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DUTIES OF PROMOTER UNDER RERA


 DUTIES OF PROMOTER UNDER RERA

Promoters, also known as real estate developers or builders, have several duties and responsibilities under the Real Estate (Regulation and Development) Act (RERA). These duties are aimed at ensuring transparency, accountability, and fairness in real estate projects. Here are some of the key duties of promoters under RERA:

1.    Registration of Project: Promoters are required to register their real estate projects with the respective state's Real Estate Regulatory Authority (RERA) before advertising, marketing, or selling any units in the project. The registration must include all necessary details and documents related to the project.

2.    Adherence to Approved Plans: Promoters must develop the project in accordance with the approved plans, layout, and specifications. Any changes or modifications to the project plans must be obtained with the consent of the buyers and the RERA authority.

3.    Disclosure of Project Details: Promoters are responsible for providing accurate and transparent information about the project to the buyers. This includes details about the land title, project approvals, layout plans, development plans, amenities, specifications, and any other relevant information.

4.    Timely Completion and Delivery: Promoters must complete the project within the agreed timeline and deliver possession of the units to the buyers as per the terms and conditions of the agreement. The promoter is responsible for ensuring that the project is completed in a timely manner and is in compliance with quality standards.

5.    Use of Funds: Promoters are required to deposit 70% of the funds received from buyers in a separate escrow account. These funds can only be utilized for the construction and development of the project and must be certified by an engineer, architect, or chartered accountant.

6.    Maintenance and Repairs: Promoters are responsible for providing and maintaining essential services and common areas in the project until the formation of a registered association or society. They must rectify any structural defects or deficiencies in the project reported by the buyers within a specified period.

7.    Resolution of Buyer Grievances: Promoters are required to address and resolve any grievances or complaints raised by the buyers in a timely manner. They must cooperate with the RERA authority in the conciliation and dispute resolution process, if required.

8.    Compliance with RERA Provisions: Promoters must comply with all the provisions of RERA, including filing necessary documents, making disclosures, maintaining books of accounts, and providing necessary information to the RERA authority and buyers as required.

It is important for promoters to understand and fulfill their duties and obligations under RERA to ensure transparency, accountability, and consumer protection in the real estate sector. Failure to comply with the duties may result in penalties, revocation of registration, or other legal consequences.

ADV LEENA KAULGEKAR

 

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