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RERA: Checklist for new projects

Friday, August 11, 2017

The Real Estate (Regulation and Development)Act, 2016 (‘the Act’) is an Act of the Parliament of India, which seeks to protect real estate buyers. It seeks to provide a code of conduct for the key players in the real estate sector, namely, promoters, real estate agents and buyers. Here is a checklist for registration of new real estate projects. While registering their real estate projects, every promoter shall provide these details and documents

Promoters' details

  • Authenticated copy of the PAN card of the promoter
  • Type of enterprise/Applicant.
  • Name, photograph, contact details (such as office number, office mobile number, secondary office number, fax number, e-mail ID) and address of the promoter if he is an individual or authorized representative
  • Name, photograph, contact details and address of the chairman, partners, directors, as the case may be, and the authorised representative in case of other entities.
  • Agency to take up external development works (local authority/self-development).

Promoter’s past five years experience Details

  • Project Names, Project Type.
  • Current Status of the Project (whether ongoing project or new project).
  • Type of land, Plot/CTS/Survey No.
  • Address of the Project.
  • Land Area in Sq. Mtrs.
  • Number of Buildings.
  • Number of Apartments sold and the size of apartments.
  • Final sanction Plan.
  • Final Advocate Search report.
  • Extent of development works carried as per the last approved sanctioned plan.
  • Total Cost (INR) (including estimated cost and actual cost incurred).
  • Original proposed date of Completion, Actual Completion Date (in case of delay) and expected period of completion.
  • Cases pending.
  • Payment pending (if any).

Project Details

  • Project name, project type.
  • Proposed date of completion.
  • Revised proposed date of completion.
  • Legal details
  • Advocate search report.

Other documents to be submitted

  • Copy of the Commencement Certificate
  • Copy of the Bank Account (cancelled Cheque)
  • A Declaration (in prescribed “Form B”), supported by an affidavit, which shall be signed by the promoter or any person authorised by the promoter, Certificate from the project Architect certifying the percentage of completion of construction work of each of the building / wing of the project
  • A certificate from the Engineer for the estimated balance cost to complete the construction work of each of the building / wing of the project
  • A certificate from a practising Chartered Accountant, for the estimated balance cost to complete the project.
  • The promoter shall submit a certificate  from a practising Chartered Accountant, certifying the balance amount of receivables from the apartments / flats / premises sold or allotted and in respect of which agreement have been executed and estimated amount of receivables in respect of unsold apartments /flats / premises calculated at the prevailing ASR rate 30 on the date of certificate.
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