https://www.reraconsultants.in/updates-under-rera-quarterly-updates-under-rera.php

 

 

UPDATES UNDER RERA, QUARTERLY UPDATES UNDER RERA

 

 

by Vinay T

By

Vinay T

Partner- Venu & Vinay, Chartered Accountants,

Financial Consultant-RERA CONSULTANTS LLP

Every promoter after registration of their project under RERA, shall update on the Authority website complete details of the project including list of number and types of apartments or plots, booked, no of garages booked, list of approvals taken and the approvals, NOC obtained and development, construction status, Including Photos of stage of development, pending litigations and status of the same as per Sec 11 of RERD Act

 

In addition to above, Promoter shall obtain and update the quarterly certificates received from professionals viz., CA's, Engineer, Architects certifying the

 

●     Status of development work completed (percentage of completion of project),

●     Money collected from the Allottees, money spent on project, eligible funds to withdraw from RERA project bank account based on % of completion of development of the project as per Sec 4(2)(l)(D) of the Act –

 

●     Provided further that the amounts from the separate account shall be withdrawn by the promoter after it is certified by an engineer, an architect and a chartered accountant in practice that the withdrawal is in proportion to the percentage of completion of the project

 

These Quarterly updates will help the buyers / Allottees to know the status of development of project from time to time. It will act as guidance for new buyers to check the movement of units in the project from quarter to quarter before they invest into the project. Buyers can know –

 

●     status of development work with photographs

●     no of units sold / booked

●     status of various permissions / NoC's

●     Litigations and status of litigations

●     Modification of plan etc.,

●     any other information as may be required to publish

 

Authority can know the development activity of the project apart from % of completion of project from time to time.

 

These updates shall be made till promoter complete the project and submit Occupancy Certificate at the end of the project having completed all development work as promised / committed

 

The quarterly update is mandatory as per Act and Rules, failing which authority may levy penalty as per Sec 60 of the RERD Act, which may extend upto 5 % of estimate cost of the real estate project

 

At broader level following information, documents, details shall be uploaded

 

1.    Promoter Details – KYC

2.    Project Development Details, Schedule

3.    Sanctions / NOC's

4.    Litigations

5.    Professional Certificates

6.    Latest Financial statements

7.    Brochures / advertisement

8.    Brochures / advertisement

9.    Authorised signatory if any

10.  Company member details

11.  Project Schedule – of all development activities

12.  Project Cost Details (including TDR)

13.  Litigation Details

14.  Modification to plan etc

15.  Association of Allottees

 

Section 11 of the Act – FUNCTIONS AND DUTIES OF PROMOTER

 

The promoter shall, upon receiving his Login Id and password under clause (a) of sub-section (1) or under sub-section (2) of section 5, as the case may be, create his web page on the website of the Authority and enter all details of the proposed project as provided under sub-section (2) of section 4, in all the fields as provided, for public viewing, including—

 

1.    Details of the registration granted by the Authority

2.    Quarterly up-to-date the list of number and types of apartments or plots, as the case may be, booked

3.    Quarterly up-to-date the list of number of garages booked

4.    Quarterly up-to-date the list of approvals taken and the approvals which are pending subsequent to commencement certificate;

5.    Quarterly up-to-date status of the project; and

 

●     Such other information and documents as may be specified by the regulations made by the Authority.