This book provides an exhaustive analysis of the Real Estate (Regulation and Development) Act (RERA), 2016, discussing its multifaceted impact on the real estate sector. It thoroughly examines RERA's legal, professional, and practical dimensions and associated regulations, catering to various stakeholders. Organised into multiple sections, each part of the book focuses on distinct elements and viewpoints relevant to real estate regulation, ensuring a comprehensive understanding.
This book incorporates the perspectives of the following stakeholders:
- General Section (Applicable to All Stakeholders)
- Promoters
- Real Estate Agents
- Allottees and Association of Allottees
- Professional Perspective including CAs, Advocates, Engineers, Architects
The Present Publication is the 2nd Edition, authored by the study group of industry experts & representatives from all stakeholders. It is edited by CA. Ramesh S. Prabhu & co-edited by CA. Vinay Thyagaraj, with the following noteworthy features:
- Content and Structure of the Manual – The manual covers various practice areas like registration, certification, and litigation, catering to different stakeholders. It includes legal provisions, SOPs, FAQs, and judicial rulings
- Inclusion of Peripheral Subjects – Beyond RERA provisions, the manual also addresses related areas like:
- Income Tax
- GST
- Stamp Duty
- Registration
- Insolvency and Bankruptcy
- Other Relevant Laws
- Practice Manual for Practitioners and Professionals – The manual serves as a guide for new entrants and a reference for seasoned real estate practitioners, covering legal aspects and including various formats and drafts
- Limitations and Challenges – The manual acknowledges the limitations in applying a uniform approach to practice and non-practice-oriented topics, aiming to elevate the standards of beginners and intermediate practitioners
- Professional Application and Compliance – It emphasises the need for Chartered Accountants and professionals to apply their knowledge creatively while adhering to RERA's objectives and client needs
- Dynamic Nature of RERA and Legal Changes – The manual incorporates the evolving nature of RERA, legal pronouncements, and building regulations
The detailed contents of the book are as follows:
- General – Applicable to all Stakeholders
- Overview of RERA, 2016
- Journey & Implementation of RERA & Important Circulars of MahaRERA from Inception till December 2023
- Objective and Purpose of RERA
- Real Estate Sector Deficiencies Addressed by RERA
- The Authorities to Implement the Act
- Powers and Functions of the Real Estate Regulatory Authority
- Powers and Functions of Adjudicating Officers
- Central Advisory Council – Establishment and Functions
- Real Estate Appellate Tribunal and its Functions and Powers
- Promoter – From the Promoters Perspective
- Promoter under RERA
- Functions and Duties of Promoter
- Registration of Real Estate Project – Legal Framework
- Documents Required and the Process of Registration
- Operation of RERA Designated Bank Account
- Financial Planning for Real Estate Projects
- Quarterly Progress Report (QPR) to be done by the Promoters
- Procedure to Extend the Period of the Registration
- Procedure for Amendment or Modification in the Sanctioned Plans
- Transfer of Real Estate Project to Third Party
- The Transfer of Title
- Force Majeure and COVID Impact on Real Estate Sector
- Advertising and Marketing Post RERA
- Importance of End Date/Completion Date and Date of Possession under RERA
- Change in Process and Procedure of Real Estate Business post-RERA
- Car Parking Space and MahaRERA Circular
- RERA Compliance Report by Chartered Accountant
- De-Registration of the Project
- Gradation of Real Estate Projects
- Agent – From the Real Estate Agent Perspective
- Registration of Estate Agents Legal Framework
- Process to Obtain Registration for Real Estate Agent
- Functions of Real Estate Agent
- Impact of RERA on Estate Agents
- Changing Business Landscape for REALTORS Post RERA
- Training and Certification for Real Estate Agents
- Self Regulatory Organisation for Real Estate Agents
- Anti-Money-laundering, Countering the Financing of Terrorism and Combating Proliferation Financing Guidelines for Real Estate Agents, 2023
- Allottees – From the Allottees and the Association of Allottees Perspective
- Revocation of Registration of the Project
- Stalled Real Estate Projects and Revival
- Alternative Investment Fund for Real Estate, including SWAMIH Funds
- Rights and Duties of Allottees
- Association of Allottees
- Remedies for Conveyance and Deemed Conveyance
- Allottee Due Diligence Before Purchasing Property
- Professional – From a Professional Perspective for CAs, Advocates, Engineers, Architects
- Title Certificate
- Allotment Letter, Agreement for Sale and Sale Deed
- Role and Responsibilities of Architect under RERA
- The Roles & Responsibilities of a Civil Engineer and Issue of FORM 2 under RERA
- Quality Assurance and Defect Liability under RERA
- Certificate in Form 3 By Chartered Accountant
- Audit by Chartered Accountant under MahaRERA (Form No. 5)
- Guidance Note on Accounting for Real Estate Transactions (Revised 2012) and Revenue from Contracts with Customers (Ind AS-115)
- Key Audit Challenges – Real Estate Sector
- Real Estate Collaborations & Significance of Corporate Due Diligence
- Redressal – Redressal System: Complaint, Appeal, Second Appeal, Conciliation
- Source (Complaints Against Unregistered Projects for Registration)
- Complaint Filing and its Procedure
- Process of an Inquiry by the Authority or Adjudication Officer
- Appeals under RERA
- Second Appeal before the High Court
- Execution of orders of MahaRERA and Adjudicating Officer
- Execution of a Decree under the Code of Civil Procedure, 1908
- Complaints by the Association of Allottees
- Offences and Penalties
- MahaRERA Conciliation and Dispute Resolution Forum
- MahaRERA Conciliation Forum Role Model of ADR in the Real Estate Sector
- Establishing of a Home Buyer/Allottee Grievance Redressal Cell
- Income Tax, GST – Taxation: Income Tax, GST, Stamp Duty and Registration
- Income tax Applicable on Real Estate Transactions
- Overview of GST Implications for the Real Estate Sector
- Stamp Duty and Registration
- Allied Laws – Other Allied Laws like MRTP, DCPR, IBC, Consumer Protection, etc.
- Real Estate Laws of India
- Salient Features of Maharashtra Ownership Flats Act, 1963 ('MOFA')
- Comparison between MOFA and RERA
- Overview of Maharashtra Apartment Ownership Act, 1970
- Development Control Regulations and MahaRERA
- Consumer Protection and RERA – Best Recourse to Allottees
- Draft Format/Specimen of Consumer Complaint
- Landmark Judgments of the Consumer Courts
- Insolvency Resolution Process in Real Estate
- Interplay of PMLA, Benami, FEMA with RERA
- Miscellaneous – Topics Related to Real Estate Rulings & Redevelopment
- Constitutional Validity of RERA
- Analysis of Judgments
- Redevelopment and RERA
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