Duties of promoters under RERA

In our earlier article, we discussed about categories of persons who will fall under definition of promoter as per RERA. Now we will be discussing about what all compliances required to be made under RERA after registration of project with authority.   

Periodicity	Compliances
Duties w.r.t. Real estate project	o   Upon receiving login ID and password, create his webpage on the website of the Authority and enter all details of the proposed project o   To deposit 70% of the amount realized for the project in a separate bank account to be maintained with the scheduled bank to cover the cost of construction and land cost. o   To utilize such amount for that purpose only o   To disclose details of the registration granted by the Authority on website
Every six months from the close of every financial year	o   To get his accounts audited from a CA in practice and shall  produce a statement of accounts duly certified and signed by such CA
Quarterly Disclosure of documents on website	o   the list of number and types of apartments or plots, as the case may be, booked; o   list of number of garages booked; o   the list of approvals taken and o   the approvals which are pending subsequent to commencement certificate; o   status of the project;
Duties w.r.t. allottees at the time of booking and issue of allotment letter	Submit following documents o   sanctioned plans, layout plans, along with specifications, approved by the competent authority o   the stage wise time schedule of completion of the project, including the provisions for civic infrastructure like water, sanitation and electricity. o   obtain the completion certificate or the occupancy certificate or both, as applicable and to make it available to the allottees individually or to the association of allottees o   enable the formation of an association or society or co-operative society, as the case may be, of the allottees, or a federation of the same, under the laws applicable o   execute a registered conveyance deed of the apartment, plot or building, as the case may be, in favour of the allottee along with the undivided proportionate title in the common areas to the association of allottees or competent authority

If the promoter fails to comply with any of the above compliances, he shall be liable to penalty or imprisonment or both under various provisions of RERA.