FROM THE DESK OF ADV LEENA KAULGEKAR

  The registration of a real estate project under the Real Estate Regulatory Authority (RERA) is a crucial requirement for developers to ensure compliance with the regulatory framework and protect the interests of homebuyers. Here's an overview of the registration process under RERA: 1.     Applicability: RERA applies to real estate projects that exceed a certain threshold, typically defined in terms of the number of units or the size of the project. The specific criteria for applicability may vary between states, so it's important to refer to the RERA regulations of your particular state to determine if your project falls under its purview. 2.     Developer's Responsibility: The developer is responsible for initiating the registration process. They are required to provide all the necessary information, documents, and fees as specified by the RERA authority. The registration should be completed before advertising, marketing, or selling any ...

  Under RERA, the terms "Occupation Certificate" (OC) and "Completion Certificate" are often used interchangeably, but they may have slightly different interpretations depending on the local regulations and practices. Here's a general understanding of the difference between the two: 1.     Occupation Certificate (OC): An OC is a document issued by the local government or relevant authority certifying that a building or real estate project is complete and compliant with the necessary building codes, regulations, and safety standards. It indicates that the construction is finished and the building is deemed fit for occupancy. The OC signifies that the project has met all the necessary requirements, including structural stability, fire safety, sanitation, and other essential provisions, allowing residents to move into the units. 2.     Completion Certificate: A Completion Certificate is also a document issued by the local government or authori...

  Real Estate Regulatory Authority (RERA) laws primarily focus on regulating and promoting transparency in the real estate sector. While RERA may not specifically address insurance requirements for real estate projects, certain aspects related to insurance can be covered under RERA regulations. Here's an overview: 1.     Builder's Liability Insurance: Some states in India have introduced provisions under their respective RERA regulations that require developers to obtain builder's liability insurance. This insurance provides coverage for structural defects, workmanship issues, or any other liabilities arising during the construction and development phase of the project. 2.     Defect Liability Period: RERA regulations typically stipulate a defect liability period during which the developer is responsible for addressing any structural defects or issues in the project. During this period, developers may be required to provide insurance coverage...

  PARKING provisions for residential projects are an important aspect addressed under the Real Estate Regulatory Authority (RERA) law. Here's an overview of how RERA regulates parking facilities: 1.     Mandatory Provision: RERA mandates that developers must provide adequate parking facilities for the residents of the project. The number of parking spaces to be provided is typically based on the size and type of the project, as determined by the local RERA regulations. 2.     Calculation of Parking Spaces: RERA specifies the minimum number of parking spaces required based on factors such as the number of residential units, unit size, and other relevant considerations. The regulations may also account for different categories of parking, such as open parking, covered parking, or basement parking. 3.     Common Area and Facilities: Parking spaces are considered part of the common areas and facilities within the project. Develop...

  Carpet Area , as defined under the Real Estate Regulatory Authority (RERA), is an essential term that determines the actual usable area of a residential unit. Here's a breakdown of what carpet area means under RERA: 1.    Definition: Carpet area refers to the net usable floor area within the walls of a residential unit, excluding the area occupied by the external walls, balconies, terraces, common areas, and other areas specifically excluded under RERA. 2.    Inclusions: Carpet area includes the area covered by internal walls, as well as areas such as rooms, living spaces, bedrooms, kitchen, bathrooms, and any other areas within the unit that are habitable and can be used by the occupants. 3.    Exclusions: Carpet area excludes the area occupied by external walls, balconies, verandas, terraces, common areas like corridors, staircases, lobbies, utility ducts, and any other areas that are not specifically part of the individual residential ...

  Under the Real Estate Regulatory Authority (RERA) law, delayed possession of real estate projects is a significant concern that is addressed to protect the interests of homebuyers. RERA has provisions to safeguard buyers against project delays and provide them with appropriate remedies. Here are some key points related to delayed possession under RERA: 1.    Timelines and Obligations: RERA mandates that developers provide an accurate timeline for the completion of the project and possession of units to homebuyers. The law imposes obligations on developers to adhere to the promised timelines and deliver possession within the stipulated period. 2.    Compensation for Delay: In case of project delays, RERA provides for compensation to be paid by the developer to the homebuyers. The compensation amount is typically calculated based on a predetermined rate, which may vary from state to state. 3.    Grievance Redressal: RERA establishes Real E...

  Consumer Law and Real Estate Regulatory Authority (RERA) Law are two distinct legal frameworks that provide protection and regulation in different aspects of consumer rights and real estate transactions. Here are the key differences between the two: Consumer Law: Consumer Law is a broader legal framework that encompasses various laws and regulations designed to protect the rights and interests of consumers in their interactions with businesses, products, and services. It focuses on ensuring fair trade practices, consumer safety, and the resolution of consumer disputes. Some key aspects of consumer law include: 1.     Consumer Protection: Consumer law aims to safeguard consumers against unfair or deceptive practices, false advertising, product defects, and other forms of exploitation. It provides remedies for consumers who have been harmed or misled in their transactions with businesses. 2.     Consumer Rights: Consumer law establishes th...

  Cooperative societies offer several benefits to their members. Here are some key advantages of being a part of a cooperative society: 1.      Affordable Housing: Cooperative societies often provide a more affordable housing option compared to individually-owned properties or other types of housing arrangements. Members can benefit from shared expenses, such as maintenance and repairs, which can help reduce individual financial burdens. 2.      Collective Ownership and Control: Members of a cooperative society collectively own the property and have a say in its management and decision-making. Each member has an equal vote in the affairs of the society, ensuring democratic control and active participation in the governance of the community. 3.      Shared Expenses and Resources: Cooperative societies pool financial resources from their members to cover common expenses such as maintenance, repairs, and utilities...

  Cooperative Society: A cooperative society is a legal entity formed by a group of individuals who come together to fulfill a common economic, social, or cultural objective. In the context of housing, a cooperative society refers to a housing society or cooperative housing society, where members collectively own and manage the property. Here are some key characteristics of a cooperative society: 1.     Ownership Structure: In a cooperative society, the members collectively own the property, including the land and building. Each member holds shares in the society, which entitle them to occupy a specific unit within the property. 2.     Decision-Making: The cooperative society operates democratically, with decisions made collectively by the members through general body meetings. Members have voting rights based on the number of shares they hold. 3.     Maintenance and Expenses: The members of the cooperative society contribu...

  Deemed Conveyance is necessary in situations where the process of regular conveyance has been delayed or obstructed, leaving residents of housing societies or cooperative housing societies without legal ownership of their individual units. There are several reasons why deemed conveyance is required: 1.      Delayed or non-cooperation from developers: In many cases, developers or promoters fail to complete the process of conveyance, which involves transferring the ownership of the land and building to the society and its members. This delay or non-cooperation can leave residents in a state of uncertainty, as they do not have legal ownership of their properties. 2.      Protection of residents' rights: Deemed conveyance protects the rights and interests of residents who have invested their hard-earned money in housing societies. It ensures that they have legal recognition and ownership of their properties, providing them with se...