Published On: Mon, May 8th, 2017

MahaRERA website will not disclose all info of Builder

DrChaturvediBy Dr Sanjay Chaturvedi, LLB PhD

Maharashtra Real Estate Regulation and Development Act 2016 and rules thereof which were notified on 20th April 2017 have exempted certain info to be published on it website. Although it is mandatory to submit project related to info but it under Chapter V and Rule 20, certain info of project and builders may not be published for public. The rule says:

CHAPTER V

DETAILS TO BE PUBLISHED ON THE WEBSITE OF AUTHORITY
20. Details to be published on the website regarding real estate projects.-

(1) For the purpose of clause (b) of section 34, the Authority shall ensure that all the disclosures made by the promoters to the authority with regard to the Real Estate project for which registration has been given, shall be made available on its website, except for the following:
(i) Details provided under clauses (b), (e), (g), (h), (i) and (l) of sub-section (2) of Section 4;
(ii) Details provided under sub-rule (2) of rule 3 of these Rules.
(2) The exceptions under sub-rule (1) shall not apply to promoters who shall, in accordance with sub-section (1) of section 11, enter all details of the proposed project as provided under sub-section (2) of section 4 of the Act and under sub-rule (2) of rule 3, in all the fields as provided, for public viewing in the web page created on the web site of the Authority. The authority may through Regulation specify further details of the registered Real Estate Projects to be made available on the Website. The authority shall ensure that such information is updated at the interval of every quarter.

 

Let’s see what are the info which may not be published:

Section 4 (2) (b) : a brief detail of the projects launched by him, in the past five years, whether already completed or being developed, as the case may be, including the current status of the said projects, any delay in its completion, details of cases pending, details of type of land and payments pending;

 

Section 4 (2) (e) : the plan of development works to be executed in the proposed project and the proposed facilities to be provided thereof including fire fighting facilities, drinking water facilities, emergency evacuation services, use of renewable energy;

Section 4 (2) g) : proforma of the allotment letter, agreement for sale, and the conveyance deed proposed to be signed with the allottees;

Section 4 (2) (h) the number, type and the carpet area of apartments for sale in the project along with the area of the exclusive balcony or verandah areas and the exclusive open terrace areas apartment with the apartment, if any;

Section 4 (2) (i) the number and areas of garage for sale in the project

Section 4 (2) (l) a declaration, supported by an affidavit, which shall be signed by the promoter or any person authorised by the promoter, which is according Form B under affidavit.

(A) that he has a legal title to the land on which the development is proposed
along with legally valid documents with authentication of such title, if such land
is owned by another person;
(B) that the land is free from all encumbrances, or as the case may be
details of the encumbrances on such land including any rights, title, interest or
name of any party in or over such land along with details;
(C) the time period within which he undertakes to complete the project or
phase thereof, as the case may be;
(D) that seventy per cent. of the amounts realised for the real estate project
from the allottees, from time to time, shall be deposited in a separate account to
be maintained in a scheduled bank to cover the cost of construction and the land
cost and shall be used only for that purpose:
Provided that the promoter shall withdraw the amounts from the separate
account, to cover the cost of the project, in proportion to the percentage of
completion of the project:
Provided further that the amounts from the separate account shall be
withdrawn by the promoter after it is certified by an engineer, an architect and a
chartered accountant in practice that the withdrawal is in proportion to the
percentage of completion of the project:
Provided also that the promoter shall get his accounts audited within six
months after the end of every financial year by a chartered accountant in practice,
and shall produce a statement of accounts duly certified and signed by such

chartered accountant and it shall be verified during the audit that the amounts
collected for a particular project have been utilised for the project and the
withdrawal has been in compliance with the proportion to the percentage of
completion of the project.
Explanation.— For the purpose of this clause, the term “schedule bank”
means a bank included in the Second Schduled to the Reserve Bank of India
Act, 1934;
(E) that he shall take all the pending approvals on time, from the competent
authorities;
(F) that he has furnished such other documents as may be prescribed by
the rules or regulations made under this Act; and
(m) such other information and documents as may be prescribed.

 

These information may not be available to public subject to Section 11 (1) which is obligatory.

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