Suggestions for Real Estate Developers from RERA
For escalating the accountability and the responsibility towards consumers, RERA has made it mandatory for real estate promoters or real estate developers to register all those projects that measure above 500 square meters or over a total of eight apartments. RERA has also mandated that all real estate developers need to get a valid registration number prior to making any proceedings. The real estate developers will not be allowed to advertise and market or sell the apartments without registration. For projects being developed in phases, it is necessary for the developers to get each phase registered separately.
It is essential for the promoter or the developer to submit all the important documents regarding the projects as agreed by RERA. RERA has further made it an obligation for the real estate developers to open escrow accounts in government-recognized banks. The developers must also make a deposit of 70% of the total amount that the get from the consumers. The developer has the flexibility of withdrawing this amount but he or she needs to use it solely for the purpose of developing a certain project post getting approval from an architect, chartered accountant or engineer.
In case the developer is not able to comply with these directions or violates the regulations as prescribed by the Appellate Tribunal or RERA then, he or she might face imprisonment of around three years along with a penalty of 10% of the total estimated project cost.
Mera RERA Suggestions for Real Estate Developers
Some suggestions or advice for real estate promoters from RERA:
• Carry out a background check of the land and the seller prior to purchasing a plot.
• Prior to planning a certain project, carry out a market study, risk analysis, financial study and profit and cost analysis.
• Take the services of a reliable investing company or investor and remain updated about the trending stakes for getting the best financial deals.
• Hire competitive professionals like property specialist accountants, sales executives, architects, contractors, surveyors, engineers and more.
• Get the services of a reputable and trustworthy project management firm or project engineer for guiding you in project development.
• Get all important sanctions, NOCs and approvals in order to remain on the safe side of things.
• Carry out a survey on upcoming properties, existing properties and the projects and prices of the competitors. It is also important to survey the region where you will be developing the project.
• Set the right price for your project and hire reputable real estate professionals for top class marketing of the property.
• Come up with a good floor plan and also share all the important details with the buyers.
• Avoid diverting the funds that you receive for the project in question. This will delay your project and will also spoil your reputation in the market.
• Do not make false promises. Fulfill whatever you claimed while selling the units.
Forms Read / Download
|APPLICATION FOR REGISTRATION OF PROJECT FORM – A||Click Here|
|DECLARATION, SUPPORTED BY AN AFFIDAVIT, WHICH SHALL BE SIGHNED BY THE PROMOTER OR ANY PERSON AUTHORIZED BY THE PROMOTER FORM – B||Click Here|
|REGISTRATION CERTIFICATE OF PROJECT FORM – C||Click Here|
|INTIMATION OF REJECTION OF APPLICATION FOR REGISTRATION OF PROJECT / REJECTION OF APPLICATION FOR EXTENSION OF REGISTRATION OF PROJECT / REVOCATION OF REGISTRATION OF PROJECT FORM – D||Click Here|
|APPLICATION FOR EXTENSION OF REGISTRATION OF PROJECT FORM – E||Click Here|
|CERTIFICATE FOR EXTENSION OF REGISTRATION OF PROJECT FORM – F||Click Here|
|APPEAL TO APPELLATE TRIBUNAL FORM – L||Click Here|
|COMPLAINT TO REGULATORY AUTHORITY FORM – M||Click Here|