Registration of Ongoing Real Estate Project as on enactment of RERA – Delhi

Overview

As required under section 84 of The Real Estate (Regulations and Development) Act, 2016, the Ministry of Urban Development vide its notification dated 24th Nov 2016 has notified the ‘National Capital Territory of Delhi Real Estate (Regulation and Development) (General) Rules, 2016’ which prescribe for registration and its documentation.

As per Rule 4 of said rules, Real Estate projects that are ongoing and have not received a completion certificate, on the date of commencement of the Act, the promoter shall, within a period of 3 months from date of commencement, shall make application in triplicate for registration of the project.

Further, promoter of such project shall within 3 months of the application for registration of the project with the Authority, deposit in the separate bank account, 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 which shall be used for the purposes specified therein.

Fees:

The promoter shall pay a registration fee at the time of application for registration by way of a demand draft or a bankers cheque drawn on any scheduled bank or through online payment mode, as the case may be, for a sum calculated at the rate of,-

  • For group housing project,-
    1. 5 per square meter for projects where the area of land proposed to be developed does not exceed 1000 square meters; or
    2. 10 per square meter for projects where the area of land proposed to be developed exceeds 1000 square meters, with maximum of Rs. 5 Lakhs
  • For mixed development (residential and commercial) project
    1. 10 per square meter for projects where the area of land proposed to be developed does not exceed 1000 square meters; or
    2. 15 per square meter for projects where the area of land proposed to be developed exceeds 1000 square meters, with maximum Rs. 7 Lacs;
  • For commercial projects
    1. 20 per square meter for projects where the area of land proposed to be developed does not exceed 1000 square meters; or
    2. 25 per square meter for projects where the area of land proposed to be developed exceeds 1000 square meters, with maximum Cap of Rs. 10 Lacs.
  • For plotted development projects,- Rs. 5 per square meter, but shall not be more than Rs. 2 Lacs

 

 

Documents Required for RERA Registration –

  • Authenticated copy of the PAN card of the promoter;
  • Annual report including audited profit and loss account, balance sheet, cash flow statement, directors report and the auditor’s report of the promoter for the immediately preceding three financial years; and where annual report is not available, the audited profit and loss account, balance sheet, cash flow statement and the auditor’s report of the promoter for the immediately preceding three financial years.
  • The number of open parking areas and the number of covered parking areas available in the real estate project;
  • Authenticated copy of the legal title deed reflecting the title of the promoter to the land on which development of project is proposed along with legally valid documents for chain of title with authentication of such title;
  • Details of encumbrances on the land on which development of project is proposed including details of any rights, title, interest, dues, litigation and name of party in or over such land or non- encumbrance certificate through an advocate having experience of atleast 10 years from the revenue authority not below the rank of tehshildar, as the case may be;
  • Where the promoter is not the owner of the land on which development of project is proposed details of the consent of the owner of the land along with a copy of the collaboration agreement, development agreement, joint development agreement or any other agreement, as the case may be, entered into between the promoter and such owner and copies of title and other documents reflecting the title of such owner on the land on which project is proposed to be developed;
  • Name, photograph, contact details and address of the promoter if it is an individual and the name, photograph, contact details and address of the chairman, partners, directors, as the case may be, and the authorized person in case of other entities.
  • The original sanctioned plan, layout plan and specifications and the subsequent modifications carried out, if any, including the existing sanctioned plan, layout plan and specifications;
  • the total amount of money collected from the allottees and the total amount of money used for development of the project including the total amount of balance money lying with the promoter.
  • Status of the project (extent of development carried out till date and the extent of development pending) including the original time period disclosed to the allottee for completion of the project at the time of sale including the delay and the time period within which he undertakes to complete the pending project, which shall be commensurate with the the extent of development already completed, and this information shall be certified by an engineer, an architect and a chartered accountant in practice.
  • The promoter shall disclose the size of the apartment based on carpet area even if earlier sold on any other basis such as super area, super built up area, built up area etc. which shall not affect the validity of the agreement entered into between the promoter and the allottee to that extent.
  • In case of plotted development, the promoter shall disclose the area of the plot being sold to the allottees as per the layout plan.

Validity of Registration

The registration for real estate project shall valid till end of the project as declared by the promoter while registration of the same. It may be extended by following the due process.

Note – the above article is based on personal interpretation of related laws which may differ person to person. For any clarification, please write us at info@centrik.in

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