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PROJECT

REALESTATELAW
REALESTATE(REGULATIONANDDEVELOPMENT)ACT,
2016
SUBMITTEDBY:
SMARTHARORA
A11921513009
BBALL.B(20132018)

REGISTRATIONOFPROMOTERS

REALESTATE(REGULATION&DEVELOPMENT)BILL
ThisBillaimedtocreateaRealEstateRegulatoryAuthorityandan
AppellateTribunalthatwillactasawatchdogforthehousingsector,
primarilytowardsprotectingconsumerinterestswhilecreatingan
alternativeredressmechanismforanydisputesthatmayarise.

TheBillalsotendstoimposeobligationanddutiesonthepromoters,
agentsoftheprojects.

PRELIMINARY
(1) ThisDraftmaybecalledtheReal
Estate(Regulation&Development)Act,2016.
(2) It extends to the whole of India except the State of Jammu and
Kashmir
(3) It shall come into force on such date as the Central Government
may, by notification in the Official Gazette, appoint: Provided that
differentdatesmaybeappointedfordifferentprovisionsofthisActand
any reference in any such provision to the commencement of this Act
shall be construed as a reference to the coming into force of that
provision.

REGISTRATIONOFREALESTATEPROJECTANDTRANSFEROF
IMMOVABLEPROPERTIES
3.PriorregistrationwithRealEstateRegulatoryAuthority:
Nopromotershalldevelopanyimmovablepropertyormakeany
constructionthereonoralterationthereoforconvertanyexisting
undevelopedimmovablepropertyorpartofitwithoutregisteringthe
realestateprojectandobtainingacertificateofregistrationfromthe
RealEstateRegulatoryAuthorityestablishedunderthisAct

EXCEPTIONS
(a)whentheareaoflandproposedtobedevelopeddoesnotexceed
4000squaremeters,oranareaasnotifiedbytheCentral
GovernmentinconsultationwiththeStatesandUnionTerritoriesfrom
timetotime,whichmaybedifferentfordifferentStatesorUnion
Territories
(b)wherethepromoterhassoughtallpermissionsandreceivedall
requisiteapprovalsforthedevelopmentofimmovablepropertyone
yearpriortothecommencementofthisAct
(c)forthepurposeofrenovationorrepairwhichdoesnotinvolve
reallotmentandmarketingofimmovableproperty.

APPLICATIONTOAUTHORITY
(1)EverypromotershallmakeanapplicationtotheAuthorityfor
registrationoftheprojectfordevelopmentofanyimmovableproperty
insuchformaccompaniedbysuchfeeandotherinformationasmaybe
prescribed.
(2)Theprescribedformreferredtoinsubsection(1),shallincludebut
notbelimitedtotheinformationrelatingtothenumberandsizeof
Plotslayoutplan,proposedprojectandtheproposedfacilitiestobe
providedthereof.

(3)Thepromotershallenclosethefollowingdocumentsalongwiththe
applicationreferredtoinsubsection(1),namely:

(a)anauthenticatedcopyoftheapprovalandsanctionfromthe
competentauthorityobtainedinaccordancewiththelawsasmaybe
applicablefortherealestateprojectmentionedintheapplication,and
wheretheprojectisproposedtobedevelopedinphases,an
authenticatedcopyoftheapprovalandsanctionfromthecompetent
authorityforeachofsuchphases.
(b)adeclarationwhichshallbesignedbythepromoterstating:
(i)thathehasalegaltitletothelandonwhichthedevelopmentis
proposedalongwithalegallyvalidauthenticationofsuchtitleif
suchlandisownedbyanotherperson;

(ii)thatthelandisfreefromallencumbrances,orasthecasemay
be,oftheencumbrancesonsuchlandincludinganyrights,title,
interestornameofanypartyinoroversuchlandalongwith
details;

(iii)hisaffirmationthattheprojectorthephaseoftheproject
shallbecompletedasthecasemaybeinaccordancewiththeterms
andconditionsoftheregistration;
(iv)theperiodoftimewithinwhichheundertakestocompletethe
projectorphasethereof,provideditiswithintheperiodof
sanctionbythecompetentauthority;

(v)thatseventypercentoftheamountsrealizedfortherealestate
projectfromtheallottees,fromtimetotime,wouldbedepositedin
aseparateaccounttobemaintainedinascheduledbank,within
fifteendaysofitsrealizationformeetingthecostsoftherealestate
projectandwouldbeusedonlyforthatpurpose;
Explanation.Forthepurposeofthisclause,thetermscheduled
bankmeansabankincludedinthesecondscheduletothe
ReserveBankofIndiaAct,1934.
(vi)thathehasfurnishedsuchotherdocumentsasmaybe
prescribedbytherulesorregulationsmadeunderthisAct.

(4)Onreceiptoftheapplicationundersubsection(1),theAuthority
shallwithinaperiodofthirtydaysfromthedateofreceiptofthe
applicationscompletetheprocessofthescrutinyoftheapplications
submittedtoit.
(5)TheAuthority,afterscrutinyoftheapplicationsshall
(a)grantregistrationsubjecttotheprovisionsofthisActandthe
rulesandtheregulationsmadethereunder;or
(b)rejecttheapplicationforreasonstoberecordedinwriting,if
suchapplicationdoesnotconformtotheprovisionsofthisAct:
Providedthatnoapplicationshallberejectedunlesstheapplicanthas
beengivenanopportunityofbeingheard.

(6)Forreasonsbeyonditscontrol,iftheAuthorityfailstocompletethe
scrutinyoftheapplicationswithintheaforesaidperiod,theapplicants
maybepermittedprovisionalaccesstothewebsiteoftheAuthority
andallowedtoentertheprojectdetailsinrespectoftheprojects
coveredintheapplicationonthewebsite:
ProvidedthattheAuthorityshallfurnishadetailedreportforevery
threemonthstotheAppropriateGovernment,withreasonsfordelayon
projectsforwhichregistrationhasnotbeengrantedwithinthe
aforesaid
periodofthirtydays.

(7)TheAuthorityshallgranttheregistrationtothepromoter,ifitis
satisfiedthatthepromoterhas
(a)enteredintoanagreementwiththeCompetentAuthorityfor
completionofthedevelopmentworks;
(b)compliedalltheprovisionsofthisActandtherulesandthe
regulationsmadethereunder;and
(c)furnishedtheinformationrequiredbytheAuthority.
(8)Theregistrationgrantedunderthissectionshallbevalidfora
perioddeclaredbythepromoterundersubclause(iv)ofclause(b)of
subsection(3)forcompletionoftheprojectorphasethereof,asthe
casemaybe.


(9)TheAuthorityshall,afterregistration,issueaLoginIdand
passwordtotheapplicantforaccessingthewebsiteoftheAuthority
andpermitthepromotertoaccessthewebsiteoftheAuthorityto
createhiswebpageandtofillthereinthedetailsoftheproposed
project.

THANKYOU