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REAL ESTATE

Real Estate (Regulation And Development) Act :Rera Services

An act aims to protect the rights and interests of consumers and promotion of uniformity and standardization of business practices and transactions in real-estate sector. It mainly strives to promote five pillars of Security, Transparency, Fairness, Quality and Accountability. The act further imposes cumbersome responsibilities on promoters which needs to be complied on timely basis like registrations, returns, disclosures, certifications etc.

Our RERA team is already dealing in states of Telangana, Andhra Pradesh, A reliance can be placed upon us in providing the following services on timely basis to save time and legal costs.

Registrations And Compliances

Project Registration

Prior registration is mandatory for all projects having an area of land exceeding 500 sq.mts or number of apartments proposed to be developed exceeds 8 inclusive of all phases.

Agent Registration

Any person who negotiates or acts on behalf of another person for transfer of his plot, apartment or building in a real-estate project by way of sale and receives remuneration or fees or commission or otherwise in any manner shall mandatorily obtain registration under the Act.

Quarterly return filings and compliances thereon

This is a compliance aspect which most of the states now adopted to have a check on the status of projects registered. Quarterly updations of project status is mandatory and non-compliances leads to hefty penalties.

Certifications And Legalities

Chartered Accountant's certificate

Chartered Accountant certificate is a mandatory document without which amount deposited in escrow accounts cannot be withdrawn.

Chartered Engineers and Architects Certificates

Chartered Engineer and Architect certificate helps to identify the percentage of work completed and percentage of work certified. These certifications act as base for identifying the cost of work certified and uncertified components and thereby helps in arriving of notional profit. We will only assist our clients in getting timely certifications and we will not issue these certifications.

Legal opinions from associated advocates

Legal opinion from advocate is a kind of diligence exercise to unveil all possible legal complexities that could arise by way of improper or incorrect documentation. We will assist our clients in getting legal opinions from Advocates.

Assistance And Advisory

Assistance in opening of RERA accounts

RERA Escrow account viz. project account is to be opened mandatorily and not less than 70% of funds collected from customers towards the project should be deposited in the said project account. Withdrawals from this account will be in proportion to the percentage of completion method and shall be utilized only towards coverage of construction and land cost.

Other advisory services

Other advisory and consultancy services in relation to RERA will be provided to Need-to-know basis to our clients.

Penal consequences

When there are compliance aspects, penalties for non-compliances follows correspondingly. The act provides a for substantial penalties of ranging from 3% to 5% of total estimated project cost. We provide timely advisory services to ensure our clients are out of legal battles.