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Definition of Promoter in RERA

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After the enactment of RERA in 2016, the real estate sector has been bestowed with one of the most crystal clear norms that once seemed quite ambiguous. As per RERA, a promoter is a person who constructs or causes to be constructed an independent building or a building consisting of apartments, or converts an existing building or a part thereof into apartments, for the purpose of selling all or some of the apartments to other persons and includes his assignees.   The definition of a promoter is very intricate and complex which not only involves the new constructions but also conversions of existing buildings, plotting of land, commercial construction, contractor and estate development by any person acting as the holder of attorney from the owner of the land.   Under RERA, All builders and promoters who undertake a real estate project with over 8 units or 500 square meters of development are required to obtain RERA registration and fall under the ambit of RERA regulatio
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Carpet area in RERA

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Before the implementation of RERA, the definition of the Carpet Area was very ambiguous and hazy. As a result, the homebuyers were intermittently  deceived  by the developers. They are were asked to make the payment even without getting the exact measurement of the area they were paying for.   But, RERA has solved the puzzle of lofty ambiguities by clarifying the definition of ‘Carpet Area’.   According to RERA, Carpet Area can be defined as - ‘the net usable floor area of an apartment, excluding balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.”   The Authority has also perspicuously  categorised  three types of AREA as-       Carpet Area  which is the net usable  floor area  of an apartment, excluding balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of  apartment .  Built-up Area  which includes not only
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Role of Professionals in RERA

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RERA is one of the most beneficial and exemplary steps taken by the Central Government to the plight of homebuyers. The dawn of RERA has put a halt on the malpractices the builders indulged into.    The advent of RERA has led to an expansion of the roles of professionals like Chartered Accountants, Architects, and engineers.    According to Section 4(2) of the RERA, it is  mandatory  that the amounts from the separate bank account (in which 70% of the amounts realized for the real estate project from the allottees, from time to time to cover the cost of construction and the land cost and shall be used only for that purpose) shall be withdrawn by the promoter after it is certified by (i) an engineer, and (ii) an architect and (iii) a chartered accountant in practice that the withdrawal is in proportion to the percentage of completion of the project.   Role of the engineer The engineer shall certify that the items shown in the cost of construction are matchin
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Role of real estate agent in RERA

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As per RERA act 2016, only RERA registered agent can work in the real estate market i.e. only registered agents can facilitate sale and purchase of real estate properties registered under section 3 of the act. Section 2(zm) defines  “Real Estate Agent“ – means any person: i. who negotiates or acts on behalf of one person in a transaction of 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 ii. receives remuneration or fees or any other charges for his services whether as commission or otherwise; and iii. includes a person who introduces,  through any medium , prospective buyers and sellers to each other for negotiation for sale or purchase of plot, apartment or building, as the case may be; and iv. includes property dealers, brokers, middlemen by whatever name called. Registration of Real Estate
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How to file complaint in GUJRERA

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Gujarat RERA also known as GUJRERA notified rules on 04 May 2017. RERA aims at protection of consumers by setting accountability for builders and agents. Any aggrieved buyers can file a complaint online on GUJRERA portal. The GUJRERA is headquartered in Gandhi Nagar. Features of RERA Act It infuses efficiency and transparency in the real estate business. There is a clear information regarding the plot sale, project, apartment, building, etc. It establishes a mechanism for a quick redress of a dispute. It protects the customers’ interests in the field of real estate. It establishes the concept of Appellate Tribunal so that any misconduct can be filed for complaint by the buyer. Process of filing complaint in GUJRERA Login to GUJRERA official website Click on complaint registration tab The screen will be popped up with a form. Fill all the necessary details regarding the complaints along with the proper documentation Fill the form and click on submit button Make
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