RERA (Real Estate Regulatory Authority) are state level regulatory authorities established under the Real Estate (Regulation & Development) Act, 2016 (known as “The Act”) which aims to regulate and promote fair deals in the real estate sector, safegaurding interests of promoters as well investors/allottees/consumer, establishing dispute resolution mechanism, such other anicillary and supplementary matters thereto. The authority preserves rights of real estate buyers and ensures adherence of RERA norms by all entities engaged in the real estate business. RERA was enacted to boom investment and to bring all such provisions required to build transparency and accountability in the real estate industry.

Applicability of RERA by government pertains for all residential and commercial estate projects where developments proposed for area comprising minimum of 500 sq. meters or with exceeding 8 apartments and should be constructed inclusive of all phases shall have to get mandatorily registered and approved from RERA.

Rules imparting RERA Compliance for Developers

To ensure a guided workflow, RERA regulates the developers and real estate promoters :

No promotion, advertisement, marketing, booking, selling or offering or purchasing of any plot, apartment or building shall be done, without registering it under RERA. The rule also applies on property intermediaries where no pre-booking or pre-launching can be done without registration.

No promoter shall be accepting more than 10% of the sale consideration from the buyer, without getting into an agreement of sale and 70% of the sale proceeds from the allottees are to be kept in a separate bank account to cover the cost of construction and land which shall be withdrawn only after prior approval of a concerned engineer, architect or a Chartered Accountant in practice who shall be first convinced with the fund usage patterns as prescribed under the provisions of Real Estate Act.

All promoters, have to get their accounts audited within six months of the end of the financial year from a chartered accountant and get a report prepared specifying utilization and progress of the project.

Quarterly filing with RERA in a prescribed manner is to be done by all registered RERA entities.

RERA Compliance Fillings

With analysis of the project specifications and disclosure requirements of State Real Estate Authorities, the following compliances have to be adhered by real estate promoters, brokers, agents, and corporates :

• Registration and Filling of particulars of the project to RERA Authorities
• Registration of RERA Agents, Brokers, Firms, Promoters.
• Approval for Fund Utilisation, Developer changes, and Changes in the specification of projects.
• Certification of Project, Bank Accounts and Funds Appropriation
• Drafting of Proposal, Brochures, Letters, Sale Agreements, Term/MOA/AOA of Company, Sale Deed, etc.
• Filling of quarterly returns to RERA.
• Litigations, Arbitrations and Appealing to Appellate Tribunal.
• Filling of Audit Reports and Financials to RERA etc.

Why MN & Associates ?

MN & Associates is a platform where you get assistance on all business compliance services, Our personnel’s with their sound advice based on extensive knowledge on all your concerns related to RERA(Real Estate Regulatory Authority) Act compliance.

Our team aims to provide available guide and support for all corporate compliance matters :

• Individual / Corporate Taxation and Audit Compliance;
• Business Licensing and Intellectual Protections;
• Legal Clauses, Arbitrations and Litigations;
• Corporate Restructuring, Merger/De-Merger, Liquidation, Incorporation of Business;
• Business Planning and Project Report Preparation;
• GST Compliances;
• Other regulatory compliance

Reach out to our RERA experts by emailing us at info@cs-india.com