Definition of Promoter in RERA

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 regulations.
 
A promoter in the real estate sector has the following functions and duties- 
• The promoter has to get their proposed project registered with the RERA.
• After getting done with the registration, the promoter is required to create a web page and display the project on the website of RERA so as to make the details available for the public.
• The promoter can’t initiate to advertise or make offer for sale of the proposed project without registering the project.
• The Promoter is required to provide certain documents at the time of booking and issue of allotment letter such as- Sanctioned plans, layout plans, along with specifications, approved by the competent authority.
• The promoter is also required to clearly mention the stage-wise time schedule for completion of the project, including the provisions for civic infrastructure like water, sanitation, and electricity.
• The promoter is also required to obtain the completion certificate and the occupancy certificate from the relevant competent authority as per local laws or other laws for the time being in force and to make it available to the allottees individually or to the association of allottees, as the case may be.
• He is also required to obtain the lease certificate, where the real estate project is developed on a leasehold land, specifying the period of lease, and certifying that all dues and charges in regard to the leasehold land have been paid, and to provide the lease certificate to the association of allottees.
• He is also required to refund the amount received in case of failure to give possession on time.
 
The lucidness of the RERA norms has been proven beneficial to accelerate an unprecedented atmosphere of transparency and accountability in the indian real estate sector.
ShareFacebookTwittergoogle_plusPinterestLinkedInTumblrGmailWhatsApp

Comments

Post a Comment

Popular posts from this blog

RERA Karnataka to appoint private entity to find out unregistered projects in the state

Image
KRERA is planning to appoint a private entity to identify unregistered project in the State. The private entity firm will find out the ongoing projects and new launches which are not registered in RERA yet. KRERA has issued tenders for invitation of application for appointment of consultancy. The private entity will be submitting a detailed report to the authority by conducting ground level survey for identification of unregistered projects. “We are planning to execute the project on a trial basis for a month,” said P Sunil Kumar, secretary, RERA. RERA was using the plan sanction certificates issued by BBMP as preliminary information and was planning to send the surveyor to the address for physical verification. “We will scale up the project with more effective tools and expand it to the rest of Karnataka gradually,” said Kumar.  For More Visit: www.rerafiling.com
Read more

TNRERA is soon to get Chairperson and two members

Image
Tamil Nadu Real Estate Regulatory Authority (TNRERA) will be going to appoint a chairperson and two other officials shortly. S. Krishnan (Principal Secretary (Housing)) has been assigned as the authority on the temporary basis. Right now, a former judge of the High Court, B. Rajendran is functioning as the chairperson of the Real Estate Appellate Tribunal and Andaman and Nicobar Islands will come under the jurisdiction of both RERA and this Tribunal. The main concern of this authority is to appoint only those who have “no financial interest” and “persons of integrity beyond question”.  for more visit www.rerafiling.com
Read more

RERA Bihar - No registration of on-going projects without RERA number

Image
In order to prohibit builders to pass on the ownership to the buyers by registering the incomplete projects with the registration department, Bihar Real Estate Regulatory Authority (RERA) has asked the state registration department not to register any ongoing projects without RERA registration number. According to Afzal Amanullah,  Bihar RERA   Chairman “The registration of incomplete flats or apartments put the real estate buyers in a very disadvantaged position as the developers refuse to complete their obligations once the registration was done. Therefore, we have requested the registration department not to register incomplete projects and the projects which don’t have RERA number.” July 31 st , 2018 is the last date to register ongoing projects with RERA Bihar with a late fee of Rs. 4 lakh or 400% of the registration fee, whichever is higher. For more visit: www.rerafiling.com
Read more