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The particulars contained on the mentions details of the Projects/developments undertaken by the Company including depicting banners/posters of the Project. The contents are being modified in terms of the stipulations / recommendations under the Real Estate Regulation Act, 2016 and Rules made thereunder ("RERA") and accordingly may not be fully in line thereof as of date. You are therefore required to verify all the details, including area, amenities, services, terms of sales and payments and other relevant terms independently with the sales team/ company prior to concluding any decision for buying any unit(s) in any of the said projects. Till such time the details are fully updated, the said information will not be construed as an advertisement. To find out more about a project / development, please telephone our sales centres or visit our sales office during opening hours and speak to one of our sales staff.

In no event will the Company be liable for claim made by the users including seeking any cancellation for any of the inaccuracies in the information provided in this Website, though all efforts have to be made to ensure accuracy. The Company will no circumstance will be liable for any expense, loss or damage including, without limitation, indirect or consequential loss or damage, or any expense, loss or damage whatsoever arising from use, or loss of use, of data, arising out of or in connection with the use of this website.

RERA Act 2017

Until our website is duly revised and updated. none of the images, material, stock photography, projections, details descriptions and other information that are currently available and/or display on the website including details of the projects/developments undertaken by the company including depictions by banners/posters of the project, should be deemed to be or constitute advertisements, solicitations, marketing, offer for sale, invitation to offer, invitation to acquire, including within the purview of the RERA.

You are therefore requested to directly to directly verify all details and aspects of any proposed booking/acquisition of units/premises, directly with our authorized sales team. Please do not rely on the information contained on this website, unit our revision and update in complete.


Real Estate (Regulations and Development) Act, 2016

Prologue

The real estate sector in India has witnessed several changes since the Indian economic growth picked up pace in early 2000’s. Further, migration into urban centers, increase in disposable incomes and foreign investments drove demand for all forms of real estate in the country. Another emerging trend that has been witnessed is that the average age of home buyers has seen a reduction and use of mortgage for purchase of property has been on a rise. In commercial real estate several foreign investors have been acquiring significant stakes in Indian office complexes including SEZs. While the real estate sector continues to grow the need for reforms and institutionalisation was being felt for long. This was propelled by increased litigations and consumer discontent with the practices prevalent across the industry. The need for regulations and uniform guidelines was also being felt by the industry which continued to be perceived negatively by consumers because of unscrupulous activities of a few. Also a long standing demand by the industry and consumers was largely unmet i.e. delays in grant of project approvals and dispute resolution. There was no better time to introduce Real Estate (Regulations and Development) Act as the Indian Government is focusing on - housing for all, smart cities and infrastructure development, fulfilment of these goals will require enablers such as the Act.

The Act paves way for empowering all stakeholders engaged in the business and consumption of real estate, be it – consumers, real estate developers, brokers/ intermediaries amongst others. One important point to note here is that the Act doesn’t cover the rental arrangements and agreements in any form. However all commercial and residential real estate including plots, apartments, shops, offices and other such properties are all covered under the Act. While consumer interest seems to have been finally addressed by the adoption of the Act it can’t be ignored that the Government has codified best practices for the first time in this sector and these will go a long way in defining growth from here on. A few of the overarching themes in the Act are following –

1. Consumer rights and protection
2. Regulatory oversight on real estate developers and brokers/ intermediaries
3. Defining the duties of real estate developers and default scenarios
4. Setting up timelines for registration of projects and dispute resolution
5. Clearly defining penalties and liabilities of real estate developer and brokers/ intermediaries
6. Roles and duties of investors

While the Government at the centre has defined roles and responsibilities of real estate developers it can’t be denied that real estate is a state subject i.e. falls under the Concurrent List as per Indian Constitution. Thereby implementation of the Act may see hiccups. However the minimum possible rules have now been set and also it is something that was need of the hour. Overall the (Real Estate Regulations and Development) Act, 2016 is a much needed framework that will not only empower the consumer but also make the industry more competitive and organised.

Below is a list of carefully scripted FAQs after a thorough understanding of the Act and its implications on various stakeholders.

Definitions of often used terms in this document -

Consumer: A person who has bought/ booked / intends to buy a plot, apartment or building from a real estate developer.
Real estate developer: A person who develops a building or a township of apartments and commercial complexes on an independently or a jointly owned land, which are later partially or completely sold to the consumers. It also includes a person who converts an existing building or apartments thereof and who acts as a builder, contractor or coloniser.
Project: Is a real estate project that is undertaken by real estate developer and a project can be an offering of Units (defined below) of one kind of mixed (i.e. apartments, plots, offices, shop, building)
Intermediary: An intermediary is a person who negotiates the transactions of buying and selling a property between two parties and receives remuneration for the same (It typically includes brokers and property dealers).
Unit: A single apartment, plot, shop or an office which is a part of a building or township being developed
Person: includes i) an individual; ii) a Hindu undivided family; iii) a company; iv) a firm under Indian Partnership Act; 1932 or Limited Liability Partnership Act, 2008, as the case may be; v) a competent authority; vi) an association of persons or a body of individuals whether incorporated or not; vii) a co-operative society registered under any law relating to co-operative societies; viii) any such other entity as the appropriate Government, may specify in this behalf.
Carpet Area: means the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.

FAQs
Q1.What is Real Estate (Regulation and Development) Act, 2016?
The Real Estate (Regulation and Development) Act, 2016 (the Act, from hereon) is a Government of India initiative to bring about the much needed transparency and order to the real estate related transactions by creating a systematic and a uniform regulatory environment, thereby protecting consumer interest and making real estate developers accountable for timely completion of projects. The Act paves the way for setting up of Real Estate Regulatory Authority (RERA, henceforth) for regulation and promotion of real estate sector while promoting transparency and equity in real estate transactions.
Q2.When was the Bill proposed and how did it progress over time?
Q3.What was the need for setting up RERAs?
Q4.Is the Act applicable to both residential and commercial projects?
Q5.Are there any supporting government bodies set up to assist the RERA?
Q6.There are speculations that once the Act is passed, and becomes functional across all states and Union territories, the overall cost of the purchase/sale will
increase due to increase in the number of formalities. Is this true?
Real estate developer section
Q1.What are the roles and responsibilities of a real estate developer as stated in the Act?
Q2.What are the documents to be produced by the real estate developer during registration of a project with the RERA?
Q3.The Act has mandated real estate developers to specify ‘carpet area’ rather than ‘super built up area’. How will that help?
Q4.What are the actions to be taken by the RERA after an application has been submitted for project registration?
Q5.What happens if the concerned RERA fails to respond to the applicant within the stipulated thirty days time?
Q6.What is the validity period for a particular project registration?
Q7.Under what circumstances can the RERA extend the validity of the registration?
Q8.What happens to on-going projects? Will they have to be registered as well?
Q9.Do all projects fall under the radar of RERA? Are there any exceptions?
Q10.Is there a common platform to access the details of the registered real estate developers and their projects?
Q11.On what grounds can the RERA revoke a registration?
Q12.What are the prerequisites for a real estate developer to appeal to the Appellate Tribunal?
Q13.Does the RERA recognise agreement for sale or does it make it mandatory to register property at purchase to qualify?
Q14.Can a real estate developer change plans once the project is launched or is under construction?
Q15.What is a project phase? Does a real estate developer need to register the complete project even if he is launching a project on just a small portion of it?
Q16.What are the penalties that a real estate developer would face if he fails to adhere to the registration mandates or any other directions prescribed by the RERA?
Q17.How does the Act impact Joint Developer or Joint Venture Agreements where landlord and developer are two different parties but both are beneficiaries
of sale of project?
Q18. How does it impact the real estate developer's arrangements with real estate agents, contractors, architect, structural engineers and similar parties
(Declaration required at registration)
Q19. Are there norms on advertisements or promotions?
Q20. Does a real estate developer need to report sales, progress and other such things with regards to projects?
Q21. Can a real estate developer exit the project mid-way by selling to another developer or party?
Intermediary section
Q1.What are the mandatory rules for an intermediary?
Q2.On what grounds can the registration of an intermediary be revoked by the RERA?
Q3.What are the penalties that an intermediary would face if he fails to adhere to the mandates prescribed by the RERA?
Consumer section
Q1.What are the novel measures taken to secure consumer interest and empower him?
Q2.What are the responsibilities of a consumer?
Q3.What is an escrow account and why is RERA mandating 70% funds collected be deposited in an escrow account by a real estate developer?
Q4.What is the provision for an aggrieved person to lodge a complaint? Does he have to go through the existing judicial system?
Q5.What happens if an Appellate Tribunal is not established for a particular jurisdiction during the time of appeal?
Q6.In the above case, what will happen if the Appellate Tribunal is established during the course of hearing?
Q7.What actions are taken by the RERA after the registration of any real estate developer is revoked? How will the project be completed then?