RERA Consulting and Advisory

Real Estate is always a considerably significant investment, irrespective of the size of the land or building. Over the last few years, India has become a hub of businesses, and the requirement for land and buildings in every nook and corner of the country is rapidly increasing. The Government of India, along with the assistance of the State Governments, has come up with regulatory bodies that have come up with a few compliances that safeguard the interests of buyers.

A lot of delay in projects along with lack of transparency and mismanagement of funds became a problem for various buyers which prompted the birth of parliamentary act of RERA. RERA was enacted to ensure the delay of projects was avoided and to bring transparency to projects. RERA also has provisions to avoid financial frauds and take legal remedies when required

RERA, or The Real Estate Regulatory Authority, which came into existence through Real Estate (Regulation and Development) Act, 2016 ensures all the project compliance requirements are met per the guidelines issued by the state government and disputes, if any, are resolved quickly. Per the rules, every project and the real estate company undertaking the project are registered under RERA to ensure compliance and transparency.

Challenges Faced By Home Owners Due To Non-Compliance & How RERA Developers Help Against These Challenges -

Compliance with every regulation under RERA is vital for the seamless completion of a project. The RERA Certification ensures that the building is safe to use after completion and that all the documents are verified and protected from fraud and scams. A few challenges faced by non-compliance and lack of transparency by developers are -

• No Quality Assurance - Lack of transparency has led to a slip in the quality of projects which has given rise to plethora of problems, with RERA now in place transparency in projects has now become a norm, thanks to the registered agents.
• False Registration - RERA has a strict policy against false registration of projects, and state agencies, such as RERA Karnataka, have a zero-tolerance policy against false registration. False registration has been a huge problem until now as many buyers have lost their hard-earned money to falsely registered projects.
• Delay In Granting House Position - Lack of compliance with RERA can often lead to a delay in the completion of the house, ultimately leading to a delay in gaining the position of the house. RERA Karnataka has a robust grievance portal, the RERA Karnataka Complaint portal, which allows homeowners to register their grievances with regulatory authorities to seek redressal for their problems.

Role Of RERA Registered Agents In Addressing The Challenges Faced by Homeowners

RERA registered agents will help homeowners verify the various documents and act as an intermediary between the developers and homeowners. By getting registered as RERA agents through RERA consultants in Bangalore like BC Shetty & Co.,the homeowners can be assured that their agents will help them overcome challenges regarding the compliances, regulations and any other legal disputes that might arrive in the future.

Services offered by RERA Consultants

RERA consultants play a vital role in enhancing the experience of homeowners, builders, and agents by ensuring that all the rules and regulations of a project are followed to the letter. The consultants also help in various ways, making them a must-hire for anyone needing RERA services for flawless project execution. A few services provided by RERA consultants are -

• RERA Registration For Agents - It is vital for agents to understand RERA's requirements and explain them to their clients while promoting a project. BC Shetty & Co. team helps agents across Bengaluru register themselves with RERA after thoroughly going through all the required documents, thereby saving valuable time and other technicalities that might be time-consuming.
• RERA Registration For Builders & Developers - According to RERA, every builder and developer must register under the Real Estate Bill 2016 to ensure complete transparency of the entire project. We help builders and developers register themselves with RERA by submitting all the relevant and required documents. We then take care of all the documentation and other technicalities until the registration certificate for the builders is obtained, thereby reducing the burden on the developers and builders.
• RERA Project Registration - All real estate projects must have an RERA certificate that ensures that the project considers all the compliances and rules. As RERA consultants, we help get all the required documents for the projects verified and authenticated by legal consultants, architects, chartered accountants, civil engineers, and municipal officers. Outsourcing document authentication and registration to consultants, developers, builders, and homeowners avoids a lot of hassles and saves a ton of time.
• CA Certifications - Chartered Accountants (CA) will also play a crucial role in enforcing the proper disbursement of funds for the project from the escrow account after careful consideration and analysis by issuing a certificate at every stage. This authority of the assigned CA will help investors trust the developers more and help in cash flow transparency.

The various forms and reports that CA are authorised to certify and help build trust among buyers and developers, and to ensure transparency are -

• RERA Project Registration Form 3 - This form which should be certified by CA citing that all the cost of the land and other project estimate costs are accurate. The form also cites the source of the funds, account details of the escrow account and other financial documents as required. Certifying this form is crucial and is a must have before the start of the project.
• WIthdrawal of Funds Form 4 - The CA will certify the withdrawal of funds from the escrow account for the particular project and certify that the withdrawn amount is for the specific purpose of the project and is proportionate to the project and land cost.
• RERA Quarterly Update - This certification from CA shows that all the compliances are in accordance with RERA are followed by the developers and all the financial statements like balance sheet, cash flow statements and costs pertaining to sales and advertisement are all used responsibly.
• RERA Annual Audit - The annual audit ensures that all the financial statements of the project are in compliance with the RERA Act and that every financial statement is verified and audited accurately by the CA. This report by the CA is important because it ensures transparency of funds.

We at BC Shetty & Co will help RERA certified developers and agents get these forms certified by authorised team of CAs.

How do you register with RERA as developers/agents?

The developers must register with their respective states, and the process is streamlined. The process for registering as a builder/ developer is -

• Every state has a portal where developers or agents can register for RERA certificates.
• The developers should fill out an application and submit the required documents upon visiting the website by paying a fee.
• The builders/developers must fill in details like the name of the enterprise, the type of the enterprise and the registered address of the enterprise.
• The builders/developers should also provide the particulars of the business like title deed, sale deed, if any, line of sale deed, Memorandum of Association, Article of Association, etc.
• If the developer is an individual, they must provide their Aadhar, PAN card, contact details and photographs. If any other form of entity exists, the partners should also submit their photographs and any other required specified documents.
• The developers should provide a self-attested Aadhar Copy and self-attested proof of address.

Benefits of Hiring RERA Consultants

A few benefits of hiring RERA Consultants are -

• Enhanced Regulatory Compliance - RERA consultants like BC Shetty & Co. are specialists in verifying documents and ensuring that all the regulations are followed and compliances are met.
• Security - RERA Consultants like BC Shetty & Co. will help developers set up a RERA escrow account, which will help build a sense of security among buyers. According to the RERA Act 2016, the developers will handle the escrow account and use the money only to construct that particular project. Any withdrawal will need appropriate permissions from relevant authorities, and this will further reinforce investors' security, thereby helping the developers complete the project smoothly.
• Increased Transparency & Trust - The consultants help house owners by gaining access to the projects and ensuring that the owners see all the details about the project. By ensuring transparency, the trust between the builders and owners will help the project in the long run. The increased trust and transparency will help the cash flow for the project with little resistance.
• Legal Assistance - RERA consultants help developers by providing them with legal assistance at every stage of the project development.
• Timely Delivery - By complying with RERA and easing the flow of money, RERA consultants facilitate the speedy completion of the project within the stipulated time frame and help developers increase their efficiency.

Conclusion

BC Shetty & Co. are RERA consultants with an efficient team that can help new promoters and developers understand regulations and compliances while starting a project with the associated builder. The team can help the owners ensure the project's transparency and help the owners during any dispute.

BC Shetty and Co's empathetic team will also guide you during every stage of the project and advise on all the steps you must take to ensure your house is safeguarded on all fronts.

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