Rera FAQ Master List

STATUS:
OBJECTS AND REASONS:
CHAPTER I – PRELIMINARY
CHAPTER II – REGISTRATION OF PROJECT AND AGENTS
CHAPTER III – FUNCTIONS AND DUTIES OF PROMOTER
CHAPTER IV – RIGHTS AND DUTIES OF ALLOTTEES
CHAPTER V – THE REAL ESTATE REGULATORY AUTHORITY
CHAPTER VI – CENTRAL ADVISORY COUNCIL
CHAPTER VII – THE REAL ESTATE APPELLATE TRIBUNAL
CHAPTER VIII – OFFENCES, PENALTIES AND ADJUDICATION
CHAPTER IX – FINANCE, ACCOUNTS, AUDITS AND REPORTS
CHAPTER X – MISCELLANEOUS

STATUS:

1. What is the status of the Act?
2. When did the Act come into force?
3. Why have some sections of the Act not been notified yet?
4. When would the remaining sections of the Act come into force?

OBJECTS AND REASONS:

5. What was the need for a regulatory law for the real estate sector?
6. What are the objects and reasons for which the Act has been framed?

CHAPTER I – PRELIMINARY

7. Who is the ‘appropriate Government’ as per the Act?
8. What are the important responsibilities of the appropriate Government?
9. Does the definition of ‘promoter’ include public bodies such as Development Authorities and Housing Boards?
10. Does the definition of ‘promoter’ include all promoters in case of joint development?
11. What is the rate of interest payable in case of default by the ‘promoter’ or the ‘allottee’? Is the rate of interest payable by either party (promoter or allottee) the same?
12. Does advertisement include solicitation by emails and sms? Is issuance of prospectus considered to be a case of ‘advertisement’?
13. Does the term ‘allottee’ include secondary sales?
14. Is ‘open parking areas’ a part of ‘common areas’?
15. Is ‘community and commercial facilities’ which are provided in a real estate project are part of ‘common areas’?
16. What happens in case of jurisdictions (States/UTs) which do not provide for both the ‘occupancy certificate’ and the ‘completion certificate’?
17. What is the difference between the term ‘completion certificate’ and ‘occupancy certificate’?
18. The Act defines ‘estimated cost of the real estate project’, what is the significance of the definition?
19. What is the definition of ‘garage’ and can it be sold by the promoter independent of an ‘apartment’?
20. What is the definition of ‘real estate project’? Does the term ‘project’ connote a ‘real estate project’?
21. Are real estate agents covered under the Act? Does the term ‘real estate agents’ include web-portals engaged in selling of apartments or plots?
22. What happens in case a term is used under the Act but has not been defined?

CHAPTER II – REGISTRATION OF PROJECT AND AGENTS

23. Does the Act cover both residential and commercial real estate?
24. Does the Act cover ongoing / incomplete projects?
25. Does the Act cover all projects in urban areas and in rural areas?
26. Which projects are exempt from the ambit of the Act?
27. At what stage can a promoter start to advertise his project for sale?
28. What are the details to be furnished at the time of application for registration of real estate project with the Regulatory Authority?
29. What are the formalities for the registration of a real estate project with the Regulatory Authority?
30. In how many days is the Regulatory Authority required to register the real estate project?
31. What in case the application for registration of the real estate project is incomplete?
32. Is there a provision for deemed registration of a real estate project in case the Regulatory Authority does not respond to the application?
33. What is the period of validity of registration granted to a real estate project by the Regulatory Authority?
34. Is the promoter required to maintain an ‘escrow account’ or a ‘separate account’? Is a ‘separate account’ to be maintained for every project or it can be for one or more projects? What are the purposes for which the promoter can withdraw the money from the separate account?
35. On what basis is the promoter required to withdraw the money from the separate account?
36. Is the promoter required to get his accounts audited?
37. Is the application for registration of a real estate project, proposed under the Act is manual or it can also be done online?
38. Can the period of registration granted to a real estate project by the Regulatory Authority be extended? What is the definition of force majeure?
39. What are the terms and conditions for extension of registration?
40. Can the registration of a project be revoked?
41. What are the next steps that can be taken for project completion in case of revocation of a project?
42. Does the Act also cover real estate agents? What are the duties and responsibilities of the real estate agents?

CHAPTER III – FUNCTIONS AND DUTIES OF PROMOTER

43. What are the important functions and responsibilities of the promoter after registration of the project with the Authority?
44. What are the disclosures to be made on the website of the Regulatory Authority?
45. What is the promoter’s obligations regarding veracity of the advertisement or prospectus?
46. Can the promoter collect any amount of money towards booking of the apartment / plot?
47. What is the ‘Agreement for Sale’ and is it binding on the ‘promoter’ and the ‘allottee’?
48. Can the promoter modify / amend the sanctioned plans or project specifications after having been approved by the competent authority and disclosed to the allottees?
49. What is the period for which the promoter is liable for any structural defects etc. in the project / apartment etc.?
50. What is the obligation of the promoter as regard transfer of the project to a third party?
51. What is the obligation of the promoter as regards insurance of real estate project?
52. What is the obligation of the promoter as regards transfer of title of the apartment / plot?
53. What is obligation of the promoter towards return of amount and compensation to the allottee?

CHAPTER IV – RIGHTS AND DUTIES OF ALLOTTEES

54. What are the rights and duties of the allottees under the Act?

CHAPTER V – THE REAL ESTATE REGULATORY AUTHORITY

55. What is the timelines for establishment of the Regulatory Authority?
56. How are the Chairman and the Members of the Authority required to be appointed?
57. What are the important responsibilities of the ‘Regulatory Authority’?
58. How can a complaint be filed with the Authority for any violations under the Act?
59. What is the time period within which the Authority is required to dispose of any matter that is brought to it for consideration?

CHAPTER VI – CENTRAL ADVISORY COUNCIL

60. What is the composition of the Central Advisory Council?
61. What is the role and responsibility of the Central Advisory Council?

CHAPTER VII – THE REAL ESTATE APPELLATE TRIBUNAL

62. What is the timelines for establishment of the Appellate Tribunal under the Act?
63. What are the important responsibilities of the Appellate Tribunal?
64. Can an appeal be filed against the decision or the orders of the Appellate Tribunal?
65. What is the time period within which the Appellate Tribunal is required to dispose of the appeal?
66. How are the Chairman and the Members of the Appellate Tribunal required to be appointed?

CHAPTER VIII – OFFENCES, PENALTIES AND ADJUDICATION

67. What is the punishment prescribed for non-registration of a project under the Act?
68. What is the punishment prescribed for violation of section 4 which provides for application for registration of the project?
69. What is the punishment prescribed for violation of other provisions of the Act by the promoter?
70. What is the punishment prescribed for non-compliance of the orders of the Authority by the promoter?
71. What is the punishment prescribed for non-compliance of the orders of the Appellate Tribunal by the promoter?
72. What is the punishment prescribed for non-registration of by a real estate agent under the Act?
73. What is the punishment prescribed for non-compliance of the orders of the Authority by the real estate agent?
74. What is the punishment prescribed for non-compliance of the orders of the Appellate Tribunal by the real estate agent?
75. What is the punishment prescribed for non-compliance of the orders of the Authority by the allottee?
76. What is the punishment prescribed for non-compliance of the orders of the Appellate Tribunal by the allottee?
77. Can an offence which provides for imprisonment be compounded?
78. What is the role of the Adjudicating Officer?
79. What are the factors that need to be taken into account by the Adjudicating Officer while deciding a dispute under sections 12, 14, 18 and 19 of the Act?

CHAPTER IX – FINANCE, ACCOUNTS, AUDITS AND REPORTS

80. What is the mechanism to finance the functioning of the Authority?
81. Who is required to constitute the Real Estate Regulatory Fund? What are the purposes for which the Fund is supposed to be used?
82. Can the penalties imposed under the Act be deposited in the Real Estate Regulatory Fund?
83. Is the Authority required to prepare a budget and maintain proper accounts and other relevant records? Are the accounts of the Authority required to be audited?
84. Is the Authority required to prepare an Annual Report?

CHAPTER X – MISCELLANEOUS

85. Are the civil courts and consumer forums barred from entertaining disputes under the Act?
86. Can a complainant approach both the Regulatory Authority / adjudicating officer and the consumer forums for the same disputes?
87. Can the Authority delegate any of its functions under the Act?
88. What is the timeline for notification of the Rules by the appropriate Government under the Act?
89. What is the timeline for notification of the Regulations by the Authority under the Act?
90. Are the Rules, Regulations etc. notified required to laid before the Parliament or the State Legislature?
91. Does the Government have the power to issue Orders towards Removal of Difficulties while implementing the Act?
92. Why was section 92 repealing the Maharashtra Housing (Regulation and Development) Act, 2012 provided under the Act?