RERA - Law - 2016 Legal Provisions Useful to General Public

- Lokabhimukha Guidance - H.S. Patel IAS (Retd.)

- Responsibilities of promoter in case of transfer of real estate project to third party have been laid down

The previous issue outlined the basic definitions of the Real Estate (Regulation and Development) Act (RERA) and stated the main objective of enacting the Act. The main three organs are important in this Act, the Regulatory Authority, the Promoter i.e. the Developer and the Third Party / Borrowers / Buyers. First of all, the functions and duties of the promoter developer are stated in Chapter-2 of this Act from Article-11 to 18, then under Article-4, the real estate project has to be registered with the authority. Documentary evidence with all the project matters has to be submitted along with the application and registration has to be done by the authority within 30 days under clause-5 and after getting the login id and password at the time of registration, the concerned promoter has to create a webpage on the website of the authority. Including project related details like project registration number, number of apartments and plots booked and quarterly list of booking details, approvals obtained from other authorities for the project e.g. Construction maps of local municipal corporation, environmental NOC etc., in addition to the up-to-date quarterly status of the project and other information and documents prescribed by the authority as per rules, all these information are to be updated on the website for public information.

It is the responsibility of the promoter to make available the information when any person books the apartment / plot, including the approved map, layout, layout, civil infrastructural facilities like water, sanitation, electricity etc. at the place and place specified by the authority. The phased schedule of doing likewise as per the provisions of the rules all types of obligation (obligation) such as allotee will be responsible to the association as per the agreement on sale until the ownership of the public utility (public utility) is changed to the association as indicated in the allotment letter. Association means the association of all plot holders / flat holders of apartments for carrying out communal services / utilities on completion of the project. This act has made it mandatory to form an association. Apart from this, the liability of the promoter regarding structural defects within the stipulated time frame mentioned in the agreement shall continue even if the transfer of ownership documents of all the apartments, plots, houses to the allottee have been done, likewise the completion certificate issued by the concerned authority by the promoter. CC) and Occupancy Certificate (OC) are bound to be made available to the plot holders as well as to the Resident Association, if any property is leased, the promoter shall state the period of lease of the respective land and other matters pertaining thereto and issue a certificate to the same.

The developer of the building can cancel the allotment only in accordance with the provisions of the agreement or understanding, but relief / relief if the allottee is aggrieved by the cancellation of the allotment unilaterally or without reasonable cause and such cancellation is contrary to the terms and conditions of the sale agreement and bids. may make a representation to obtain and the decision of the Grievance Redressal Committee of the Authority regarding such representation shall be binding on the Promoter. Any deposit or advance received by the Promoter on the basis of advertisement or prospectus of the project or on the basis of which a model apartment has been shown and there has been an error and the loss and damage caused thereon shall be indemnified by the Promoter and i.e. without any agreement of sale by the Promoter. Cannot take any deposit or advance and therefore cannot charge more than ten percent as fees as per rules. The agreement to be decided by the promoter has to be done in the prescribed format and it contains the external development works (External Development) by which the dates by which payments are to be made for the cost of the apartment/plot, the building plot and the dates if the promoter is to hand over the possession of the building plot. Details of the project including building and construction and other such details along with the rate of interest payable by the allottee to the promoter in case of default by the allottee should be included in the memorandum of understanding. Those details are also to be followed by the promoter as per the approved maps and showing the fittings / fixtures facilities and common utilities as mentioned. In this way, in case of transfer of real estate project to a third party, the responsibilities of the promoter have been determined and provision has also been made for insurance of the project as decided by the State Government. Finally, the transfer of ownership rights has been provided under the responsibility of the promoter and within three months after receiving the occupancy certificate of the house/apartment, the ownership of the common area space has to be transferred to the fair document association or to the authority. Thus the above mentioned provisions require the house/apartment buyers to know what are the duties and responsibilities of the promoter/project developer. We will describe in the next issue that the allottee has the same rights and duties as the promoter. respectively