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Section 3 : Prior registration of real estate project with Real Estate Regulatory Authority - The Real Estate (Regulation and Development) Act, 2016

What is the requirement for Prior registration of real estate project with Real Estate Regulatory Authority under section 3 of The Real Estate (Regulation and Development Act, 2016). Prior registration of real estate project with Real Estate Regulatory Authority are defined under Section 3 of the Act. Provisions under Section 3 are:

Section 3 "Prior registration of real estate project with Real Estate Regulatory Authority" - The Real Estate (Regulation and Development Act, 2016)

 

 (1) No promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it, in any planning area, without registering the real estate project with the Real Estate Regulatory Authority established under this Act:

Provided that projects that are ongoing on the date of commencement of this Act and for which the completion certificate has not been issued, the promoter shall make an application to the Authority for registration of the said project within a period of three months from the date of commencement of this Act:

Provided further that if the Authority thinks necessary, in the interest of allottees, for projects which are developed beyond the planning area but with the requisite permission of the local authority, it may, by order, direct the promoter of such project to register with the Authority, and the provisions of this Act or the rules and regulations made thereunder, shall apply to such projects from that stage of registration.

(2) Notwithstanding anything contained in sub-section (1), no registration of the real estate project shall be required-

(a) where the area of land proposed to be developed does not exceed five hundred square meters or the number of apartments proposed to be developed does not exceed eight inclusive of all phases:

Provided that, if the appropriate Government considers it necessary, it may, reduce the threshold below five hundred square meters or eight apartments, as the case may be, inclusive of all phases, for exemption from registration under this Act;

(b) where the promoter has received completion certificate for a real estate project prior to commencement of this Act;

(c) for the purpose of renovation or repair or re-development which does not involve marketing, advertising selling or new allotment of any apartment, plot or building, as the case may be, under the real estate project.

Explanation.-For the purpose of this section, where the real estate project is to be developed in phases, every such phase shall be considered a stand alone real estate project, and the promoter shall obtain registration under this Act for each phase separately.

The Real Estate (Regulation and Development) Act, 2016

Section 2 : Definitions

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

Section 4 : Application for registration of real estate projects

Section 5 : Grant of registration

 

 

Section 6 : Extension of registration

Section 7 : Revocation of registration

Section 8 : Obligation of Authority consequent upon lapse of or on revocation of registration

Section 9 : Registration of real estate agents

Section 10 : Functions of real estate agents

 

 

CHAPTER III
FUNCTIONS AND DUTIES OF PROMOTER

Section 11 : Functions and duties of promoter

Section 12 : Obligations of promoter regarding veracity of the advertisement or prospectus

Section 13 : No deposit or advance to be taken by promoter without first entering into agreement for sale

Section 14 : Adherence to sanctioned plans and project specifications by the promoter

Section 15 : Obligations of promoter in case of transfer of a real estate project to a third party

 

 

Section 16 : Obligations of promoter regarding insurance of real estate project

Section 17 : Transfer of title

Section 18 : Return of amount and compensation

CHAPTER IV
RIGHTS AND DUTIES OF ALLOTTEES

Section 19 : Rights and duties of allottees

CHAPTER V
THE REAL ESTATE REGULATORY AUTHORITY

Section 20 : Establishment and incorporation of Real Estate Regulatory Authority

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