Withdrawals from project account

Withdrawal from project accounts – following documents are required for withdrawal from project account
A certificate from Architect certifying the percentage of completion of construction work
A certificate from the engineer for the actual cost incurred on the construction work
A certificate from a CA for the cost incurred on construction cost and land cost
The Chartered Accountant shall also certify the proportion of the cost incurred on construction and land cost to the total estimated cost of the project
The total estimated cost of the project multiplied by such proportion shall determine the maximum amount which can be withdrawn by the promoter from the project account.
As per the Act, the land cost can be withdrawn only in proportion to construction cost even if it has been paid in full.

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Compliances under RERA, 2016

After 4 months of implementation of RERA, Builders and Developers are in dilemma of legal compliances relating to RERA. THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016 has altered the Real Estate Business altogether and it is a big challenge for professional to help their client with the same. In this Article we are going to deal with the basic question of how the working style and business practices going to get affected under RERA regime.

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Gujarat RERA revises submission deadline for quarterly returns

Gujarat Real Estate Regulatory Authority (Gujarat RERA) has extended the deadline for promoters to file quarterly return as mandated by the RERA norms. As per RERA rules, all promoters are mandated to update the details of their registered projects with the Authority within seven days from the expiry of each quarter.

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Responsibilities of Builders & Promoter under RERA

Builders and promoters are tasked with various responsibilities under the RERA Act. All builders and promoters who undertake a real estate project with over 8 units or 500 square meters of development are required to obtain RERA registration and fall under the ambit of RERA regulations. Under RERA, a promoter is defined as a person who is entrusted with the task of promoting the project, which was developed or constructed by the developer. In this article, we examine the responsibilities of real estate builders and promoters–.

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Problems in RERA Filing

The RERA Act aims to Regulate and Promote the Real
Estate Sector. The main aim of the Act is to protect the interest or buyers and promote timely delivery of properties or projects.

RERA requires every promoter of registered Real Estate Project to carry out quarterly updates of the project on the MAHARERA website. The promoter should ensure that project details are updated on regular basis. The upper limit of filing

RERA Returns is upto a maximum 90 days. The builders public facing website should also contain a field on “Project Last Updated on” for public view. Rera filing is a time-bound activity, that attracts fine if not filed within the statutory time frame.

Without a digital document, consultants are forced to rely on manual document management and tracking methods, which is prone to errors, delay in filing, back and forth of data, duplication of efforts and several follow up actions to chase the consultants. There is interdependency of information which results in the delay in gathering required information for RERA filing.

Platform for quarterly RERA filing (Form 1, Form 2, Form 3, Form 4)
Architects, RCC Engineers and CA submit & validate their data on the same platform
All previous RERA returns saved till project completion
Building wise & project wise distinct breakup of information
Filing process simplified and prone to fewer errors
All stakeholders can see latest Project developments online
See multiple projects on single login