Role of Professionals in RERA

General
Monday 28th January 2019
Author: Riya Kapoor

Highlights

RERA is one of the most beneficial and exemplary steps taken by the Central Government to the plight of homebuyers.
The engineer shall certify that the items shown in the cost of construction are matching to the physical condition at the site of the real estate project.
The architect shall certify that the physical condition at the site is built as per the sanctioned plan.
The Chartered Accountant shall certify the cost incurred on construction cost and land cost along with the certification of the proportion of the cost incurred on construction and land cost to the total estimated cost of the project.

RERA is one of the most beneficial and exemplary steps taken by the Central Government to the plight of homebuyers. The dawn of RERA has put a halt on the malpractices the builders indulged into.

The advent of RERA has led to an expansion of the roles of professionals like Chartered Accountants, Architects, and engineers.

According to Section 4(2) of the RERA, it is mandatory that the amounts from the separate bank account (in which 70% of the amounts realized for the real estate project from the allottees, from time to time to cover the cost of construction and the land cost and shall be used only for that purpose) shall be withdrawn by the promoter after it is certified by

(i) an engineer, and

(ii) an architect and

(iii) a chartered accountant in practice

that the withdrawal is in proportion to the percentage of completion of the project.

Role of the engineer

The engineer shall certify that the items shown in the cost of construction are matching to the physical condition at the site of the real estate project.

Role of the architect

The architect shall certify that the physical condition at the site is built as per the sanctioned plan.

Role of the Chartered Accountant

The Chartered Accountant shall certify the cost incurred on construction cost and land cost along with the certification of the proportion of the cost incurred on construction and land cost to the total estimated cost of the project.

Thus, we can infer that RERA had elevated the role of professionals and has made the real estate sector more transparent, just and equitable.