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The total estimated cost of the project multiplied by such proportion shall determine the maximum amount which can be withdrawn by the promoter from the project account.
As per the Act, the land cost can be withdrawn only in proportion to construction cost even if it has been paid in full.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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Functions of real estate agents

Every real estate agent registered under section 9 shall—

(a) Not facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or part of it, being sold by the promoter in any planning area, which is not registered with the Authority;

(b) maintain and preserve such books of account, records and documents as may prescribe;

(c) not involve himself in any unfair trade practices, namely:—

the practice of making any statement, whether orally or in writing or by visible representation which—
falsely represents that the services are of a particular standard or grade;
represents that the promoter or himself has approval or affiliation which such promoter or himself does not have;
makes a false or misleading representation concerning the services;
permitting the publication of any advertisement whether in any newspaper or otherwise of services that are not intended to be offered.

(d) facilitate the possession of all the information and documents, as the allottee, is entitled to, at the time of booking of any plot, apartment or building, as the case may be;

(e) discharge such other functions as may be prescribed.

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