- July 29, 2017
- Posted by: admin
- Category: Blog, News
The following post is a comprehensive research by two of our very efficient associates: Abhishek Kumar, Advocate and Akanksha Singh, Advocate.
This is an excerpt of the vast research and the other excerpts will be posted in parts.
The essential requirements for application for registration of real estate projects in accordance to Real Estate Regulatory Authority Act, 2016 are as follows:
- Details of the promoter including its name, its registered address, type of enterprise such as proprietorship, societies, partnership, companies, competent authority and the particulars of registration and the names and photographs of the promoter;
- A brief detail of the projects launched by the promoter, in the past five years, whether already completed or being developed, as the case may be, including the current status of the projects, any delay in its completion, details of cases pending, details of type of land and payments pending;
- An authenticated copy of the approval and commencement certificate received from the competent authority and where the project is proposed to be developed in phases, an authenticated copy of the approval and commencement certificate of each of such phases;
- The sanctioned plan, layout plan and specifications of the proposed project or the phase thereof, and the whole project a sanctioned by the Authority;
- The plan of development works to be executed in the proposed project and the proposed facilities to be provided thereof including fire fighting facilities, drinking water facilities, emergency evacuation services, use of renewable energy;
- The location details of the project, with clear demarcation of land dedicated for the project along with its boundaries including the latitude and longitude of the end points of the project;
- Proforma of the allotment letter, agreement for sale and conveyance deed proposed to be signed with the allottees;
- Number, type and carpet area of the apartments and the number and areas of garages for sale in the project along with the area of the exclusive balcony or the verandah areas and the exclusive open terrace areas apartment with the apartment, if any;
- The number and areas of garage for sale in the project;
- The names and addresses of the promoter’s real estate agents, if any, and contractors, architects, structural engineers, if any, concerned with the project; and
- A declaration by the promoter supported by an affidavit stating that:
- he has a legal title to the land with legally valid documents, free from all encumbrances, and in case there is an encumbrance, then details of such encumbrances on the land including any right, title, interest or name of any party in or over such land along with the details;
- the time period within which he undertakes to complete the project or the phase; and
- 70% of the amounts realised for the real estate project from the allottees, from time to time, shall be deposited in a separate account to be maintained in a scheduled bank to cover the cost of construction and the land cost and shall be used only for that purpose.