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- E-124, Greater Kailash-1, New Delhi-110048
- info@lexequipe.com
The real estate sector plays a crucial role for housing and infrastructure in the country. inspite of the high growth in the sector, it has largely remained unregualated, without professionalism and lack of adequate consumer protection.
This has lead to an unhealthy growth of the industry, emphasising the need for Government regulation.
The Real Estate (Regulation & Development) Act 2016 ( RERD ACT), came into force with effect from 01/05/2016 and 69 out of 92 sections viz., Section 2, Sections 20 to 39, Sections 41 to 58, Sections 71 to 78 & Sections 81 to 92, came into force from 01/05/2016. The remaining sections have come into force on 01/05/2017.
RERA seeks to bring transparency and accountability to the real estate sector. It is now mandatory for Real Estate Projects and Real Estate Agents/Intermediaries to register. There are significant penalties proposed for non compliances. All stakeholders are bestowed with a host of rights with fast track mechanism for non compliance and for redressal of grievances.
Every project registration application goes through the process of consultation with legal and financial consultants having experience in Real estate and RERA (Regulation and Development) Act, 2016. On the basis of the scheme of the project to be developed and delivered by the Promoter, important aspects of the project are considered while preparing and filing the application for grant of registration of the real estate project.
We guide the Promoters to collate information and documents by providing a Specific Information Sheet with proper instructions and details. Once the documents and information as per the SIS are provided by the Promoter, the same are validated, cross checked for their accuracy by professionals and after due deliberation with the Promoter the same are approved for filing the application. Necessary affidavits, undertakings are prepared by legal experts, financial information is validated by financial experts etc., As the information, details, documents disclosed in application holds good till completion of the project due care is taken so as not to commit any error. At LexEquipe Advisory utmost care is taken while filing the application for grant of registration.
Act / Rules mandate Post Registration / First time update of the project after registration is granted. At LexEquipe AdvisoryPost Registration/ First time update data is be prepared based on the scheme of project in the formats as provided by the authorities (including financial, engineering, architect, legal information).It is critical to capture, collect information based on the scheme, sanctioned plan, permits of the project under development and proposed to be delivered. Documents/information are collected validated, cross checked for their accuracy and after due discussion with the Promoter the process is completed.Information, details provided during post registration / first time update is relevant throughout, till completion of project.
Act and Rules mandate that the Promoter of every registered real estate project shall file the quarterly updates. Such update is required to be completed within the due dates mentioned as per respective Rules of the states,to avoid any violation of mandatory provisions of the Act and Rules.Such updates include providing details of progress of development of project, financial aspects of collections and spending of money, professional certificates, photographs, sold and unsold inventory etc. At LexEquipe Advisory, utmost care is taken while collection of information, documents, validation, scanning and preparing of documents for filing of updates. Information is duly verified by professionals like CA's Architects, Engineers, advocates on case to case basis while filing of quarterly updates with RERA Authorities. LexEquipe Advisories timely reminders will help the Promoter's to prepare and submit the Quarterly updates accurately within the stipulated time.
Every application is filed after discussion with our trained staff,The documents and information are validated, cross checked for their accuracy and after due consultation with the applicant, the application for registration of the Agent is filed. Post filing of application, basic information, do's and dont's for an Agent under RERA presentation / information is also shared on request Such information would also be useful to applicant while communicating with the Promoters and Customers.
LexEquipe Advisory facilitates the obtaining of certificates from Chartered Accountants, having in depth understanding and knowledge of RERA, apart from real estate business knowledge with respect to withdrawal of funds from RERA project designated bank account in proportion to percentage of completion of the project. LexEquipe Advisory also facilitates in obtaining other certificates from CA's required under the Act and Rules.
Application for Extension of registration of the project, viz., end date/ validity of registration of Real Estate Project is made with due discussion with consultants. Proper facts and reasons for delay in completion are ascertained and validated after which the application for extension is finalised. Providing list of required documents to be filed along with application, drafting of relevant documents and affidavits and submission of application along with documents is process driven and accurate. At LexEquipe Advisory, Professional certificates provided by the Promoter are also cross verified with the various aspects of Projects including post registration, quarterly updates filed by the Promoter, to ensure the application for extension of project is correct in all aspects.
Application for Change of name of registered project is made with due discussion with consultants. Proper facts and reasons for name change after completion are ascertained and validated after which the application for name change is finalized. Providing list of required documents to be filed along with application, drafting of relevant documents and affidavits and submission of application along with documents is process driven and accurate. At LexEquipe Advisory, Professional certificates provided by the Promoter are also cross verified with the various aspects of Projects including post registration, quarterly updates filed by the Promoter, to ensure the application for name change of project is correct in all aspects.
RERA Act mandates, that the Promoter to enables formation of Association of Allottees within three months of the majority of the units being booked. At LexEquipe Advisoryexperienced legal professionals prepare the required documents for formation of form such association of Allotees.
Process involves drafting the Deed of Declaration and Bye Laws of the Association under applicable statutes/ governing law, assistance in registration of DOD, submission of copy to Registrar co-operative Societies and assistance in obtaining PAN, TAN, GST for the Association is also provided.
RERA mandates filing of proformas of Booking Form, Agreement of Saleand Sale/conveyanceDeed along with application for grant of registration of project. These drafts along with Allotment Letter are to be used for the carrying out the transaction in respect of the Project. At LexEquipe Advisory experienced, knowledgeable legal counsels assist indrafting and prepare the said documents. Such documents are be drafted considering the various provisions of RERA, scheme of the project and understanding the business requirements of the Promoter.
Under the rules, it is required that the land title search report from an advocate having experience of at least 10 years in land related matters to be filed. At LexEquipe Advisory, we have legal counsels having the necessary experience to provide the land title search report.
With the coming of the Act, the method of carrying on the business of real estate has tremendously changed, which also means that the project is that are undertaken under joint development require that the landowners and the promoters fulfill their obligations in accordance with the provisions of the Act, Rules and circulars issued by the authorities in this regard. Due care has to be taken while drafting the joint development agreements in order to capture the necessary points in order to meet the requirements of the Act, Rules and Circulars. AT LexEquipe Advisory, the legal counsels who are regularly updated of the various requirements under the Act can provide assistance in drafting of the Joint Development Agreements and other associated documents. We also provide assistance in drafting all other legal documents as may be required by the Promoters
Under the act it is necessary that once the agreement of sale is executed the same as to be registered. We have necessary supporting staff to assist a Promoter in getting the Agreements of Sale registered and also the Sale Deeds, at a very competitive price. After execution of the sale deeds we are also capable of providing liasioning services in getting the Khatha/Municipal records dictated and transferred to the names of the respective allottees.
RERA mandates providing the necessary information, details, and documents along with application for grant of registration of the project. In case project involves large development or development in multiple phases / towers etc., Promoter should consider all possible aspects of development / offering to customers in the project while making application for grant of registration of project and subsequent updates, undertaking there on. It is also necessary for the promoter to consider the financial viability of the project by taking into consideration the estimated cost of the project as well as the proposed sale price.
We assist the promoters in reviewing the scheme of the project with detailed discussion and consultationwith legal and financial consultants with regards to financial and legal compliancesof the project in order to verify the viability of the project and compliance with all applicable provisions under RERA Act 2016 and State Rules.
RERA allows transfer of projects or change of Promoter under various circumstances. At LexEquipe Advisory, the legal and financial consultants discuss and deliberate various aspects of the promoter and the Project in question with regard to financial and legal viability of takeover of project, advice regarding best process for takeover of project, preparation/ drafting of relevant documents, affidavits, advice regarding obtaining necessary certificatesfor filing application for Transfer of Projects.
Consultation with financial and legal consultants regarding any other services under RERD Act 2016 including assistance to financial institutions, Allotees and all stake holders.
Training and workshops is provided by us on all aspects under the Act, including basic knowledge of the act, marketing practices, financial and legal compliances, defect liability,etc., to enhance knowledge and skills on RERA for effective implementation in organizations.