Arunachal Pradesh RERA Real Estate Development Authority Act was passed in the year 2016 by the Indian Parliament. The Act has aimed to safeguard the customers of homes from exploitation by the builders and the agents. It has also been an objective to give some impetus to the real estate market and its investment. Before the Act, the scenario of the real estate market was quite different. the homebuyers were mostly at the mercy of the sellers who didn’t spell out the true area of the property because the actual area of some real use was cleverly covered under the carpet. The concept of carpet area was distorted and the buyers were made to believe that they were buying the best of the properties in terms of area and price. There was no prescribed benchmark to measure against and there was no regulation at the government’s end.
The expansion of Arunachal Pradesh RERA real estate development authority is Real Estate Regulation Act that was passed in 2016, and since then things are quite different for the buyers. Now they are assured of the genuineness of the deals in terms of area of the property and also they have more confidence in the pieces of properties they are buying. Regulating the real estate industry was a necessity and the need for some enactment in this area was being felt for a long time. The draft of the bill was made and finally, the bill was passed in both the houses of the parliament. It took the shape of law soon after. Now the property buyers are not conned by unscrupulous agents and sellers. The very scope of cheating was nipped at the bud. After the enactment, and according to the requirement of the Act, the agents are now registered under the RERA. It has become mandatory for them. Even the construction of houses and apartments are always under the scanner of the authorities who would catch anything fishy or dishonest.
The Act has brought about a kind of transparency in the market in the areas of sale and purchase of the property. Now the customers can examine closely the carpet area, common area, parking area, quality of materials used in construction, number of units erected in a complex, total count of buildings or flats sold, cases of legal disputes, and so on. There is a litany of documents in a place subject to verification by the authorities that his reign in the builders from commanding an arbitrary and dishonest valuation of their property.
Under this Act, there are rules formulated to be implemented by the state governments. The rules are the expansion and the guidelines emanated from the Act that is so necessary to bring about the reform and makeover in this important sector. Registration of commercial and residential projects have to be mandatorily registered under the Arunachal Pradesh RERA. According to the regulations, the projects are to be registered through the submission of relevant documents. There is also a fee to be paid and the amount is prescribed depending on the area, location, etc.
There are a few exceptions given to the builders who are the promoters having obtained the certificate of completion before the beginning of the Act. These exemptions are for those who have obtained the certificate of completion before the Act became enforced. If the land area is below 500 sq meters, it’s an exception and it will be exempted. For getting an exemption there is another leeway and that is the number of apartments is not more than eight. Also, the repair and renovation without ensuing marketing and publicity for sale are out of the purview of the Act.
Documents required:
You need to submit certain documents if you wish to enlist yourself under Arunachal Pradesh RERA Real Estate Development Authority. Number one requirement will be the PAN card that belongs to the builder. The IT return of three years is necessary along with the balance sheet. It is mandatory on the part of the builder to declare carpet area, number of units, floors, parking, and so on. The builder should be the legal owner of the building and supportive documents are needed to be produced. There must be details of ownership on paper that includes rights on property, title, mortgage, etc. The consent letter is also required by the owner of the land. A detailed description of manpower involved in the construction such as the architects, engineers, etc.
Process of registration:
- There is the first step of filing of application where you give your papers too which are required
- You will be getting a number from the authorities known as a registration number
- You should have all the accounts organized and maintained. You should also have other documents
- You should know that you must share all information relevant to the property.
- The agent will be punished if he ever violates the rules or the laws of the Arunachal Pradesh RERA
The whole RERA action plan does operate under the Arunachal Pradesh RERA Real Estate Development Authority Act 2016.
The Act was established by the government to provide support and relief to the consumers of properties and to prevent corruption, malpractices, and exploitation of customers by the real estate operators or agents. Since its inception, the market of properties in India has changed a lot and it has changed for the better indeed. It is now widely understood by all and sundry that the Arunachal Pradesh RERA act has indeed brought in transparency and there is no skepticism in the minds of people who were previously hesitant to deal with the people who sold properties. The reason was obvious. These people had no say even if they had some doubts about the carpet area or other area measurements. They were accepting all the way it came their way.
There is a restriction in the Act that the promoters will not advertise or book or sell the property under his disposal without first getting it registered under the Act.
Other documents that are important from the point of the Act are the address of the property, type of company, registration details, and the photos of the promoter. Also, a detailed description of various projects the promoter had executed before should be made known to the authorities. There is a need for the furnishing of details of the project being completed, at what stage it is in, and so on. Any payments that have been pending for a long have to be submitted with details.
The commencement certificate is an important paper to be produced by the promoter before the authorities as and when it is sought. If the completion is being done in phases, the certificates should be for each such phase in the proper format and manner. The promoter will have copies of them as received from the competent authority. There is a need to submit the plans of work of development of an area or a project, amenities like drinking water, firefighting equipment fitted in the building, or maybe the application of renewable energy. The location of the project will have information on the demarcation of the land, the boundaries, etc. The details of the number of units to be sold, the total carpet area, area of the balcony, parking, terrace, and so on are also to be produced or kept ready with the promoter. It is necessary that the names and other details of the people involved in the construction like the engineers or architects are to be submitted whenever the promoter is asked to do the same. There should not be any dispute on the title of the land on which the project is being executed. All the documents should be valid and should have the backing of the law. The land must be free from disputes or encumbrance. An account of the payments received from the allottees should be maintained by the promoter. It is subject to verification by the authorities from time to time.
Also Read RERA Act: How RERA Benefits the Home Buyers
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