October 2017 - Page 14 of 35

Annual & Legal Consultancy Services in Pune

VED LEGAL is dedicated Co-operative Housing Society Consultancy Located in Pune since 2007. We are expertise in the same field in and around Pune, we provide Monthly /Annual Basis Consultancy to housing societies against reasonable and standard charges for concrete solution, opinion and consultancy under our experts on following issues:-

Consultancy for Housing Societies on following issues : –

• Consultancy for Handover process of society by builder after its registration / formation.
• Consultancy for verifying Documents authentication relating to project/scheme, Society, Accounts etc…
• Consultancy for Maintaining various Registers i.e. proceeding Book / Minutes of Records, Transfer of share / Nominee Register, Ledger Book / Register etc..
• Consultancy for Laws / Bye-laws and Rules made there under such as consultancy for various meetings i. e. M.C.M, S.G.M, A.G.M, Election of Managing Committee & procedure of issuance of Share certificate.
• Basic Consultancy for Recovery of Due maintenance defaulter member of the society i.e. issuance of Notices / Letters to him /her.
• Consultancy for nuisance caused by any member or his / her tenants / relatives.
• Consultancy for restraining illegal activities in the premises of the society.
• Consultancy for Conveyance Deed and Deemed Conveyance of the society.
• Consultancy for Miscellaneous issues and day to day affairs of the society.

Our Specialties:
1. Society Formation / Registration
2. Conveyance Deed or Deemed Conveyance of society.

By admin|October 25th, 2017|Annual & Legal Consultancy Services in Pune|Comments Off

WHAT IS MUTATION OF PROPERTY?

When buying a property, due diligence is essential and you have to verify a lot of important property documents. Patta or mutation or Khata is one such important property document.

When you are selling a property, the prospective buyer might ask for a copy of the latest mutation document. Based on my experience, it has been observed that many people do not know the importance of this document.

Mutation is the change of title ownership from one person to another when the property is sold or transferred. By mutating a property, the new owner gets the title of the property recorded on his/her name in the land revenue department and the government is able to charge property tax from the rightful owner.

One needs to get mutation done and get the new owner details updated in the revenue records maintained by civic bodies like Municipalities, Panchayats or Municipal Corporations.

Mutation Vs Registration of Property:-

Registration of the property is a full and final agreement signed between two parties ie., buyer and seller. Once a property is registered, it means that the property buyer in whose favor the property is registered will become the lawful owner of the property and is fully responsible for it in all respects. The new owner is liable to pay property taxes, development charges etc which are levied by the local civic body.

Once the property is registered in Sub-registrar office, the buyer of the property has to get the title of the property updated in his/her name in the local revenue office (municipality or panchayat office). This is known as mutation. Once the property is updated in the revenue records, henceforth the new owner has to pay the applicable taxes to the civic body (like property tax, development charges etc.)

So, registration of property and mutation of property are two different things. Mutation of property happens after the registration of property.

Registration of property through the execution of a Sale Deed is done at Sub-registrar office (Registration office) and mutation is done at local civic body office. Registration of the property does not lead to automatic update of land records in revenue office.

Types of Mutations:-

There are two types of mutations.

1. Mutation of Agricultural lands &

2. Mutation of Non-Agricultural Lands. Example : Flats, independent houses, residential plots, godowns, etc.,

In case of Agricultural lands, mutation is must. Without mutation the land title will not pass to the new owner. Mutation should be entered in the revenue records. The owner’s name which is recorded in the revenue records is referred as ‘Pattadhar’. In scenarios like land acquisition by the Government then the compensation is paid only to the individual whose name is present in the revenue records.

In case of non-agricultural lands, failure to mutate does not take away your right in the sale deed. That is even though the mutation has not done, the purchaser’s title will not be affected. He/she will remain the owner of the property. But the only problem of not mutating is that you may not get electricity connection, water connection and you cannot pay municipal tax.

When Mutation of property can be done?

You need to get the transfer of title of property (mutation) done in the below circumstances to avoid any legal disputes in the future;

• After buying/purchasing a property.
• After inheriting a property through a Will or without a Will.
• After acquiring a property through a Gift Deed.

By admin|October 24th, 2017|What is Mutation of Property?|Comments Off

LAWYERS FOR MUTATION OF PROPERTY

WHAT IS MUTATION OF PROPERTY?

When buying a property, due diligence is essential and you have to verify a lot of important property documents. Patta or mutation or Khata is one such important property document.

When you are selling a property, the prospective buyer might ask for a copy of the latest mutation document. Based on my experience, it has been observed that many people do not know the importance of this document.

Mutation is the change of title ownership from one person to another when the property is sold or transferred. By mutating a property, the new owner gets the title of the property recorded on his/her name in the land revenue department and the government is able to charge property tax from the rightful owner.

One needs to get mutation done and get the new owner details updated in the revenue records maintained by civic bodies like Municipalities, Panchayats or Municipal Corporations.

Mutation Vs Registration of Property:-

Registration of the property is a full and final agreement signed between two parties ie., buyer and seller. Once a property is registered, it means that the property buyer in whose favor the property is registered will become the lawful owner of the property and is fully responsible for it in all respects. The new owner is liable to pay property taxes, development charges etc which are levied by the local civic body.

Once the property is registered in Sub-registrar office, the buyer of the property has to get the title of the property updated in his/her name in the local revenue office (municipality or panchayat office). This is known as mutation. Once the property is updated in the revenue records, henceforth the new owner has to pay the applicable taxes to the civic body (like property tax, development charges etc.)

So, registration of property and mutation of property are two different things. Mutation of property happens after the registration of property.

Registration of property through the execution of a Sale Deed is done at Sub-registrar office (Registration office) and mutation is done at local civic body office. Registration of the property does not lead to automatic update of land records in revenue office.

Types of Mutations:-

There are two types of mutations.

1. Mutation of Agricultural lands &

2. Mutation of Non-Agricultural Lands. Example : Flats, independent houses, residential plots, godowns, etc.,

In case of Agricultural lands, mutation is must. Without mutation the land title will not pass to the new owner. Mutation should be entered in the revenue records. The owner’s name which is recorded in the revenue records is referred as ‘Pattadhar’. In scenarios like land acquisition by the Government then the compensation is paid only to the individual whose name is present in the revenue records.

In case of non-agricultural lands, failure to mutate does not take away your right in the sale deed. That is even though the mutation has not done, the purchaser’s title will not be affected. He/she will remain the owner of the property. But the only problem of not mutating is that you may not get electricity connection, water connection and you cannot pay municipal tax.

When Mutation of property can be done?

You need to get the transfer of title of property (mutation) done in the below circumstances to avoid any legal disputes in the future;

• After buying/purchasing a property.
• After inheriting a property through a Will or without a Will.
• After acquiring a property through a Gift Deed.

By admin|October 24th, 2017|Lawyers for Mutation of Property|Comments Off

ADVOCATES FOR MUTATION OF PROPERTY

WHAT IS MUTATION OF PROPERTY?

When buying a property, due diligence is essential and you have to verify a lot of important property documents. Patta or mutation or Khata is one such important property document.

When you are selling a property, the prospective buyer might ask for a copy of the latest mutation document. Based on my experience, it has been observed that many people do not know the importance of this document.

Mutation is the change of title ownership from one person to another when the property is sold or transferred. By mutating a property, the new owner gets the title of the property recorded on his/her name in the land revenue department and the government is able to charge property tax from the rightful owner.

One needs to get mutation done and get the new owner details updated in the revenue records maintained by civic bodies like Municipalities, Panchayats or Municipal Corporations.

Mutation Vs Registration of Property:-

Registration of the property is a full and final agreement signed between two parties ie., buyer and seller. Once a property is registered, it means that the property buyer in whose favor the property is registered will become the lawful owner of the property and is fully responsible for it in all respects. The new owner is liable to pay property taxes, development charges etc which are levied by the local civic body.

Once the property is registered in Sub-registrar office, the buyer of the property has to get the title of the property updated in his/her name in the local revenue office (municipality or panchayat office). This is known as mutation. Once the property is updated in the revenue records, henceforth the new owner has to pay the applicable taxes to the civic body (like property tax, development charges etc.)

So, registration of property and mutation of property are two different things. Mutation of property happens after the registration of property.

Registration of property through the execution of a Sale Deed is done at Sub-registrar office (Registration office) and mutation is done at local civic body office. Registration of the property does not lead to automatic update of land records in revenue office.

Types of Mutations:-

There are two types of mutations.

1. Mutation of Agricultural lands &

2. Mutation of Non-Agricultural Lands. Example : Flats, independent houses, residential plots, godowns, etc.,

In case of Agricultural lands, mutation is must. Without mutation the land title will not pass to the new owner. Mutation should be entered in the revenue records. The owner’s name which is recorded in the revenue records is referred as ‘Pattadhar’. In scenarios like land acquisition by the Government then the compensation is paid only to the individual whose name is present in the revenue records.

In case of non-agricultural lands, failure to mutate does not take away your right in the sale deed. That is even though the mutation has not done, the purchaser’s title will not be affected. He/she will remain the owner of the property. But the only problem of not mutating is that you may not get electricity connection, water connection and you cannot pay municipal tax.

When Mutation of property can be done?

You need to get the transfer of title of property (mutation) done in the below circumstances to avoid any legal disputes in the future;

• After buying/purchasing a property.
• After inheriting a property through a Will or without a Will.
• After acquiring a property through a Gift Deed.

By admin|October 24th, 2017|Advocates for Mutation of Property|Comments Off

RERA Registration In Pune

Rera Registration In Pune

 Implications of RERA on buyers, builders, agents
1. Provisions applicable to both residential and commercial properties
2. Expected to bring in transparency and accountability in real estate sector
3. Each state to set up Real Estate Regulatory Authority to regulate real estate development
4. Standardization of norms to protect interests of buyers and developers
5. Aims to minimize rampant project delays and mis-selling

 Real Estate Regulatory Authority:-
RERA is an Act for regulation and promotion of the real estate sector to ensure the sale of apartment, plot or building in an efficient and transparent manner. The Act aims to protect the interest of consumers. It was enacted by the Parliament in May 2016 and the Act has come into force with all its 92 sections from 1st May, 2017 across India. So far, 14 states and union territories such as Uttar Pradesh, Gujarat, Bihar, Madhya Pradesh, Odisha, Andhra Pradesh and Maharashtra have notified their rules with RERA and the others are expected to follow suit.

The implementation of RERA is expected to bring relief to the homebuyers as builders will be accountable for the timely delivery of the projects and to protect buyers from fraud sellers. The developers would also gain from the increased confidence of the consumers in a regulated environment.

It is mandatory for the developers to get all approvals from various government agencies before launching a project and disclose all the information on the website that the respective state RERA regulatory authority will set up.
Real estate agents will be provided a registration number by the regulator which they have to mention in every property sale. This will help in eliminating the possibility of misleading the purchaser. The authority has wide ranging powers to impose penalties and imprisonment of agents in case of violation of law.

 Advantages of RERA for homebuyers
• Builders have to disclose every detail of the project on the website of authority and update these on a regular basis
• The buyer will have to pay only on the basis of carpet area (area within walls). The builder cannot charge them for the super built-up area (lift, balcony, stairs and lobby)
• Timely completion of projects as 70% of the money collected from the customer has to be transferred in a separate bank account and can be used only for the purpose of completing the construction of the project
• Any delay in completion of the project will require the developer to pay an interest rate of 2% above SBI’s Marginal cost of leading rate to the buyer for delayed period
• Any defect in the building will be the responsibility of builder for a period of 5 years
• Any disputes with the buyers need to be resolved within 120 days
 Provisions of RERA:-
1. RERA will be followed in every state of India and this regulation applies to both residential and commercial properties.
2. Builders are required to deposit 70% of the funds collected from buyers in a separate bank account for the construction of the project
3. Developers have to disclose the project details (financial statements, legal title deed and others) on the website and update it on quarterly basis related to the construction progress
4. The sale of property will be based on carpet area and not on super built-up area.
5. Builders require to submit the original approved plans for their project and the alterations made to RERA
6. Developers and buyers both have to pay the same interest rate of 2% above SBI’s MCLR in case of any delay.
7. Projects with plot size of minimum 500 sq. mt or 8 apartments need to be registered with the RERA Authority
8. Imprisonment of up to 3 years for the developers and up to 1 year for agents and buyers for violation of law
9. Developers are not allowed to advertise, sell, offer, market or book any plot or apartment without registering to the authority
10. Any structural or workmanship defects in the building during the period of 5 years must be rectified within 30 days by the promoter without any further charges. If he fails to do so, the buyer is entitled to receive the compensation under RERA
11. Developers cannot demand for more than 10% of the property cost as an advanced payment booking amount before signing a registered sale agreement

All commercial and residential projects will have to register except in projects where:-
• The area of land proposed to be developed does not exceed 500 sq. mt
• The number of apartments is not more than 8
• Any repair or renovation of an existing building or structure that does not require marketing, advertising and selling of any apartment or plot
 Registration process for Real Estate Agents
• Fill an application form along with fee and documents to get registered with RERA
• You will receive a registration number from the regulator. This need to be mentioned in every property sale
• On a quarterly basis, you are required to maintain the books of account, records and documents related to the transactions
• Share all the information and documents about the project with the buyer
• Agent may be suspended for the misrepresentation or fraud during the registration process

 Documents required for registration under RERA
Following documents should be enclosed in hardcopy with the application:-
• PAN Card of the builder.
• ITR of last 3 years and the balance sheet of the builder.
• Builder must clarify about the apartment (carpet area, number of floors, parking space)
• Declaration by the builder of having legal title of the land with proof
• Details of the land (rights, title, mortgage)
• If the builder is not the owner of the land, the consent letter of the actual owner with documents will be required.
• Details of the project (location, sanctioned plan, layout plan)
• Ownership documents (proforma of allotment letter, agreement of sale)
• Information of the persons involved (Architects, Engineers and others)
 Filling of complaints under RERA
• Any aggrieved person may file a complaint with RERA for any violation of the provisions of the Act.
• In case the person is not satisfied with the decision made by RERA or its officer, he may file an appeal before the RERA Appellate Tribunal within a period of 60 days
• From the date of decision made by Appellate Tribunal, person can file appeal to High Court within 60 days

 Penalties and Punishments under RERA

On Promoters / Builders

Offence Penalties / Punishment
Non registration of a project 10% of the estimated cost of real estate project
Violation of law Imprisonment for up to 3 years with or without fine for 10% of the estimated cost of project
Providing false information 5% of the estimated cost of project
Other contraventions 5% of the estimated cost of project

On Agents

Offence Penalties / Punishment
Non registration of a project Rs. 10,000 per day of default which may extend up to 5% of the cost of property
Failure to comply with Authority Penalty on a daily basis which may extend up to 5% of the estimated cost of plot
Failure to comply with Tribunal Imprisonment for up to 1 year with or without fine of 10% of the estimated cost of the project

By admin|October 24th, 2017|RERA Registration In Pune|Comments Off

Best Lawyers for RERA Registration In Pune

Rera Registration In Pune

 Implications of RERA on buyers, builders, agents
1. Provisions applicable to both residential and commercial properties
2. Expected to bring in transparency and accountability in real estate sector
3. Each state to set up Real Estate Regulatory Authority to regulate real estate development
4. Standardization of norms to protect interests of buyers and developers
5. Aims to minimize rampant project delays and mis-selling

 Real Estate Regulatory Authority:-
RERA is an Act for regulation and promotion of the real estate sector to ensure the sale of apartment, plot or building in an efficient and transparent manner. The Act aims to protect the interest of consumers. It was enacted by the Parliament in May 2016 and the Act has come into force with all its 92 sections from 1st May, 2017 across India. So far, 14 states and union territories such as Uttar Pradesh, Gujarat, Bihar, Madhya Pradesh, Odisha, Andhra Pradesh and Maharashtra have notified their rules with RERA and the others are expected to follow suit.

The implementation of RERA is expected to bring relief to the homebuyers as builders will be accountable for the timely delivery of the projects and to protect buyers from fraud sellers. The developers would also gain from the increased confidence of the consumers in a regulated environment.

It is mandatory for the developers to get all approvals from various government agencies before launching a project and disclose all the information on the website that the respective state RERA regulatory authority will set up.
Real estate agents will be provided a registration number by the regulator which they have to mention in every property sale. This will help in eliminating the possibility of misleading the purchaser. The authority has wide ranging powers to impose penalties and imprisonment of agents in case of violation of law.

 Advantages of RERA for homebuyers
• Builders have to disclose every detail of the project on the website of authority and update these on a regular basis
• The buyer will have to pay only on the basis of carpet area (area within walls). The builder cannot charge them for the super built-up area (lift, balcony, stairs and lobby)
• Timely completion of projects as 70% of the money collected from the customer has to be transferred in a separate bank account and can be used only for the purpose of completing the construction of the project
• Any delay in completion of the project will require the developer to pay an interest rate of 2% above SBI’s Marginal cost of leading rate to the buyer for delayed period
• Any defect in the building will be the responsibility of builder for a period of 5 years
• Any disputes with the buyers need to be resolved within 120 days
 Provisions of RERA:-
1. RERA will be followed in every state of India and this regulation applies to both residential and commercial properties.
2. Builders are required to deposit 70% of the funds collected from buyers in a separate bank account for the construction of the project
3. Developers have to disclose the project details (financial statements, legal title deed and others) on the website and update it on quarterly basis related to the construction progress
4. The sale of property will be based on carpet area and not on super built-up area.
5. Builders require to submit the original approved plans for their project and the alterations made to RERA
6. Developers and buyers both have to pay the same interest rate of 2% above SBI’s MCLR in case of any delay.
7. Projects with plot size of minimum 500 sq. mt or 8 apartments need to be registered with the RERA Authority
8. Imprisonment of up to 3 years for the developers and up to 1 year for agents and buyers for violation of law
9. Developers are not allowed to advertise, sell, offer, market or book any plot or apartment without registering to the authority
10. Any structural or workmanship defects in the building during the period of 5 years must be rectified within 30 days by the promoter without any further charges. If he fails to do so, the buyer is entitled to receive the compensation under RERA
11. Developers cannot demand for more than 10% of the property cost as an advanced payment booking amount before signing a registered sale agreement

All commercial and residential projects will have to register except in projects where:-
• The area of land proposed to be developed does not exceed 500 sq. mt
• The number of apartments is not more than 8
• Any repair or renovation of an existing building or structure that does not require marketing, advertising and selling of any apartment or plot
 Registration process for Real Estate Agents
• Fill an application form along with fee and documents to get registered with RERA
• You will receive a registration number from the regulator. This need to be mentioned in every property sale
• On a quarterly basis, you are required to maintain the books of account, records and documents related to the transactions
• Share all the information and documents about the project with the buyer
• Agent may be suspended for the misrepresentation or fraud during the registration process

 Documents required for registration under RERA
Following documents should be enclosed in hardcopy with the application:-
• PAN Card of the builder.
• ITR of last 3 years and the balance sheet of the builder.
• Builder must clarify about the apartment (carpet area, number of floors, parking space)
• Declaration by the builder of having legal title of the land with proof
• Details of the land (rights, title, mortgage)
• If the builder is not the owner of the land, the consent letter of the actual owner with documents will be required.
• Details of the project (location, sanctioned plan, layout plan)
• Ownership documents (proforma of allotment letter, agreement of sale)
• Information of the persons involved (Architects, Engineers and others)
 Filling of complaints under RERA
• Any aggrieved person may file a complaint with RERA for any violation of the provisions of the Act.
• In case the person is not satisfied with the decision made by RERA or its officer, he may file an appeal before the RERA Appellate Tribunal within a period of 60 days
• From the date of decision made by Appellate Tribunal, person can file appeal to High Court within 60 days

 Penalties and Punishments under RERA

On Promoters / Builders

Offence Penalties / Punishment
Non registration of a project 10% of the estimated cost of real estate project
Violation of law Imprisonment for up to 3 years with or without fine for 10% of the estimated cost of project
Providing false information 5% of the estimated cost of project
Other contraventions 5% of the estimated cost of project

On Agents

Offence Penalties / Punishment
Non registration of a project Rs. 10,000 per day of default which may extend up to 5% of the cost of property
Failure to comply with Authority Penalty on a daily basis which may extend up to 5% of the estimated cost of plot
Failure to comply with Tribunal Imprisonment for up to 1 year with or without fine of 10% of the estimated cost of the project

By admin|October 24th, 2017|Best Lawyers for RERA Registration In Pune|Comments Off

Lawyers for RERA Registration In Pune

Rera Registration In Pune

 Implications of RERA on buyers, builders, agents
1. Provisions applicable to both residential and commercial properties
2. Expected to bring in transparency and accountability in real estate sector
3. Each state to set up Real Estate Regulatory Authority to regulate real estate development
4. Standardization of norms to protect interests of buyers and developers
5. Aims to minimize rampant project delays and mis-selling

 Real Estate Regulatory Authority:-
RERA is an Act for regulation and promotion of the real estate sector to ensure the sale of apartment, plot or building in an efficient and transparent manner. The Act aims to protect the interest of consumers. It was enacted by the Parliament in May 2016 and the Act has come into force with all its 92 sections from 1st May, 2017 across India. So far, 14 states and union territories such as Uttar Pradesh, Gujarat, Bihar, Madhya Pradesh, Odisha, Andhra Pradesh and Maharashtra have notified their rules with RERA and the others are expected to follow suit.

The implementation of RERA is expected to bring relief to the homebuyers as builders will be accountable for the timely delivery of the projects and to protect buyers from fraud sellers. The developers would also gain from the increased confidence of the consumers in a regulated environment.

It is mandatory for the developers to get all approvals from various government agencies before launching a project and disclose all the information on the website that the respective state RERA regulatory authority will set up.
Real estate agents will be provided a registration number by the regulator which they have to mention in every property sale. This will help in eliminating the possibility of misleading the purchaser. The authority has wide ranging powers to impose penalties and imprisonment of agents in case of violation of law.

 Advantages of RERA for homebuyers
• Builders have to disclose every detail of the project on the website of authority and update these on a regular basis
• The buyer will have to pay only on the basis of carpet area (area within walls). The builder cannot charge them for the super built-up area (lift, balcony, stairs and lobby)
• Timely completion of projects as 70% of the money collected from the customer has to be transferred in a separate bank account and can be used only for the purpose of completing the construction of the project
• Any delay in completion of the project will require the developer to pay an interest rate of 2% above SBI’s Marginal cost of leading rate to the buyer for delayed period
• Any defect in the building will be the responsibility of builder for a period of 5 years
• Any disputes with the buyers need to be resolved within 120 days
 Provisions of RERA:-
1. RERA will be followed in every state of India and this regulation applies to both residential and commercial properties.
2. Builders are required to deposit 70% of the funds collected from buyers in a separate bank account for the construction of the project
3. Developers have to disclose the project details (financial statements, legal title deed and others) on the website and update it on quarterly basis related to the construction progress
4. The sale of property will be based on carpet area and not on super built-up area.
5. Builders require to submit the original approved plans for their project and the alterations made to RERA
6. Developers and buyers both have to pay the same interest rate of 2% above SBI’s MCLR in case of any delay.
7. Projects with plot size of minimum 500 sq. mt or 8 apartments need to be registered with the RERA Authority
8. Imprisonment of up to 3 years for the developers and up to 1 year for agents and buyers for violation of law
9. Developers are not allowed to advertise, sell, offer, market or book any plot or apartment without registering to the authority
10. Any structural or workmanship defects in the building during the period of 5 years must be rectified within 30 days by the promoter without any further charges. If he fails to do so, the buyer is entitled to receive the compensation under RERA
11. Developers cannot demand for more than 10% of the property cost as an advanced payment booking amount before signing a registered sale agreement

All commercial and residential projects will have to register except in projects where:-
• The area of land proposed to be developed does not exceed 500 sq. mt
• The number of apartments is not more than 8
• Any repair or renovation of an existing building or structure that does not require marketing, advertising and selling of any apartment or plot
 Registration process for Real Estate Agents
• Fill an application form along with fee and documents to get registered with RERA
• You will receive a registration number from the regulator. This need to be mentioned in every property sale
• On a quarterly basis, you are required to maintain the books of account, records and documents related to the transactions
• Share all the information and documents about the project with the buyer
• Agent may be suspended for the misrepresentation or fraud during the registration process

 Documents required for registration under RERA
Following documents should be enclosed in hardcopy with the application:-
• PAN Card of the builder.
• ITR of last 3 years and the balance sheet of the builder.
• Builder must clarify about the apartment (carpet area, number of floors, parking space)
• Declaration by the builder of having legal title of the land with proof
• Details of the land (rights, title, mortgage)
• If the builder is not the owner of the land, the consent letter of the actual owner with documents will be required.
• Details of the project (location, sanctioned plan, layout plan)
• Ownership documents (proforma of allotment letter, agreement of sale)
• Information of the persons involved (Architects, Engineers and others)
 Filling of complaints under RERA
• Any aggrieved person may file a complaint with RERA for any violation of the provisions of the Act.
• In case the person is not satisfied with the decision made by RERA or its officer, he may file an appeal before the RERA Appellate Tribunal within a period of 60 days
• From the date of decision made by Appellate Tribunal, person can file appeal to High Court within 60 days

 Penalties and Punishments under RERA

On Promoters / Builders

Offence Penalties / Punishment
Non registration of a project 10% of the estimated cost of real estate project
Violation of law Imprisonment for up to 3 years with or without fine for 10% of the estimated cost of project
Providing false information 5% of the estimated cost of project
Other contraventions 5% of the estimated cost of project

On Agents

Offence Penalties / Punishment
Non registration of a project Rs. 10,000 per day of default which may extend up to 5% of the cost of property
Failure to comply with Authority Penalty on a daily basis which may extend up to 5% of the estimated cost of plot
Failure to comply with Tribunal Imprisonment for up to 1 year with or without fine of 10% of the estimated cost of the project

By admin|October 24th, 2017|Lawyers for RERA Registration In Pune|Comments Off

Advocates for RERA Registration In Pune

Rera Registration In Pune

 Implications of RERA on buyers, builders, agents
1. Provisions applicable to both residential and commercial properties
2. Expected to bring in transparency and accountability in real estate sector
3. Each state to set up Real Estate Regulatory Authority to regulate real estate development
4. Standardization of norms to protect interests of buyers and developers
5. Aims to minimize rampant project delays and mis-selling

 Real Estate Regulatory Authority:-
RERA is an Act for regulation and promotion of the real estate sector to ensure the sale of apartment, plot or building in an efficient and transparent manner. The Act aims to protect the interest of consumers. It was enacted by the Parliament in May 2016 and the Act has come into force with all its 92 sections from 1st May, 2017 across India. So far, 14 states and union territories such as Uttar Pradesh, Gujarat, Bihar, Madhya Pradesh, Odisha, Andhra Pradesh and Maharashtra have notified their rules with RERA and the others are expected to follow suit.

The implementation of RERA is expected to bring relief to the homebuyers as builders will be accountable for the timely delivery of the projects and to protect buyers from fraud sellers. The developers would also gain from the increased confidence of the consumers in a regulated environment.

It is mandatory for the developers to get all approvals from various government agencies before launching a project and disclose all the information on the website that the respective state RERA regulatory authority will set up.
Real estate agents will be provided a registration number by the regulator which they have to mention in every property sale. This will help in eliminating the possibility of misleading the purchaser. The authority has wide ranging powers to impose penalties and imprisonment of agents in case of violation of law.

 Advantages of RERA for homebuyers
• Builders have to disclose every detail of the project on the website of authority and update these on a regular basis
• The buyer will have to pay only on the basis of carpet area (area within walls). The builder cannot charge them for the super built-up area (lift, balcony, stairs and lobby)
• Timely completion of projects as 70% of the money collected from the customer has to be transferred in a separate bank account and can be used only for the purpose of completing the construction of the project
• Any delay in completion of the project will require the developer to pay an interest rate of 2% above SBI’s Marginal cost of leading rate to the buyer for delayed period
• Any defect in the building will be the responsibility of builder for a period of 5 years
• Any disputes with the buyers need to be resolved within 120 days
 Provisions of RERA:-
1. RERA will be followed in every state of India and this regulation applies to both residential and commercial properties.
2. Builders are required to deposit 70% of the funds collected from buyers in a separate bank account for the construction of the project
3. Developers have to disclose the project details (financial statements, legal title deed and others) on the website and update it on quarterly basis related to the construction progress
4. The sale of property will be based on carpet area and not on super built-up area.
5. Builders require to submit the original approved plans for their project and the alterations made to RERA
6. Developers and buyers both have to pay the same interest rate of 2% above SBI’s MCLR in case of any delay.
7. Projects with plot size of minimum 500 sq. mt or 8 apartments need to be registered with the RERA Authority
8. Imprisonment of up to 3 years for the developers and up to 1 year for agents and buyers for violation of law
9. Developers are not allowed to advertise, sell, offer, market or book any plot or apartment without registering to the authority
10. Any structural or workmanship defects in the building during the period of 5 years must be rectified within 30 days by the promoter without any further charges. If he fails to do so, the buyer is entitled to receive the compensation under RERA
11. Developers cannot demand for more than 10% of the property cost as an advanced payment booking amount before signing a registered sale agreement

All commercial and residential projects will have to register except in projects where:-
• The area of land proposed to be developed does not exceed 500 sq. mt
• The number of apartments is not more than 8
• Any repair or renovation of an existing building or structure that does not require marketing, advertising and selling of any apartment or plot
 Registration process for Real Estate Agents
• Fill an application form along with fee and documents to get registered with RERA
• You will receive a registration number from the regulator. This need to be mentioned in every property sale
• On a quarterly basis, you are required to maintain the books of account, records and documents related to the transactions
• Share all the information and documents about the project with the buyer
• Agent may be suspended for the misrepresentation or fraud during the registration process

 Documents required for registration under RERA
Following documents should be enclosed in hardcopy with the application:-
• PAN Card of the builder.
• ITR of last 3 years and the balance sheet of the builder.
• Builder must clarify about the apartment (carpet area, number of floors, parking space)
• Declaration by the builder of having legal title of the land with proof
• Details of the land (rights, title, mortgage)
• If the builder is not the owner of the land, the consent letter of the actual owner with documents will be required.
• Details of the project (location, sanctioned plan, layout plan)
• Ownership documents (proforma of allotment letter, agreement of sale)
• Information of the persons involved (Architects, Engineers and others)
 Filling of complaints under RERA
• Any aggrieved person may file a complaint with RERA for any violation of the provisions of the Act.
• In case the person is not satisfied with the decision made by RERA or its officer, he may file an appeal before the RERA Appellate Tribunal within a period of 60 days
• From the date of decision made by Appellate Tribunal, person can file appeal to High Court within 60 days

 Penalties and Punishments under RERA

On Promoters / Builders

Offence Penalties / Punishment
Non registration of a project 10% of the estimated cost of real estate project
Violation of law Imprisonment for up to 3 years with or without fine for 10% of the estimated cost of project
Providing false information 5% of the estimated cost of project
Other contraventions 5% of the estimated cost of project

On Agents

Offence Penalties / Punishment
Non registration of a project Rs. 10,000 per day of default which may extend up to 5% of the cost of property
Failure to comply with Authority Penalty on a daily basis which may extend up to 5% of the estimated cost of plot
Failure to comply with Tribunal Imprisonment for up to 1 year with or without fine of 10% of the estimated cost of the project

By admin|October 24th, 2017|Advocates for RERA Registration In Pune|Comments Off

Lawyers for Redevelopment In Pune

WHAT IS REDEVELOPMENT AND WHY IS IT NEEDED?

With limited availability of open land parcels in Mumbai, major developers are now looking at venturing into the redevelopment space.
Dilapidated buildings on the verge of collapse are a grim reality for thousands of housing societies across Mumbai. Developers, as an incentive to owners of older buildings, offer additional area, money, and the promise of a new flat with better amenities.
But owners should keep a few things in mind before opting for redevelopment.
What is redevelopment and why is it needed?

Housing redevelopment refers to the process of reconstruction of a residential premise by demolition of the existing structure and construction of a new one as per approvals from the Municipal Corporation of Greater Mumbai (MCGM). It ideally works best when a society is in dire need of extensive repairs but is starved of the necessary funds for it.
Developers, on their part, are also on the lookout for properties with unused development rights where they can build a new and higher structure where the additional storeys can be sold for a tidy profit.
As per the terms of the agreement between the developer and the society in question, existing members of the society receive new flats in the reconstructed building of an area equal to or more than the area of their existing flats. But redevelopment can only take place if 75 percent of the members tender their consent.
Over 20,000 housing societies, 17,000 cessed buildings and over 3,000 Mhada (Maharashtra Housing and Area Development Authority) structures are waiting for redevelopment proposals.
The advantages of redevelopment over repair

With redevelopment, the members get a new building, more space and monetary benefits without spending any money from their own pockets. Shah says the developer can offer extra amenities like a gymnasium, a generous car park, and high-end security systems, among other things.

Disadvantages

However, while redevelopment may be the latest buzz, citizens argue that developers often tear down old colonial mansions to build luxury towers for the rich. And more often than not, it is often haphazard and done without the consent of society members.
Any building that is over 25 years old can go for redevelopment once it is declared dilapidated by an Architect. Under the provisions of Development Control Rules, it has become easy for developers to get buildings declared dilapidated even when they are not really so. Given the strong politician-builder nexus in the city, it is not difficult to get a building declared dilapidated by a government architect.
The redevelopment process also causes inconvenience to the residents as they will have to look for alternative places to stay in while the builder demolishes the old building and constructs a new one. It usually takes the builder at least 18 to 24 months to complete a project with an extended grace period of six months in case of any adverse eventuality.

Follow the ground rules
1. Redevelopment is usually burdened with bitterness and complaints of high-handedness and corruption against the Managing Committee of the society, which is why society members should always appoint a lawyer before signing a contract with the builder.”Builder should be transparent, reliable and trustworthy. The most recommended way to choose a builder is to go by the tendering system,” said Shah.
The society should prepare a comparative chart and, after checking the merit, reputation, technical capability, experience, financial status, quality of construction and successful completion of projects, it should select the builder.

2. The contract should clearly mention the obligations of the builder and the society members and the penalty or consequences of any breach of the contract by either of the parties. Once the agreement is accepted in terms of area and corpus fund, it cannot be revised.
“If the carpet area, as documented in the agreement, is not given by the builder, the owner can claim appropriate compensation through a consumer court by filing a complaint against the builder under the counts of Breach of Trust, Cheating, Unfair Trade Practice and Deficiency in Service,” Shah said
.
3. The housing society should insist on a bank guarantee, which would take care of monetary compensation to ensure the project is not delayed or stopped midway. “The successful bidder has to give a bank guarantee equivalent to 20 percent of the total project cost,” according to redevelopmumbai.com.
The agreement should mention the time of completion of the project, the size of the new houses, the mode and nature of monetary compensation, if it’s a one-time payment, reimbursement of rent, or a mix of both.The developer also has to offers a monthly compensation in advance along with the brokerage and transportation charge that the tenant has to incur while securing an alternate accommodation, said Shah.

4. The monthly compensation should suitably be agreed upon, which is equivalent to the prevalent rate of rentals in the same vicinity. The developer usually pays post-dated cheques. In case this advance rental is dishonoured, the society has the right to prevent the builder from either selling or allowing any new flat purchaser to occupy their respective flats.
5. At the time of vacating the premises, all the members have to give consent and vacate as per the resolution passed in the general body meeting. In case, a member refuses to do so the society or the builder may move the competent court.

WHEN CAN A PROPERTY BE REDEVELOPED?

Redevelopment can take place only if 75 per cent of the flat owners in a society agree to it. Redevelopment is feasible in case a society is in dire need of repairs but doesn’t have enough funds for it.

Documents required
A society needs to have a society registration certificate, an original building plan, a sale deed, a copy of resolution, an agreement and a title certificate. The society would also need a property card and an NA (non-agricultural) order. Hiring a project management consultant (PMC) could ensure a smooth redevelopment process and avoid last-minute hitches.

Procedure
The society needs a special committee to draw an outline of the redevelopment of the building and present it to other society members. This committee would also take various decisions, including that on selecting a PMC.

Role & appointment of a PMC
An architect can be appointed as a PMC. “A PMC should have the expertise to extract the best deal from a builder. He should support the occupants from the beginning of the project to its end. After a PMC is appointed, he should file a report that has the suggestions and recommendations of society members. Some PMCs charge a fee – either a flat fee or stage-wise payments. The PMC has to ensure documents such as the society’s maintenance bills, property tax papers, agreements, municipal papers, etc, are in place. After this, he can invite tenders from reputed builders.

Selecting a developer
Tenders from builders should be opened in the presence of the PMC and members of the committee. At least five bids have to be shortlisted. “A developer should be selected, based on his credentials, merits, reputation, experience and the added benefits he offers. An authorized officer and a registrar, along with at least 75% of the members, should be present to finalize a developer.

Essentials of a good agreement
The society would also need an advocate to draft the agreement carefully. Since the occupants are betting their asset (the current structure would be demolished), it is important the builder compensates them well, abides by the law, and fulfils the demands stated in the agreement. Therefore, the agreement should be comprehensive to ensure the occupants don’t suffer financial losses in case the builder fails to complete the project.

Security deposit
“The developer should give a security deposit to the members; this should be equal to the construction cost of rebuilding the society, according to the new design.

Bank guarantee
As a precautionary step, the developer is expected to give a bank guarantee of at least 20% of the project cost. The money would be used in case the developer fails to complete the project on time.

Transfer of development rights (TDR):
The society has to ensure the developer purchases the additional TDR and loads it on the society. “Members should ensure this before vacating their house because if the TDR rules change after vacating, the builder might not be able to give the extra flat area he had promised.

Corpus fund
Society members should opt for the corpus fund, as this money is usually used to pay municipal taxes after the property is redeveloped. This is because, taxes would increase after the property is redeveloped, and investing funds from this corpus can be a good idea.

Alternative accommodation
Society members should be given an alternate accommodation, preferably in the same area. Or, the developer should agree to pay the person’s monthly rent. Builders should provide advance payments for a year to members for rents (in the new accommodation). Whereas, for the next year, they should provide post-dated cheques.

Cost of shifting
Society members are entitled to seek the cost of shifting from the builder. The cost would include the amount members have to pay to shift to an alternative accommodation and back to the redeveloped society.

Facilities promised
These would include all the facilities and amenities the developer has promised to society members. The carpet or useable area the developer has agreed to provide after the redevelopment should be clearly mentioned in the agreement.

When to vacate the flat

Society members should agree to vacate their homes only after the builder has secured the necessary legal approvals and permits (city-specific or eg: approvals from Brihanmumbai Municipal Corporation) to redevelop that space. It is important that the rights of an original occupant remain unchanged after the new building comes up.

“Don’t vacate the house until the agreement is registered and it says exactly what the members had demanded.

Members shouldn’t vacate the flat unless the developer issues an intimation of disapproval with the sanctioned plans and loads the TDR on the society. Also, ensure the security deposit and the bank guarantee are paid.

What if the project is delayed?
Ideally, redevelopment should be completed within two years; in exceptional cases, it could stretch to three years. If there is a delay, the developer has to pay extra rent, owing to the inconvenience caused to members of the society. If the developer turns out to be a fraud, the society agreement would come of use. Also, the PMC and the appointed lawyer would help approach court. However, these processes are time-taking.

By admin|October 24th, 2017|Lawyers for Redevelopment In Pune|Comments Off

Advocates for Redevelopment In Pune