, and keep the real estate market fair and sustainable

#Ejari services #Ejari services in Dubai #dubai virtual office ejari

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lakheraglobal · 2 months ago

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How to Check Property Fraud and Forgery in India

A Step-by-Step Guide to Safe Real Estate Investments

Buying property in India—especially in cities like Ahmedabad—is a major decision. Unfortunately, scams like forged documents, fake owners, and illegal land sales are increasingly common. This guide outlines how to protect yourself with smart legal checks and simple precautions.

1. Common Types of Property Fraud

Fake Ownership Documents: Forged title deeds, mutation papers, and sale agreements.

Double Sales: Property sold to more than one buyer.

Impersonation: Criminals posing as property owners, especially in the case of absentee or NRI owners.

Illegal or Encroached Land: Government or disputed land sold as private.

Benami Deals: Property bought under a false name to hide the real buyer.

2. Warning Signs You Shouldn't Ignore

Seller insists on cash-only deals.

Title documents are vague, missing, or inconsistent.

The asking price is far below market value.

Address on documents doesn’t match the actual location.

Seller refuses legal help or broker involvement.

Property has family disputes or multiple ownership claims.

3. Step-by-Step Verification Process

Verify Ownership: Get original sale deeds and cross-check at the sub-registrar’s office.

Check Encumbrance Certificate: Reveals mortgages, legal dues, or past loans.

Review Property Tax Receipts: Confirms ownership and payment status.

Examine Mutation Records: Ensures the property is updated in municipal records.

Check RERA Registration: For under-construction projects, verify builder and project status online.

Validate Power of Attorney: Make sure it’s legally issued and registered.

Court Case Search: Check online court portals for pending disputes.

Physical Site Visit: Talk to neighbors and inspect for illegal construction or encroachments.

4. State-Wise Online Portals for Property Verification

Most Indian states now offer digital portals for checking property records. Search using property numbers, survey details, or owner names on your state’s official website.

5. Legal Precautions to Stay Safe

Always consult a real estate lawyer before purchasing.

Use registered sale deeds and proper stamp duty.

Sign an Agreement to Sell before the final transaction.

Document every financial exchange and agreement in writing.

6. Special Advice for NRI Buyers

Assign a reliable legal Power of Attorney.

Avoid relying only on relatives for paperwork or property management.

Regularly check title and encumbrance status online.

Only work with RERA-approved builders and agents.

7. What to Do If You Suspect Fraud

File a police FIR immediately.

Send a legal notice through your lawyer.

Use legal provisions like IPC Sections 420 (cheating), 467, 468, 471 (forgery), and RERA Act for disputes.

Seek help from a property litigation specialist as soon as possible.

Conclusion: Buy Smart, Stay Secure

Property fraud is avoidable—with the right research, legal support, and digital tools. Always investigate before you invest. Whether you're a first-time buyer or seasoned investor, secure your property journey with thorough checks.

Looking to buy in Ahmedabad? Get expert help from Around Town Realty—our team handles legal verification, RERA checks, and secure resale services tailored to your needs.

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luxuryroof · 3 months ago

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Security Deposit Refund in 2025: Your Rights and Legal Options Explained

Ah, the security deposit — that tidy little sum we hand over when moving into a new rental home, full of dreams and Pinterest boards. Fast forward to moving out, and suddenly, retrieving it feels like winning a game show — minus the confetti. If you’re moving out in 2025 and wondering whether your security deposit will find its way back to your bank account (intact and on time), you're not alone.

Let’s break down everything you need to know about getting your security deposit refund in 2025, your rights as a tenant, landlord obligations, and what to do when things go sideways.

🔍 First, What is a Security Deposit?

A security deposit is a refundable amount paid to the landlord before moving in. Think of it as a financial “just-in-case” — it covers damage beyond normal wear and tear, unpaid rent, or broken clauses in the lease.

In India, this deposit typically ranges from 1 to 10 months’ rent, depending on the city and the landlord’s generosity (or lack thereof). Bengaluru, for instance, has seen reforms, limiting it to 2 months’ rent under the Karnataka Rent Control Act.

🧾 Your Legal Rights as a Tenant in 2025

Good news — 2025 hasn’t brought flying cars yet, but tenant rights have evolved! Thanks to Model Tenancy Act (MTA) recommendations, things are more tenant-friendly now.

Here’s what you’re entitled to:

✅ Full Refund Minus Legitimate Deductions

Landlords can deduct from your deposit only for:

Major damages (like that wine stain that became abstract art)

Unpaid rent

Unpaid utility bills (if it’s your responsibility)

Breach of lease terms

They cannot deduct for:

Minor wear and tear (faded paint, dusty fans, loose taps)

Personal grudges (yep, not legal)

🕰️ Refund Timelines in 2025

As per the Model Tenancy Act:

The landlord must refund the security deposit within 1 month of tenant vacating the premises.

If not refunded within this period, interest may apply, and you can take legal action.

🏠 How to Ensure a Smooth Refund Process

Here’s how to make your move-out drama-free (and deposit-friendly):

📸 1. Document Everything

Take pictures/videos of the house before moving in and while vacating. These are your visual receipts!

✍️ 2. Insist on a Written Agreement

Make sure your lease agreement clearly states:

Security deposit amount

Refund terms

Timeline for refund

Deductions (if any) spelled out

🧹 3. Leave the Place Clean

Give the apartment a decent clean-up. You don’t need to channel Marie Kondo, but returning a livable space matters.

🧾 4. Collect Bills & Receipts

Ensure your rent and utility bills are cleared. Share proof with your landlord.

😤 When the Landlord Refuses to Return Your Deposit

Unfortunately, not all landlords play fair. If you’ve done your part and still face the “I'll refund it soon” loop, here are your legal options:

🧑‍⚖️ 1. Serve a Legal Notice

Send a formal notice demanding your security deposit refund. Mention:

Agreement terms

Move-out date

Pending amount

Timeframe to settle

This usually nudges landlords to settle without going full courtroom drama.

📮 2. File a Complaint with the Rent Authority

Under the Model Tenancy Act, tenants can now file a complaint with the Rent Authority in their city — a faster, more streamlined solution compared to civil court.

⚖️ 3. Small Claims Court / Civil Court

If the amount is significant and your landlord remains defiant, you can file a civil suit. You may even be entitled to compensation for harassment or delay.

Pro Tip: If the deposit is under ₹1 lakh, Lok Adalats or consumer courts may be faster and cost-effective.

📈 Security Deposit Trends in 2025

Some interesting trends in major cities:

Bengaluru: Mostly capped at 2 months’ rent. Enforcement is getting stricter.

Mumbai & Delhi NCR: Still ranges between 3–6 months’ rent.

Gurgaon & Noida: New luxury projects are transparent — thanks to RERA enforcement.

Tenancy Apps: Platforms like Nestaway, NoBroker, and Stanza Living now offer zero-deposit or low-deposit options with clear refund policies.

📦 Moving Checklist for a Stress-Free Refund

✅ Give written notice before vacating (check lease terms).

📷 Click before/after photos.

💬 Schedule a walk-through with the landlord.

🧾 Pay off all dues and collect receipts.

✍️ Get a written acknowledgment of handover.

💰 Track your refund with follow-up emails or messages.

🛡️ Know These Tenant Rights in 2025

No arbitrary deductions allowed.

Refund must happen within 1 month (unless otherwise stated).

Tenants cannot be harassed for refusing deductions.

Interest may be payable for delayed refunds.

Legal aid is available for low-income tenants.

🧠 Final Thoughts: Don’t Let Your Deposit Disappear into the Void

Whether you’re leaving your first rental flat or a swanky luxury apartment in Gurgaon or Bangalore, your security deposit is your money — not a bonus tip for the landlord.

The rules are clearer in 2025, and so are your legal options. So go ahead, hand over the keys, take your Insta-worthy last selfie in the house, and get what’s rightfully yours — in full.

At Luxury Roof, we don’t just show you the best luxury properties; we also help you understand the nitty-gritty of living in them — from first rent to final refund.

Looking to move to a new city or upgrade your home in 2025? Explore verified properties, honest reviews, and pro tips to make your real estate journey smooth and secure.

visit now: 90485 90485

#Security Deposit Refund 2025 #Tenant Rights India 2025 #Rental Laws India #Model Tenancy Act #Legal Options for Tenants #Landlord Tenant Disputes #Security Deposit Legal Help

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ks-group-zirakpur · 5 months ago

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RERA Guidelines and How They Protect Commercial Property Buyers in Zirakpur

The Real Estate Regulatory Authority was created to introduce clarity and justice in India's real estate sector. It offers many benefits of residential property deals. RERA also provides similar protection for commercial property in Zirakpur. Hence, buyers can invest without doubts in the industry.

Does RERA Apply to Commercial Property?

RERA applies to both residential and commercial projects. Commercial properties such as offices and mixed-use developments must be registered under RERA. These properties should exceed 500 square meters. This rule also applies to properties with more than eight units. This regulation ensures that developers disclose all project-related information. The information includes approvals and specifications. Hence, they offer buyers greater transparency.

How Does RERA Protect Buyers?

RERA has several safeguards that protect commercial property buyers:

Transparency: Buyers can access detailed project information. This includes timelines and legal clearances on the RERA website.

Accountability: Developers must adhere to promised timelines. They should deliver projects as per approved plans.

Financial Security: RERA mandates developers to deposit 70% of project funds into an escrow account. This step reduces the risk of fund diversion.

Legal Remedies: Buyers can also file complaints with RERA and expect swift resolutions.

These steps ensure the buyer is informed about the property. They also reduce the risks associated with real estate investments.

Can a Tenant Claim Ownership?

In India, tenants cannot claim ownership of commercial property unless explicitly granted through legal agreements. Tenancy rights under the Transfer of Property Act protect the tenant from unlawful eviction but do not confer ownership. RERA ensures that ownership rights of commercial property are clearly documented, thus preventing disputes.

What Does RERA Ensure?

RERA provides the following fundamental guarantees to buyers:

Timely Delivery: Compensation for delays in the project.

Quality Standards: The developer is liable for structural defects for five years.

Clear Titles: Proper ownership details to avoid legal issues.

Fair Contracts: Avoidance of one-sided contracts that are always in favour of the developer.

Conclusion

RERA's strong principles are changing the commercial real estate market landscape in Zirakpur. From providing transparency, accountability, and protection for a buyer, it has made investments in commercial properties both safe and profitable through RERA compliance. For all those wanting to invest securely in a property in Zirakpur, RERA-certified projects by reliable developers are the best option.

#commercial property in Zirakpur #property in Zirakpur

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centrikbusinesssolutions · 5 years ago

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To, start with the most common problem that as homebuyers you might have is delayed possession or no construction in the project.

#status of homebuyers as financial creditors under section 2 of rera #Rights of the Buyers #Relief under RERA #refund of the amount paid along with interest #How to file claim under RERA #How to file claim as homebuyers #How to Approach RERA #How to approach RERA before NCLT #execution of the builder buyer agreement as per RERA rules #financial creditor under the IBC #Delay in Possession #Execution of RERA #execution of RERA order under IBC #execution of RERA orders

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karmafinprop · 4 years ago

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RERA Rules

RERA Rules:

The intention of designing the RERA Act was solely to bring transparency to the real estate sector. The RERA Act was introduced to abolish problems within the real estate sector. It aims to reduce delays and failures in the project. At the moment, all builders or developers must make the RERA registration before starting any project.

The Real Estate (Regulation and Development) Act is intended to ensure that buyers are not betrayed or taken for a ride by developers.

In the following 14 RERA rules for builders, let us see how it might benefit the buyers.

Project Registration:

RERA obliges all commercial and residential real estate projects with more than 500 square meters of land or eight apartments to register with the Real Estate Regulatory Authority (RERA) before starting any project. Developers must publish all the information, such as the sanctioned design, the layouts, the location of the project with a simple demarcation of the property, the carpet area, the number and area of the garage, etc. The developer is required to gain clearance from RERA to curb any malpractices.

Therefore, before entering into the contract, one can check the details of the project online on the RERA website by visiting the RERA website of the State concerned.

Progress Updates:

The developers are also expected to submit project details, including the number and types of units sold, the government approval, and completion scheduled quarterly. Also, if there is any conflict relating to that property, all records of the proceedings must be uploaded. With RERA one can monitor the progress online.

Escrow Account:

The developer would be expected to move 70% of the money collected from the customer to the Escrow account. This can ensure that the developer will not use the money on other projects, since they will remove the money from this account after approval from the engineers and chartered accountants they select, and the money can only be used for the project you have invested in.

Standardization of the Purchase Agreement:

Earlier sale agreements used to be in such a configuration that home buyers would be penalized for any default but identical defaults by promoters would not incur any penalty. However, now that RERA requirements are in force, a standard model selling agreement must be reached between promoters and homebuyers to ensure equality and protect buyers from different fines and charges.

The selling agreement shall define the precise details of the project, including the design of buildings and houses, the requirements, the internal development work, and the external development work, the date on which the possession of the apartment, the plot, or the building is to be handed over, etc.

Maximum 10 percent of project expense as advance payment:

The promoter can not consider a total of more than 10% of the cost of the project, the plot, etc. As an advance payment or an application fee from you without first entering into a written agreement for sale with and registering with that person.

Defect Liability Period:

Under RERA, in the event of any structural defect or poor quality, it would be the duty of the developer to correct any defect for a period of five years. So, if any fault is found in the quality used in the construction of the house, you can make the developer/builder responsible for all sub-quality problems and ask for the same repair or compensation.

Carpet Area:

The area of the property is also measured in three different ways: the carpet area, the built-up area, and the super built-up area. So when it comes to purchasing a house, this can lead to a lot of disconnect between what the home buyer pays and what he actually gets.

However, it is now mandatory for developers to reveal the size of their apartments based on the carpet space ( i.e. the area inside four walls). This involves available rooms, such as kitchens and toilets.

Representation of the Title:

Promoters are expected to disclose a valid title to the property and project. If a fault is found in the title of the land, you can ask for compensation and there is no limit to the amount of that compensation.

Information Provided:

If you make an advance payment for a project based on any false information provided to you through a prospectus or advertising, then you have the right to request a refund of your money. And if you want to proceed with the building, the contractor would have to pay a tax, which can be up to 5% of the cost of the house.

On-time Possession:

If you make an advance payment for a project based on any false information given to you via a prospectus or advertisement, you have the right to request a refund of your money. And if you choose to continue with the construction, the builder will have to pay a tax that could be up to 5% of the cost of the building.

Alteration in the plan sanctioned:

If a contractor wishes to make improvements to your individual flat’s plans and specifications, he can do so only with your permission. And if the contractor wants to make improvements to the entire project’s layout & common areas of the business, he needs the approval of 2/3rd of the total number of buyers.

Promoter Obligations:

The Promoter shall not be permitted to pass the majority rights and liabilities in respect of a real estate project to the third party without the prior written consent of two-third parties (purchasers), except the Promoter, and without the prior written consent of the RERA authority.

Agent Registration:

Now, any real estate agent must register with RERA before selling or advertising any property and must abide by all rules of regulation, such as keeping books and records, not engaging in unfair commercial practices, or making any false oral or written claims

Redressing Grievances:

If any customer, promoter, or agent has any complaint about the project, they can file a complaint with RERA. The actual state regulatory agency of the state will seek to settle the conflict within 60 days. If you are not happy with the RERA ruling, a complaint can also be lodged with the Appellate Tribunal within the next 60 days. And after that, if he is not satisfied, the case can be referred to the High Court and the Supreme Court.

#RERArules

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vignaniasacademy · 5 years ago

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Daily Current Affairs - News Analysis

Virus-hit Wuhan locked down

Trains and planes indefinitely suspended; travel curbs in neighbouring cities too.

-China on Thursday locked down some 20 million people at the epicentre of new coronavirus outbreak,banning planes and trains from leaving in an unprecedented move aimed at containing the disease. -It has claimed 17 lives and infected hundreds. About Coronavirus: Coronaviruses (CoV) are a large family of viruses that cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV).Coronaviruses are zoonotic, meaning they are transmitted between animals and people. Symptoms: Common signs of infection include respiratory symptoms, fever, cough, shortness of breath and breathing difficulties. In more severe cases, infection can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death. Transmission: Human coronaviruses most commonly spread from an infected person to others through: the air by coughing and sneezing.close personal contact, such as touching or shaking hands.touching an object or surface with the virus on it, then touching your mouth, nose, or eyes before washing your hands.rarely, fecal contamination.

The condemned can’t fight endlessly, says CJI-

“It was important for capital punishment to reach its finality” In the context of Nirbhaya case death convicts. -Recently government made an application to Supreme court to set short deadlines for death row convicts to seek legal remedies. -It wanted the court to limit the time for filing curative petitions. -A mercy plea should be filed within a week of issuance of death warrant. -If mercy plea is rejected, death warrant should be issued within next 7 days and the execution carried out a week thereafter. India again rejects Trump offer on Kashmir issue- Hence ruled out any role for a “third party” in Kashmir issue, clarifies the MEA spokesperson. India slips 2 places on Corruption perception index 2019- Ranks 80th with a score of 41/100 among 180 countries (2018- 78th rank)(Denmark tops-Score-87). Below the global average of 43 mainly because of “unfair and opaque political financing ”,” undue influence in decision making”,”lobbying by powerful corporate interest groups. Released by Transparency International. No coercive action for missing AGR date-Telecom Department. AGR-Adjusted Gross Revenue (AGR) is the usage and licensing fee that telecom operators are charged by the Department of Telecommunications (DoT). It is divided into spectrum usage charges and licensing fees, pegged between 3-5 percent and 8 percent respectively. How is it calculated and what’s the contention? As per DoT, the charges are calculated based on all revenues earned by a telco – including non-telecom related sources such as deposit interests and asset sales. Telcos, on their part, insist that AGR should comprise only the revenues generated from telecom services. What’s the issue now? In 2005, the Cellular Operators Association of India (COAI) challenged the government’s definition for AGR calculation.Later in 2015, the TDSAT said AGR included all receipts except capital receipts and revenue from non-core sources such as rent, profit on the sale of fixed assets, dividend, interest and miscellaneous income, etc.The regulator has also included forex adjustment under AGR apart from ruling that licenses fee will not be charged twice on the same income. It, however, exempted bad debt, foreign exchange fluctuations, and sale of scrap to be calculated for AGR.The government has also raised the issue of under-reporting of revenues to duck charges. The Comptroller and Auditor General of India (CAG) called out telcos for understating revenues to the tune of Rs 61,064.5 crore.The Supreme Court has upheld the definition of Adjusted Gross Revenue (AGR) calculation as stipulated by the Department of Telecommunications. This means that telecom companies will have to pay up as much as Rs 92,642 crore to the government. ICJ orders Myanmar to protect Rohingya- -It ordered Myanmar to take immediate measures to protect them from genocide and report back within 4 months. -A lawsuit launched by Gambia in November at ICJ for disputes between states accuses Myanmar of genocide against Rohingya in violation of a 1948 Genocide convention. Rohingyas- The Rohingya people are a stateless Indo-Aryan ethnic group who predominantly follow Islam with a minority following Hinduism and reside in Rakhine State, Myanmar . More than 7,30,000 rohingyas fled Myanmar after a military-led crackdown in 2017. ICJ-The International Court of Justice (ICJ) is the principal judicial body of the UN. Established in 1946 to replace the Permanent Court of International Justice, the ICJ mainly operates under the statute of its predecessor, which is included in the UN Charter. It has two primary functions: to settle legal disputes submitted by States in accordance with established international laws, and to act as an advisory board on issues submitted to it by authorized international organizations. Nepal invites Modi , Imran for Sagarmatha dialogue.- Sagarmatha Sambaad/dialogue is a multi-stakeholder, permanent global dialogue forum initiated by the Government of Nepal. It is scheduled to be held biennially in Nepal. Rising CO2 levels may double floods,storms- Risk of extreme floods could double every 13 years, say scientists. Karnataka government notifies “Karnataka Prevention and eradication of inhuman evil practices and black magic act.” -Law bans made snana(rolling over on parttaken food of others), coercing to perform firewalk, causing physical injury, baibiga practice(piercing rods), pelting stoned in the name of banamati and matamantra on residential houses. Bharatanatyam Costumes- 3 types 1] Skirt costume - that resembles half sari. 2] Sari costume - that looks like kachche sari. 3] Pyjama costume – that has intricate and permanently pressed frills(widely used). Aharya - the abhinaya through costume, jewellery and make-up, enhances look and mood for the performance. A classical dance form that encompasses Bhav, Rag, Ras and Taal is ‘Bharatanatyam’. Bha: Bhava which means emotionsRa: Rag meaning musical notes.Ta: Taal meaning the Rhythm.Natyam: The Sanskrit word for Drama. (others classical dance forms- kathakali, mohiniyattam, sattriya odissi, Manipuri, Kathak, Kuchipudi ) Editorial analysis Needless impatience- -Nothing will be lost if death row convicts are allowed to exhaust all remedies. -Condemns the centre’s application in SC for additional guidelines regarding execution of condemned prisoners. -Present Guidelines laid down in Shatrughan Chauhan Case which are considered to be “accused-centric”. - 14 day time lag between the closure of clemency/mercy route their hanging is aimed at preventing secret executions. -To believe that these are matters that contribute to substantial delay is misconceived. -However there is no more than a few days delay. Budgeting for jobs, skilling and economic revival- -The budget needs to provide direction to India’s tottering economy and a boost to aggregate demand and investment. -Future of country’s youth depends on this budget. -Unemployment rate is at 45-year high at 6.1%(2017-18)(urban youth-22.5% for 15-29 aged). -Periodic labour force survey-LFPR come down to 46.5%.(37.5%-urban youth). -“Employment poverty” due to low wages. -Ongoing slowdown main reason. -Aggregate investment is less than 30% of GDP. -Schemes like PM-KISAN and MGNREGA can boost rural demand immediately because farmers and landless labourers spend most of their income. -Rural unemployment can be reduced by raising budgetary allocation for irrigation projects rural infrastructure like roads,cold storage and logistical chains. -In urban areas construction is major of employment but many real-estate projects are caught up in legal disputes with multiple authorities having jurisdiction(RERA,NCLT). -Hence focus should be on projects under implementation rather than new projects. -Tax exemption on home loans is a remedy. -20,000 crore gets stuck with government annually in form of Input Tax credits , hence increasing cost of business of SMEs. As India prepares to honour Bolsonaro- -Focus should be on intra-BRICS p’ship and trade. -Each country has different economic and political leverage,and its own burden of domestic external issues. -Group’s informal structure is an advantage for coordination. -The BRICS group can survive only if its members maximise their congruences to the extent possible, despite the growing intensity of Sino-Russian ties; the pro-American leanings in Brazil; the socio-economic difficulties of South Africa after nine years under the controversial Jacob Zuma; and India’s many difficulties with China, including its abstention from the Regional Comprehensive Economic Partnership. -Main achievement of BRICS is the New Development Bank, with each country contributing equally to its equity. -They are also developing a joint payments mechanism to reduce foreign trade settlements in U.S. dollars. -An offshoot of the group, dealing with climate change, is BASIC (BRICS without Russia), which met at the Spain conference last month and reiterated its support to the Paris Agreement. -Could justify his invitation to Mr. Bolsonaro with references to the enduring quality of BRICS, Brazil’s agreement to waive visa requirements for Indian citizens, and the potential for Brazilian investments in the sectors of space and defence, agricultural equipment, animal husbandry, post-harvest technologies, and bio-fuels. Will Budget suspend the FRBM(Fiscal responsibility and budget management act)’s fiscal deficit goals? -Any fiscal review needs to ideally redirect spending priorities to capital from consumption. -In principle,FRBM is basically an expenditure switching mechanism from consumption to capital, but we are actually seeing the opposite. -Hence revisit the FRBM act ,revert to the original FRBM, try to focus more on the revenue deficit. -Nominal GDP growth is 7.5% lowest in last 42 years, hence clearly an evidence of lack of demand. -We need to give high priority to for recapitalization wherever necessary, isolating bad assets and let credit grow at 15-20%. -Also don’t let go off revenue sources. -This year its better to take refuge in some of escape clauses instead of fiscal deficit control and wait for growth revival next year. The origin of the constitution- -The history of constitution stretches to over 40 years before its enactment. -Founding document of the Indian Republic is believed to have been completed solely by the Constituent Assembly, working flat out in just two years, eleven months and 17 days. - In fact, the Constitution’s long history stretches to over 40 years before its enactment, going all the way back to the Indian Councils Act of 1909. -This law, for the first time, brought Indians into governance at central and provincial levels, albeit in a very limited way, through a highly restricted and unrepresentative electorate split on communal lines. - The Government of India Act, 1919 was a vast improvement on the Indian Councils Act but remained unrepresentative. -In its report submitted in 1930, the Simon Commission, constituted to evaluate the Government of India Act of 1919, recommended much greater Indian involvement in the governance of the country. -What followed its report were three extraordinary roundtable conferences — in 1930, 1931 and 1932 — all held in London to see how best Indians could administer their country. -They were remarkable for discussing, debating and comprehensively documenting a range of issues — federalism, civil services, regional representation, fundamental rights and universal adult franchise. -Even the idea of linguistic states and reservation emerged from the discussions at the three roundtable conferences. -Led to the passage of the Government of India Act of 1935, much of which found its way into the Constitution. Read the full article

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gloriouspostfun · 2 months ago

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Understanding the Key Differences Between RERA and MOFA

Over the years, Mumbai’s skyline has transformed significantly—ushering in a new era of residential and commercial spaces. With this growth, the role of regulatory frameworks has become more important than ever. To ensure transparency and safeguard the interests of homebuyers and developers, government entities have implemented key acts that define and regulate how real estate functions in Mumbai and across India.

Two important regulatory terms often discussed are RERA and MOFA. While both aim to protect homebuyers and streamline real estate practices, they differ in many ways.

Let’s understand the two terms in detail.

What is RERA? RERA, or the Real Estate (Regulation and Development) Act, took effect in 2016. It was developed to improve openness, accountability, and standardisation in the Indian real estate business. All residential and commercial projects must be registered with the RERA authority in their respective states, according to the laws.

Role of RERA:

Project Registration: Developers must register projects above a certain size with the state RERA before advertising or selling. Transparency: Developers are required to disclose project-related information including approvals, layouts, and timelines on the RERA portal. Regulated Payments: The act ensures at least 70% of the homebuyers money is used solely for construction and land-related expenses. Grievance Redressal: Homebuyers can raise complaints against delays or discrepancies through a formal grievance mechanism provided under RERA. Importance of RERA:

RERA helps instill trust in the real estate market by making developers more accountable. Also, it supports homebuyers to make better-informed decisions with digital access to verified project details.

Promotes Accountability: Builders are held responsible for project delays, construction quality, and financial management. Protects Homebuyer Investments: As stated earlier, 70% of the homebuyers money is secured in an escrow account. They are exclusively used for construction and land expenses. Reduces Project Delays: Strict guidelines and penalties are imposed on buildings if projects are not delivered on time. Simplifies Dispute Resolution: Homebuyers can file complaints with the RERA authority and get timely redressal through a dedicated tribunal. What is MOFA? MOFA, or the Maharashtra Ownership Flats Act, was introduced in 1963—long before RERA—to regulate the sale, construction, and transfer of flats in Maharashtra. It is specific to the state and remains applicable for certain provisions, even today.

Role of MOFA:

Sale Agreement: Developers must enter into a written agreement with the buyer before accepting over 20% of the total cost. Disclosure of Plans: Developers must provide sanctioned building plans and specifications to the buyer before finalising the sale. Title Certificate: The act requires builders to issue a certificate of title to the land to ensure that the buyer has ownership certainty. Timely Possession: The act requires timely possession, and buyers may seek compensation for delays. Importance of MOFA:

MOFA was one of the earliest acts to provide basic protection to homebuyers in Maharashtra. It laid the groundwork for more structured real estate laws like RERA.

Legally Binds Developer and Buyer: Developers must sign a written agreement with the buyer before collecting over 20% of the flat’s cost. Mandates Plan Disclosure: Buyers have a legal right to access sanctioned building plans and flat specifications before purchase. Ensures Title Clarity: MOFA requires the builder to provide a title certificate, reducing the risk of land ownership disputes. Addresses Delay in Possession: Buyers can claim compensation from developers for delayed handover of the property. Protects Buyer Interests Pre-RERA: MOFA was the foundation law that introduced buyer protection in Maharashtra before nationwide acts like RERA came into effect. Difference Between RERA and MOFA While both RERA and MOFA aim to protect homebuyers, there are several key differences between the two. Here’s a breakdown:

Scope of Application RERA: A central act applicable across all Indian states and union territories.

MOFA: A state-specific act applicable only in Maharashtra.

Project Registration Requirement RERA: Prior to advertising or selling, real estate developments must be registered.

MOFA: No provision for mandatory project registration.

Transparency and Disclosures RERA: Builders must update project status, approvals, and other details on a public online portal.

MOFA: Requires disclosure of sanctioned plans and legal titles but not through a digital platform.

Financial Safeguards for Buyers RERA: 70% of homebuyers payments must be secured in a separate escrow account for construction work.

MOFA: No escrow or fund utilization provision exists.

Agreement to Sale Conditions RERA: Standardised model agreement format to avoid unfair clauses.

MOFA: Requires a written agreement before collecting more than 20% of the flat cost.

Redressal Mechanism RERA: Features a specialised Appellate Tribunal and Real Estate Regulatory Authority for expedited dispute settlement.

MOFA: Disputes are handled through regular consumer courts.

Timeline and Possession Clarity RERA: Developers must declare possession dates and face penalties for delays.

MOFA: Also addresses possession timelines but lacks strict enforcement mechanisms.

Understanding the difference between RERA and MOFA helps homebuyers make better decisions and know their rights. As the real estate landscape continues to evolve, being informed is more important than ever.

At Surbhi Group, we believe in keeping homebuyers well-informed with accurate and meaningful insights. With every project, we aim to build not just homes, but also trust.

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mnbbuildfab · 29 days ago

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Real Estate Project In Gurgaon

Legal Checklist For Buying A Real Estate Project In Gurgaon

Buying a real estate project in Gurgaon involves both a major financial investment and a strong personal decision. Whether you're a first-time homebuyer or a seasoned investor, ensuring that all legal aspects are verified is crucial for a smooth transaction and long-term peace of mind.

Gurgaon, known for its rapid urban development and modern infrastructure, offers excellent opportunities—but with opportunity comes responsibility. This legal checklist will help you make an informed, secure, and confident decision.

Understanding the Importance of Legal Due Diligence

Buying property involves far more than just choosing a beautiful home. Every buyer must investigate the legal standing of the project to avoid future disputes, financial losses, or litigation. Legal clarity ensures your investment is secure, and the property you buy is rightfully yours.

1. Verify Title and Ownership

Why It Matters

A valid title proves that the seller is the rightful owner and legally allowed to sell the property.

What to Check

Request a copy of the title deed.

Make sure the ownership is officially recorded under the developer’s name.

Conduct a title search through a legal professional for the past 30 years.

Look out for any encumbrances or third-party claims.

2. Check Land Use and Zoning Approvals

Why It Matters

Gurgaon has specific zoning regulations that govern how land can be used—residential, commercial, agricultural, etc.

What to Check

Ensure the land is approved for residential development.

Obtain a copy of the conversion certificate if agricultural land was converted for residential use.

Confirm that the zoning aligns with the purpose of the real estate project.

3. Verify Building Approvals

Why It Matters

Every property development should meet the legal standards set by local and state authorities.

What to Check

Approved building layouts must be authorized by the city’s municipal department.

Layout plans, floor plans, and structural drawings.

Any deviations from approved plans must be supported by revised approval documents.

4. Check for RERA Registration

Why It Matters

RERA (Real Estate Regulatory Authority) protects homebuyers by ensuring transparency and accountability from builders.

What to Check

Check whether the project has been officially registered with RERA in Haryana.

Look up the project's RERA ID and cross-verify the information on the government’s RERA portal.

Review the timeline, layout, and approvals listed in the RERA filing.

5. Review the Developer’s Legal Standing

Why It Matters

A reputed developer with a clean legal record reduces your risk.

What to Check

Examine the developer’s past projects and delivery record.

Search for any legal disputes involving the developer.

Verify that the developer has the authority to sell the specific units.

6. Ensure the Property Has an Occupancy Certificate

Why It Matters

The occupancy certificate confirms that the construction meets all rules and is ready for use.

What to Check

Ensure the developer obtains an Occupancy Certificate (OC) before handing over possession.

Don’t accept possession without it—it can affect home loan approval and property resale.

7. Confirm Environmental Clearances

Why It Matters

Large-scale new residential projects in Gurgaon require environmental clearances for legal compliance and sustainability.

What to Check

Ensure that the necessary green clearances have been granted by the state’s environmental review body.

Check whether the project meets green norms such as rainwater harvesting and waste management.

8. Validate Home Loan Approval Status

Why It Matters

Home loan approval from reputed banks indicates legal soundness.

What to Check

Confirm whether major banks and NBFCs have approved the project for loans.

Ask for a list of approved financial institutions from the developer.

9. Examine the Sale Agreement

Why It Matters

This is your primary legal document for the purchase.

What to Check

Review terms of payment, project completion date, penalties, and possession clauses.

Ensure the agreement includes specifications, amenities, and promised features.

It should clearly state the carpet area and built-up area.

10. Cross-Check Property Tax and Dues

Why It Matters

Unpaid dues can become the buyer’s responsibility post-purchase.

What to Check

Ask for a property tax clearance certificate.

Verify if there are any pending utility bills or development charges.

Choosing the Right Property with Legal Confidence

Whether you're exploring the best residential properties in Gurgaon or evaluating the best residential projects in Gurgaon, legal due diligence is non-negotiable. Even if a project looks promising, skipping legal checks can lead to long-term complications.

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With several residential projects in Gurgaon hitting the market, it becomes even more important to differentiate between legally sound developments and risky ventures. Legal clarity also aids in securing home loans, transferring ownership, and improving future resale value.

Conclusion

Buying a home should be a joyful milestone, not a stressful gamble. Doing your legal homework will not only safeguard your investment but also ensure you enjoy the rewards of your property with complete peace of mind. For those looking into luxury residential projects in Gurgaon, MNB Buildfab recommends consulting legal experts before finalizing any deal to ensure every aspect of the purchase is secure and transparent.

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loyallogic · 8 years ago

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Do real estate brokers need to register themselves in India?

In this article, Rishabh Saxena of NUALS discusses registration process for property brokers in India.

Introduction

India is a developing country with augmenting growth rate around 7.5% P/A. As the growth rate increases, it generates jobs which eventually make public affluent which is a good sign for the future of the nation. India is so huge and is further expanding in terms of human population that basic life necessities like food, job and house is on accelerated mode. The housing among these things is one of the major requirement as the people are growing rich. Initially, house seeking people approach a broker or agent who acts as an interface between buyer and seller and attempt to match up sellers who wish to sell and buyers who wish to buy.

Who is a broker/Agent?

In simple language, a broker is the person buys and sells goods and assets for others or can say act intermediate between two parties who are willing to exchange their assets.

Real Estate (Regulation and Development) Act, 2016 clearly states the definition of a broker in Section 2 Clause (zm) as: “real estate agent” means any person, who negotiates or acts on behalf of one person in a transaction or transfer of his plot, apartment or building, as the case may be, in a real estate project, by way of sale, with another person or transfer of plot, apartment or building, as the case may be, of any other person to him and receives remuneration or fees or any other charges for his services whether as commission or otherwise and includes a person who introduces, through any medium, prospective buyers and sellers for negotiation for sale or purchase of plot, apartment or building, as the case may be, and includes property dealers, brokers, middlemen by whatever name called.

Broker needs to be registered first

Real Estate business is one of the largest revenue generators in India, but it never had any regulating body to make regulation and policies about it. Due to this failure, people fall in trap of developer’s and broker’s unethical ways of pursuance, they become victims of fake schemes of real estate business. Till now what happened brokers had a free play on the Indian residential real estate market where they prosper on misinforming and with flawed reasoning to their customers, so they went unchecked as there was no authority to curb them. Buyers come from the lower middle class or middle class background are primarily targeted by these brokers.

In March 2016, government passed a law “Real Estate (Regulation and Development) Act, 2016 (RERA)” to regulate real estate market and make strict policies that have to be fulfilled by the developers and brokers while selling their property. Under RERA, brokers or agents will have to ensure they are duly registered with the regulator. After registering themselves broker becomes more accountable to home buyers and completely responsible for their business activities and practices.

Registration of brokers is also helpful to them as the real estate bill requires the developers to file the information with the regulatory authority about current status of the building projects, status of the land where housing units are developing, any delays in the completion layout plans etc. Broker also need to know all this because being an intermediate he deserves to know all this which protects him from unwittingly making false claims to a home buyer.

If any broker doesn’t register himself then he will be penalized as per the provision of the act.

How can a broker get registration

Registration of Real Estate Agents: Section 9 of Real Estate (Regulation and Development) Act, 2016 provided that how a broker can a registration

Section 9 (1): No real estate agent shall facilitate the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or part of it, being the part of the real estate project registered under section 3, being sold by the promoter in any planning area, without obtaining registration under this section.

(2) Every real estate agent shall make an application to the Authority for registration in such form, manner, within such time and accompanied by such fee and documents as may be prescribed.

(3) The Authority shall, within such period, in such manner and upon satisfying itself of the fulfillment of such conditions, as may be prescribed—

(a) grant a single registration to the real estate agent for the entire State of Union territory, as the case may be;

(b) reject the application for reasons to be recorded in writing, if such application does not conform to the provisions of the Act or the rules or regulations made thereunder: Provided no application shall be rejected unless the applicant has been given an opportunity of being heard in the matter.

(4) Whereon the completion of the period specified under sub-section (3), if the applicant does not receive any communication about the deficiencies in his application or the rejection of his application, he shall be deemed to have been registered.

(5) Every real estate agent who is registered as per the provisions of this Act or the rules and regulations made thereunder shall be granted a registration number by the Authority, which shall be quoted by the real estate agent in every sale facilitated by him under this Act.

(6) Every registration shall be valid for such period as may be prescribed and shall be renewable for a period in such manner and on payment of such fee as may be prescribed.

(7) Where any real estate agent who has been granted registration under this Act commits breach of any of the conditions thereof or any other terms and conditions specified under this Act or any rules or regulations made thereunder, or where the Authority is satisfied such registration has been secured by the real estate agent through misrepresentation or fraud, the Authority may, without prejudice to any other provisions of this Act, revoke the registration or suspend the same for such period as it thinks fit:

Provided that no such revocation or suspension shall be made by the Authority unless an opportunity of being heard has been given to the real estate agent.

Punishment for not complying with the registration provision

Section 62 of RERA provides punishment for non registration and contravention which states: “If any real estate agent fails to comply with or contravenes the provisions of section 9 or section 10, he shall be liable to a penalty of ten thousand rupees for every day during which such default continues, which may cumulatively extend up to five percent. Of the cost of plot, apartment or buildings, as the case may be, of the real estate project, for which the sale or purchase has been facilitated as determined by the Authority.”

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juudgeblog · 8 years ago