RERA for Homebuyers
by CA. Pravin M BangarCONTENTS AT A GLANCE
| Bharat? | 5 |
| Preface | 7 |
| About the Author | 9 |
The Real Estate (Regulation and Development) Act, 2016
| Chronology of the events | 1 |
| Real Estate (Regulation & Development) Act, 2016 [RERA] — Implementation Progress Report | 3 |
| Objects of Real Estate (Regulation and Development) Act, 2016 | 5 |
The Real Estate (Regulation and Development) Act, 2016
(No. 16 of 2016)
CHAPTER I
PRELIMINARY
| Section 1 Short title, extent and commencement | 7 |
| Section 2 Definitions | 8 |
CHAPTER II
REGISTRATION OF REAL ESTATE PROJECT AND REGISTRATION OF REAL ESTATE AGENTS
| Section 3 Prior registration of real estate project with Real Estate Regulatory Authority | 30 |
| Section 4 Application for registration of real estate projects | 52 |
| Section 5 Grant of Registration | 82 |
| Section 6 Extension of Registration | 83 |
| Section 7 Revocation of Registration | 85 |
| Section 8 Obligation of Authority consequent upon lapse of or on revocation of registration | 87 |
| Section 9 Registration of Real Estate Agents | 88 |
| Section 10 Functions of Real Estate Agents | 93 |
CHAPTER III
FUNCTIONS AND DUTIES OF PROMOTER
| Section 11 Functions and duties of promoter | 96 |
| Section 12 Obligations of promoter regarding veracity of the advertisement or prospectus | 109 |
| Section 13 No deposit or advance to be taken by promoter without first entering into agreement for sale | 112 |
| Section 14 Adherence to sanctioned plans and project specifications by the promoter | 116 |
| Section 15 Obligations of promoter in case of transfer of a real estate project to a third party | 122 |
| Section 16 Obligations of promoter regarding insurance of real estate project | 125 |
| Section 17 Transfer of title | 126 |
| Section 18 Return of amount and compensation | 131 |
CHAPTER IV
RIGHTS AND DUTIES OF ALLOOTTEES
| Section 19 Rights and Duties of Allottees | 136 |
CHAPTER V
THE REAL ESTATE REGULATORY AUTHORITY
| Section 20 Establishment and incorporation of Real Estate Regulatory Authority | 139 |
| Section 21 Composition of Authority | 141 |
| Section 22 Qualifications of Chairperson and Members of Authority | 141 |
| Section 23 Term of office of Chairperson and Members | 143 |
| Section 24 Salary and allowances payable to Chairperson and Members | 145 |
| Section 25 Administrative powers of Chairperson | 146 |
| Section 26 Removal of Chairperson and Members from office in certain circumstances | 146 |
| Section 27 Restrictions on Chairperson or Members on employment after cessation of office | 148 |
| Section 28 Officers and other employees of Authority | 150 |
| Section 29 Meeting of Authority | 151 |
| Section 30 Vacancies etc., not to invalidate proceeding of Authority | 152 |
| Section 31 Filing of complaints with the Authority or the adjudicating officer | 153 |
| Section 32 Functions of Authority for promotion of real estate sector | 154 |
| Section 33 Advocacy and awareness measures | 157 |
| Section 34 Functions of Authority | 158 |
| Section 35 Powers of Authority to call for information, conduct investigations | 161 |
| Section 36 Power to issue interim orders | 162 |
| Section 37 Powers of Authority to issue directions | 162 |
| Section 38 Powers of Authority | 163 |
| Section 39 Rectification of orders | 164 |
| Section 40 Recovery of interest or penalty or compensation and enforcement of order, etc. | 164 |
CHAPTER VI
CENTRAL ADVISORY COUNCIL
| Section 41 Establishment of Central Advisory Council | 166 |
| Section 42 Functions of Central Advisory Council | 167 |
CHAPTER VII
THE REAL ESTATE APPELLATE TRIBUNAL
| Section 43 Establishment of Real Estate Appellate Tribunal | 169 |
| Section 44 Application for settlement of disputes and appeals to Appellate Tribunal | 171 |
| Section 45 Composition of Appellate Tribunal | 175 |
| Section 46 Qualifications for appointment of Chairperson and Members | 175 |
| Section 47 Term of office of Chairperson and Members | 177 |
| Section 48 Salary and allowances payable to Chairperson and Members | 178 |
| Section 49 Removal of Chairperson and Member from office in certain circumstances | 179 |
| Section 50 Restrictions on Chairperson or Judicial Member or Technical or Administrative Member on employment after cessation of office | 182 |
| Section 51 Officers and other employees of Appellate Tribunal | 184 |
| Section 52 Vacancies | 185 |
| Section 53 Powers of Tribunal | 186 |
| Section 54 Administrative powers of Chairperson of Appellate Tribunal | 188 |
| Section 55 Vacancies, etc., not to invalidate proceeding of Appellate Tribunal | 188 |
| Section 56 Right to legal representation | 189 |
| Section 57 Orders passed by Appellate Tribunal to be executable as a decree | 190 |
| Section 58 Appeal to High Court | 191 |
CHAPTER VIII
OFFENCES, PENALTIES AND ADJUDICATION
| Section 59 Punishment for non-registration under section 3 | 193 |
| Section 60 Penalty for contravention of section 4 | 194 |
| Section 61 Penalty for contravention of other provisions of this Act | 194 |
| Section 62 Penalty for non-registration and contravention under sections 9 and 10 | 195 |
| Section 63 Penalty for failure to comply with orders of Authority by promoter | 195 |
| Section 64 Penalty for failure to comply with orders of Appellate Tribunal by promoter | 195 |
| Section 65 Penalty for failure to comply with orders of Authority by real estate agent | 196 |
| Section 66 Penalty for failure to comply with orders of Appellate Tribunal by real estate agent | 196 |
| Section 67 Penalty for failure to comply with orders of Authority by allottee | 196 |
| Section 68 Penalty for failure to comply with orders of Appellate Tribunal by allottee | 197 |
| Section 69 Offences by companies | 197 |
| Section 70 Compounding of offences | 199 |
| Section 71 Power to adjudicate | 201 |
| Section 72 Factors to be taken into account by the adjudicating officer | 204 |
CHAPTER IX
FINANCE, ACCOUNTS, AUDITS AND REPORTS
| Section 73 Grants and loans by Central Government | 205 |
| Section 74 Grants and loans by State Government | 205 |
| Section 75 Constitution of Fund: 'Real Estate Regulatory Fund' | 205 |
| Section 76 Crediting sums realised by way of penalties to Consolidated Fund of India or State account | 207 |
| Section 77 Budget, accounts and audit | 207 |
| Section 78 Annual report | 209 |
CHAPTER X
MISCELLANEOUS
| Section 79 Bar of Jurisdiction | 211 |
| Section 80 Cognizance of Offences | 211 |
| Section 81 Delegation | 212 |
| Section 82 Power of appropriate Government to supersede Authority | 212 |
| Section 83 Powers of appropriate Government to issue directions to Authority and obtain reports and returns | 214 |
| Section 84 Power of appropriate Government to make rules | 215 |
| Section 85 Power to make regulations | 222 |
| Section 86 Laying of rules | 223 |
| Section 87 Members etc., to be public servants | 225 |
| Section 88 Application of other laws not barred | 225 |
| Section 89 Act to have overriding effect | 225 |
| Section 90 Protection of action taken in good faith | 225 |
| Section 91 Power to remove difficulties | 226 |
| Section 92 Repeal of Maharashtra Act No. II of 2014 | 226 |
About the Author
CA. Pravin M Bangar
CA. Pravin M. Bangar is a qualified Chartered Accountant and presently he is practicing under a firm named,
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