RERA effective from May 1st 2017. Some important points one must know!

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  1. MOFA continues to apply. However, if there is any inconsistency between RERA and MOFA, RERA will apply.
  2. Every project which does not have the Occupation Certificate and would be advertised for sale of flats should be registered with RERA. Therefore, possibly many buildings/societies being occupied without having an Occupation Certificate need not be registered with RERA. This can also mean that if any projects is completely sold out, need not register with RERA, since the same will not be advertised.
  3. Under Construction projects should be registered with 3 months from May 1st, 2017.
  4. If the land owner shares the revenue of a project, he will be considered as joint promoter and will be covered by RERA rules and he will be also equally responsible. In the same manner, even a CHS would be considered as land owner in case of Re-Development.
  5. Society should be formed once 51% of the flats booked even if the project is under construction.
  6. Plans and layouts can be changed only with the permission from 2/3rd buyers.
  7. Promoters should update the project details in 3 months.
  8. If the project is being done phase wise and if in the 1st phase we are not providing common amenities like Club House etc.then we cannot put ads and make brochures showing common amenities.
  9. At the time of registration they are asking details of past 5 years projects done and even what was the possession date promised and when was possession given
  10. Details of FSI proposed and approved.
  11. Project cost estimation where in we have to bifurcate the Land Cost and the Construction cost.
  12. Open Parking can’t be sold. Garages and enclosed parking can be sold.
  13. Ongoing projects have window of 3 months to register but was suggested to do it asap to avoid last moment delays.
  14. Everything will be online. Hence there is no need to go to RERA office except for complaints and hearing.

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Posted in Lawyer, Property, Property in India.