{"id":13844,"date":"2020-07-28T17:32:28","date_gmt":"2020-07-28T12:02:28","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=13844"},"modified":"2024-11-19T11:18:20","modified_gmt":"2024-11-19T05:48:20","slug":"disclosure-by-promoter-on-rera-website","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/disclosure-by-promoter-on-rera-website\/","title":{"rendered":"Disclosure by promoter on RERA website"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The Act makes both Promoters and the landlord or any other parties who are beneficiary for the sale of a project to receive payments from allottees as Co-Promoters. Hence, they are liable to adhere to the provisions of the Act and Rules and Regulations made thereunder. In order to fulfill compliance of <strong><em>Section 34 (b) of the RERA Act<\/em><\/strong>, 2016, the authority must ensure that all the disclosure by a promoter to the authority with regard to their respective Real Estate project are made available on its website.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Disclosure by Promoter\nunder MAHARERA<\/h2>\n\n\n\n<p><strong><em>Section 2 (k)<\/em><\/strong> of the MAHARERA Rules, 2017, <strong><em>\u201cdisclosur<\/em>e\u201d<\/strong> means that the information and all documents to be uploaded by a promoter on the website of the authority also the information and documents, which he is liable to give or produce under the Act to the public at large through print media, electronic media, it must include the communications made to the authority.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Unique disclosures in\nthe particular State<\/h2>\n\n\n\n<p><strong><em>According to <\/em><\/strong><em><strong>MAHARERA Rules, 2017<\/strong><\/em><strong><em>, the following additional disclosure shall be made on the RERA Website by the promoter.<\/em><\/strong><\/p>\n\n\n\n<ul>\n<li>The proposed layout plan of a whole project and Floor Space Index\nproposed to be consumed in the whole project, as mentioned by the promoter,\nmust be disclosed.<\/li>\n\n\n\n<li>The architecture and design methods, earthquake-resistant, and other\nsuch measures to be adopted for buildings and for common areas and the layout\nplan of the real estate project.<\/li>\n<\/ul>\n\n\n\n<p><strong><em>According to PUNJAB\nRERA Rules, 2017, the following additional disclosure must be made on the RERA\nWebsite by the promoter.<\/em><\/strong><\/p>\n\n\n\n<ul>\n<li>The details of encumbrances for a proposed land including details of any\nrights, title, interest, dues, litigation, and name of the party or\nnon-encumbrance certificate through an advocate having experience of at least <strong>10 years<\/strong> from the revenue authority not\nbelow the rank of Tehsildar, as the case may be.<\/li>\n<\/ul>\n\n\n\n<p><strong><em>According to APRERA Rules, 2017<\/em><\/strong>, <strong><em>the following additional disclosure by promoter shall be made on the RERA Website by the promoter.<\/em><\/strong><\/p>\n\n\n\n<ul>\n<li>Within the period of 15 days from the receipt of the Login ID and\npassword from the authority, the promoter shall enter all the required\ndocuments, plans, and information of the project to be published on the RERA\nWebsite.<\/li>\n\n\n\n<li>The details of insurances obtained by a promoter regarding the title and\nconstruction of the project.<\/li>\n\n\n\n<li>The particulars in respect of a design, type of concrete, material to be\nused in the construction of the building and the technology, prefabricated,\nprecise, earthquake resistance<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" width=\"762\" height=\"394\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/07\/image-134.png\" alt=\"Disclosure by Promoter\" class=\"wp-image-13847\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/07\/image-134.png 762w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/07\/image-134-300x155.png 300w\" sizes=\"(max-width: 762px) 100vw, 762px\" \/><\/figure><\/div>\n\n\n<p class=\"text-left\"><b>Read our article<\/b>: <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/duties-of-promoter-under-rera\/\">Guide: Duties of Promoter under RERA<\/a><\/mark><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Some of the general\npoints applicable to rules of all the States<\/h3>\n\n\n\n<ol>\n<li>The promoter has to disclose the\nsize of an apartment based on carpet area even if earlier sold on any other\nbasis such as super area, built-up area, etc. which must not have any effect on\nthe previous agreement entered into between a promoter and an allottee.<\/li>\n\n\n\n<li>The number of open parking areas\nand the number of covered parking areas available in the real estate project.<\/li>\n\n\n\n<li>Copy of a legal title deed\nreflecting the title of a promoter to the land on which development is proposed\nto be developed along with legally valid documents with authentication of such\ntitle where the owner is other than a promoter.<\/li>\n\n\n\n<li>The details of encumbrances\nrelated to land include any rights, title, interest, or name of any party in or\nover such land and all the details.<\/li>\n\n\n\n<li>In a plotted development case,\nthe promoter must disclose the area of the plots sold to allottees, including\nthe extent of the share of common areas and amenities.<\/li>\n\n\n\n<li>The promoter must disclose the\ntime period originally given to the allottees for completion of the project at\nthe time of sale, including the delay for which the period must start with the\nextent of development already completed. <\/li>\n\n\n\n<li>The promoter must submit a\ncertificate from a practicing Chartered Accountant, certifying the balance\namount of receivables from the apartments sold in respect of which agreement\nhas been executed and estimated amount of receivables in respect of unsold\napartments or premises calculated at the prevailing ASR rate on the date of the\ncertificate.<\/li>\n\n\n\n<li>An annual report including\naudited profit and loss account, balance sheet, cash flow statement, Director&#8217;s\nreport, and the auditor&#8217;s report of the promoter for the immediately preceding\n3 financial years.<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading\">The disclosure by promoter about the insurance of Project<\/h3>\n\n\n\n<p>Promoter has to obtain the insurance as notified by the State Government. So insurance will be mandatory only after the State Government issues the Notification. According to the Act, the State Government can prescribe various types of insurance, including the following.<\/p>\n\n\n\n<ul>\n<li>Title of land and building as a part of the real estate project<\/li>\n\n\n\n<li>Construction of a real estate project.&nbsp;  <\/li>\n<\/ul>\n\n\n\n<p>The promoter is liable to pay an insurance premium before transferring the same to the allottee or association of allottees. The documents related to insurance will be handed over to the association of allottees when the same is formed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p>The project finance taken by promoters from financial institutions be withdrawn from designated 70% account. It must be declared when RERA registration is done, subject to provisions of <strong><em>Section 4<\/em><\/strong> of the Act, and <a href=\"https:\/\/corpbiz.io\/rera-registration\"><strong>RERA Registration<\/strong><\/a> of Real Estate Projects, <a href=\"https:\/\/corpbiz.io\/online-rera-registration-for-agents\">Registration of Real Estate Agents<\/a>, Rates of Interest, and Disclosures on Website Rules, 2017 made thereunder. However, the money withdrawn should be utilized towards the construction expenses of the project on priority. At <a href=\"https:\/\/corpbiz.io\/\"><strong>Corpbiz<\/strong><\/a>, we help our clients in obtaining licenses without any problem and unnecessary effort.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/phase-wise-rera-registration-online\/\">\nWhat is Phase-wise RERA Registration?\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Act makes both Promoters and the landlord or any other parties who are beneficiary for the sale of a project to receive payments from allottees as Co-Promoters. Hence, they are liable to adhere to the provisions of the Act and Rules and Regulations made thereunder. In order to fulfill compliance of Section 34 (b) [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":13851,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[182],"tags":[809],"acf":{"service_id":"102"},"authorName":"Soumya Bajpai","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/01\/0.jpg","authorDescription":"Soumya has done LLB (Hons) and has a 2+years experience in writing. Her main interest is in reading judgments, new enactments and amendments taking around in law. She always strives to bring the best to work that she does.","postViews":7245,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/13844"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=13844"}],"version-history":[{"count":19,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/13844\/revisions"}],"predecessor-version":[{"id":67223,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/13844\/revisions\/67223"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/13851"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=13844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=13844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=13844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}