Indian_Real_Estate_Law (2)

Contents
I RERA Act 1
1 THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016 3
1.1 CHAPTER I PRELIMINARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
1.1.1 Short title, extent and commencement . . . . . . . . . . . . . . . . . . . 3
1.1.2 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
1.2 CHAPTER II REGISTRATION OF REAL ESTATE PROJECT AND AGENTS 7
1.2.1 Prior registration of real estate project with Real Estate Regulatory Authority.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
1.2.2 Application for registration of real estate projects . . . . . . . . . . . . . 8
1.2.3 Extension of registration. . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
1.2.4 Revocation of registration. . . . . . . . . . . . . . . . . . . . . . . . . . . 10
1.2.5 Obligation of Authority consequent upon lapse of or on revocation of
registration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
1.2.6 Registration of real estate agents . . . . . . . . . . . . . . . . . . . . . . 11
1.2.7 Revocation of registration. . . . . . . . . . . . . . . . . . . . . . . . . . . 11
1.2.8 Functions of real estate agents. . . . . . . . . . . . . . . . . . . . . . . . 12
1.3 CHAPTER III FUNCTIONS AND DUTIES OF PROMOTER . . . . . . . . . 12
1.3.1 Obligations of promoter regarding veracity of the advertisement or prospectus
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
1.3.2 No deposit or advance to be taken by promoter without first entering into
agreement for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
1.3.3 Adherence to sanctioned plans and project specifications by the promoter 14
1.3.4 Obligations of promoter in case of transfer of a real estate project to a
third party. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
1.3.5 Obligations of promoter regarding insurance of real estate project . . . . 15
1.3.6 Transfer of title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
1.3.7 Return of amount and compensation . . . . . . . . . . . . . . . . . . . . 16
1.4 CHAPTER V RIGHTS AND DUTIES OF ALLOTTEES . . . . . . . . . . . . . 16
1.5 CHAPTER V THE REAL ESTATE REGULATORY AUTHORITY . . . . . . 17
1.5.1 Establishment and incorporation of Real Estate Regulatory Authority . . 17
1.5.2 Composition of Authority. . . . . . . . . . . . . . . . . . . . . . . . . . . 18
1.5.3 Term of office of Chairperson and Members . . . . . . . . . . . . . . . . 18
1.5.4 Salary and allowances payable to Chairperson and Members . . . . . . . 18
1.5.5 Administrative powers of Chairperson. . . . . . . . . . . . . . . . . . . . 19
1.5.6 Removal of Chairperson and Members from office in certain circumstances 19
1.5.7 Restrictions on Chairperson or Members on employment after cessation
of office . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
1.5.8 Officers and other employees of Authority . . . . . . . . . . . . . . . . . 19
1.5.9 Meetings of Authority. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
1.5.10 Vacancies, etc., not to invalidate proceeding of Authority . . . . . . . . . 20
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