RERA was introduced to aim at enhancing property buyers’ right protection. Real estate in particular has effective role in Indian GDP. Again economic activities don’t symbolize GDP. Over the years real estate industry has been pointed as a sector of illegal money perking and delay in the registration and delivery process. Now HUPA has asked every state government to get registered under notified RERA. Gujrat has been the first state to register notified RERA. Now it’s West Bengal’s turn to submit notified real estate norms. As per the act state government needs to submit ‘’lay out plan’’- a plan of the projects representing the division or the proposed division of land into plots, roads, open space, amenities etc. and any other details as may be necessary.
It all starts with the plot registration clause
Act’s second chapter consist the rules for real estate project registration. For registration purpose a documents that are needed-
1. Authenticated PAN card, audited balance sheet of the previous financial year and valid income tax returns of past 3 years of the promoter.
2. Legal deed of the plot reflecting title of the promoter to the particular land with all other legal documents that proves that the land doesn’t have any third party involvement.
3. The details of loan and other debts on the land on which the development is proposed.
4. The correct measurement of open parking allotment.
5. In case the owner is any third-party or under any joint ownership there should be a proper written consent of the owner or JV agreement, copy of collaboration agreement and development agreement.
6. The promoter will pay the registration fee at the time of application by way of a demand draft on any listed bank for a sum calculated as the rate of:
a. Rupees 10/ sq mtr for residential projects where the area of land proposed to be developed, doesn’t exceed 1000 sq mtr., or 20 Rupees/ sq mtr for residential projects where the area of land proposed to be developed exceeds 1000 sq mtr.
b. Rupees 50/sq mtr for commercial or any other projects where area of land proposed to be developed doesn’t exceed 1000 sq mtr or Rupees 100/ sq mtr area of land proposed to be developed exceeds 1000 sq mtrs
If the promoter applies for withdrawal of the application for registration before the expiry of the registration period of 30 days provided registration fee to the extent of ten percent paid under sub rules or rupees fifty thousand whichever is more, shall be retained as processing fee by the regulatory authority and the remaining amount shall be refunded to the promoter within thirty days from the date of such withdrawal.
Land registration process in India has been quite a lengthy and complex process which straightway affects the possession delivery and causes delay after the completion of the project.
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By LNN (Liyans News Network)