Real estate regulation act, Thesis of Finance

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ACT 2016

Presented By:-

Nadeem &

Indrajith

ACT 2016

The Real Estate (Regulation and Development) Act, 2016 is an Act of the

Parliament of India buyers and encourage genuine private players in which aims to protect home- the fast growing sector investments in the real estate industry. as well as help boost

Introductio n:-

ACT 2016

1. An initiative by Indian government to regulate and promote real estate sector.
2. To enhance transparency in the real estate related transactions by creating a systematic and a uniform
3. regulatory environment.Thereby protecting the interest of consumers.
4. Establish an Adjudging Mechanism for speedy dispute settlement.
5. 6. To introduce professionalism and reduce frauds & delay.To Set-up an Appellate Tribunal to hear appeals from the

The are scope as follows of Real Estate – Regulatory Authority

The^ ACT 2016 scope of RERA cont…

7. 8. CoverTo establish balance of information with both the both residential and commercial projects.
8. promoters and allottees;To Impose proper responsibility on the promoters and the 10.^ allotees.To establish regulatory mechanism to enforce fast track 11.^ dispute resolution.To promote good governance in the sector to establish investor confidence.

are 5 things you should know about the new rules:-^ ACT 2016

1. State- level legislation
2. State- level legislation screening of2. Tighter home builders screening of^ 2. Tighter home builders

3.No more early bird deals

3.No more early bird deals

4. Penalties for delayed 5. Real estate 5. Real estate disputes disputes projects
5. Penalties for delayed projects

ACT 2016

1.To register and regulate real estate projects and real estate agents. 2.To publish and maintain a website of records for public viewing of all real estate projects for registration. 3.To maintain a database on its website for public viewing along with names & photograph of the promoters as defaulters including the project details.

ctions of Real Estate Regulatory Authority

ACT 2016 Roles and responsibilities of RERA

1.Register and regulate real estate projects and real estate agents. 2.Publish and maintain a website of records for public viewing of all real estate projects for registration. 3.Maintain a database on its website of real estate agents who have applied and registered under this act. 4.Fix regulations for each area under its jurisdiction, the fees to be levied on the Consumers or the promoters or the real estate

5.^ agent.Measures to facilitate digitization of land records and system

towards conclusive property titles with title guarantee.

ACT 2016 Roles and responsibilities of RERA

cont… 6.^ Ensure the Compliances of the obligations cast upon the promoters, the Consumers and the real estate agents under

7. this act and rules and regulations to be adhered.Conduct investigations into the affairs of any promoter or real
8. estate agent or the Consumers.Examine the Books of accounts of the real estate agents.
9. 10. Issue any necessary directions from time to time.Impose penalty or interest on any promoter or real estate

agent for doing such act which are contraventions to the provisions of the RERA Act. 11.Measures to encourage grading of projects on various

ACT 2016 Applicability of RERA Karnataka:-

Honorable Chief Minister - Sri Siddaramaiah.^ Key Persons:- Principle secretary housing(Interim RERA) - Sri Kapil Mohan,^ Housing Minister - Sri M. Krishnappa. Secretary RERA - MS Vinoth Priya R, IAS^ IAS.

ACT 2016 Applicability of RERA Karnataka:-

1. Promoters will have to furnish the following information and documents for registration of a real estate project with the regulatory
2. authority.The Promoter is not the owner of the land on which development is
3. proposed.The Promoter are to deposit 70% of the amounts already realized from

the allottees, which have not been utilized for construction of the project or the land cost for the project.

4. The Provision facilitating should be as per provision of the Karnataka ownership act 1972.
5. The detail of encumbrances on the land for which permission given under sec 109 of the Karnataka Land reforms Act, If Applicable, the

ACT 2016 Documents required for registration under RERA:-

• • (^) PAN card of the Builder.Income Tax Returns of last 3years and the balance sheet of
• the builder.Builder must clarify about the apartment.(Carpet area, no of
• Floors, Parking Space etc).Declaration by the builder of having legal title of the land
• with proof.Details of Land.
• • (^) Details of Project Location, Layout Plans etc.Ownership Documents.
• (^) Information of the persons Involved(Architects, engineers

ACT 2016 Real Estate Appellate Tribunal

1. It shall consist of at least one Judicial member and one Administrative and one Technical Member.
2. Any person Aggrieved by any direction or decision made by the regulatory authority or by an adjudicating officer, may make an appeal before the
3. appellate Tribunal within a period of 60 days .The appellate tribunal shall deal with the appeal as expeditiously as

possible and endeavor shall be made to dispose of the appeal within a period of sixty days from the date of receipt of appeal.

4. The appellate tribunal shall have same powers as a civil court and shall be deemed to be a civil court.
5. An Appeal against the order of the appellate tribunal may be filed before the jurisdictional high court within a period of sixty days from the date of

communication of the decision or order of the appellate tribunal.

ACT 2016 Current Affairs:-

 (^) Banks to Shut out Builders and developers without RERA Listing(Maharastra).  (^) GST Pull Down Real estate sentiment Index For Q2 2017.  (^) Developers to invest in Project management post GST, RERA.  (^) RERA-May 1st and GST-July 1st :-Treated as Game Changers Converting Un-organized real estate into an Organized Sector.

ACT 2016 Conclusion:-

RERA Act bring About transparency and accountability in the real estate sector by providing mechanism to facilitate and regulate sale and purchase of commercial and residential units/projects and timely completion of projects by the Promoters. The Act put responsibility on the Government to Make regulatory authority within the time of one year.