The government of India has enacted the Real Estate (Regulation and Development) Act 2016 with all the provisions of this Act from May 1, 2017 with an immediate effect. Owing to the new guidelines, every state is liable to establish Regulatory Authority (RERA) which will supervise all the activity of Real Estate sector. To comply with these rules, the Andhra Pradesh Real Estate (Regulation and Development) rules were notified on 27 March 2017.

Mandatory disclosure in case of the project:

(i) Detailed and self-certified information such as his ongoing Project details, including the status of the project and the extent of completion, completed Project details, Project wise information of bookings or any other information, if so demanded in writing by the intending Purchaser shall be entered by the Promoter on the Website of the Authority within a period of (15) days from the date of receipt of the Login ID and Password from the Authority.

(ii) All the documents, plans and specifications (or true copies thereof) referred to in the Act and the rules and the regulations shall be displayed at the Site of Project and at the Registered Office of the Promoter to permit inspection by the person intending to purchase or invest in registered project of the promoter.

(iii) The area of the plots being sold to the allottees and also the status of the project including the original time period disclosed to the allottee for completion of the project at the time of sale.

(iv) Further the Promoter for the purposes of making disclosure of any documents or specifications of plans referred to in section 3 or prescribed or demanded there under may also be requested to produce the original of such document if so demanded, in writing by the person intending to purchase one or more flats/apartments or plots as the case may be and also disclose the draft of Agreement for Sale.

Registration fees for Project:

The Application shall be submitted at the office of the Authority along with the Registration Fees as prescribed from time to time and that application shall be made in writing in Form No.  A [in triplicate] until the application procedure is made web based as provided under sub-section (3) of section 4 of the Act. The method of payment of Registration Fees shall be through NEFT or RTGS System at the time of filing of the web based online application or through a demand draft drawn on any scheduled bank in case of submission of the application at the Office of the Authority until the web based online application system is operationalized.

Documents required for RERA registration for Projects:

(i) Authenticated copy of the PAN Card of the promoter.

(ii) Authenticated copy of the legal title deed of the promoter.

                   (iii) For individual-name, photograph, contact details and address of the promoter and for other entities-name, photograph, contact details and address of the chairperson, partners, directors.

                   (iv) Where the promoter is not the owner of the land on which development of the project is proposed, details of the consent of the owner of the land along with a copy of the collaboration agreement.

(v) The details of encumbrances on the land.

Jurisdiction:

RERA registration number will be valid for the entire Andhra Pradesh state.

Tags  Real Estate     promoter        Andhra Pradesh state