Responsibility of the Promoters / land owners in case of joint development under RERA -

Updates on RERA - Responsibility of the Promoters / land owners in case of joint development under RERA -

Karnataka RERA has issued various circulars and notifications during 2019-20. Below is the important for all the stake holders -

Sl No	Topic	Details
1	Responsibility of the Promoters in case of joint development	1.       Clarified that both the Landowner and Builder / developer is jointly liable for the functions and responsibilities specified in the Act in the same manner as the promoter who actually obtains building permissions and carries out construction   2.       Developer promoter shall register the project including the share of landowner promoter   3.       Developer promoter to monitor the transaction to be done by Landowner to comply with Sec 4(2)(l)(D) of the Act – financial management of 30/70   4.       Obligation and liabilities of all such (landowner / builder) shall be at par with each other   5.       Development agreement shall clearly specify the details of the rights and shares of each promoter. Same should be uploaded in K RERA Website   6.       Joint affidavit shall be uploaded (Developer and all Landowners)   7.       Developer is liable to provide the details of transactions carried out by the Landowner and shall ensure by asking to deposit 70 % of the sale proceeds to realized to the designated account of the real estate project.   8.       Developer shall comply with Rule 15 including quarterly update of the entire project (including landowner transaction)
		In case of any Joint development agreements entered, developer and landowner shall have clarity on various compliances under RERA starting from Registration of project, deposit of money in Project Designated bank account, operation of such bank account, withdrawal of money based on proportionate completion method.   It is important for the developer to communicate on regular basis on development on RERA and compliances there on. Collect information from Landowner in a standard format, which includes agreement entered, money realized, sale deed executed etc. Reporting of transaction of landowner to RERA is the responsibility of developer. Such information shall be included and considered while filing Quarterly Updates as per the Act and Rules   Standard Procedure shall set by the Developer in communication with the land owner, collection of details and reporting to authorities from time to time in order to comply with the Act and Rules.

 

Click here to download the circulars / notification https://rera.karnataka.gov.in/circularPage

Vinay Thyagaraj is a Chartered Accountant and a Law Graduate, founder partner at M/s. Venu & Vinay, Chartered Accountants. You can write on vinay@vnv.ca to seek more clarification

Completion of Project under RERA

 

Completion of Project under RERA

 

The main objective of Real Estate (Regulation and Development) Act, 2016 (RERA) is to enhance transparency, accountability in the real estate related transactions by creating a systematic and a uniform regulatory environment, thereby protecting consumers' interest and making promoters liable for timely completion of projects along with committed specifications, facilities and amenities.

 

In order to achieve the main objective of the Act, it is mandatory that there shall exist a mechanism to ensure all the promises made by the promoter is delivered in real and true sense.

 

RERA Act and Rules doesn't define the definition of completion of real estate project. However while looking at the objective, intent of the Act, one can reasonably state the project is completed once following is ready and delivered by the promoter (apart from complying with functions and duties of promoters U/.s 11 of the Act)

 

1.      Completion of Internal Development works

2.      Completion of development of Amenities, facilities as per sanction plans

3.      Completion and honouring of all Promises, committeemen made as per Agreement of sale,

4.      Completion of all details provided as part marketing / advertisement collaterals

5.      Completion of External Development works

6.      Obtain Occupancy Certificate

7.      Obtain Completion Certificate stating that project is completed in all aspects 

 

 

Each state may adopt different system / process / procedure for the purpose of reporting of completion by the promoter.

 

1.      As Act mandates the start date and End date of project registration. End date shall be mentioned in the application for grant of RERA Registration. It is the duty of the promoter to complete the all development in the project in all aspects within the time (End date) as provided in the RERA Registration certificate of the Project.

 

2.      In Case Promoter not able to complete the development of the project within the time as provided in the RERA Registration certificate, then file an application with authorities as per Sec 6 of Act for request for extension of time for completion of the project.

 

3.      Authority may consider the application for extension and grant the permission for extension by collecting necessary details, documents and appropriate fees. Such extension is permitted for maximum of one year.

 

4.      It is the duty of the Promoter to complete all the development works within such extended time and file for the completion application.

 

5.      Having filed application for completion (depends on state to state process) authority may verify the completeness of development of project including complete filing of quarterly updates and upload of / submissions of all professional certificates as per Act from time to time.

 

6.      Few states are proposed to set up a special task force to visit and inspect at the project site and verify the completeness of development of project.

 

7.      Once the authority is satisfied with the complete development of project, authority may confirm, or issue completed certificate.

 

8.      Once the project is complete in all aspects, then Promoter is free to withdraw and utilise the surplus money lying in project bank designated account (over and above the estimate cost of construction as declared in registration application)

 

9.      It is the duty of the professionals to educate / advice their real estate clients on important aspects of completion of development of project under RERA. As we are all aware that penalties for non-compliance U/s. 61 of the Act is high (upto 5 % of estimated cost of the real estate project)

 

 

Various relevant Definitions for this Article -

 

 

Sec 2(t)

*development works* means the external development works and internal development works on immovable property;

 

Sec 2(zb)

*internal development works* means roads, footpaths, water supply, sewers, drains, parks, tree planting, street lighting, provision for community buildings and for treatment and disposal of sewage and sullage water, solid waste management and disposal, water conservation, energy management, fire protection and fire safety requirements, social infrastructure such as educational health and other public amenities or any other work in a project for its benefit, as per sanctioned plans;

 

Sec 2(w)

*external development works* includes roads and road systems landscaping, water supply, seweage and drainage systems, electricity suply transformer, sub-station, solid waste management and disposal or any other work which may have to be executed in the periphery of, or outside, a project for its benefit, as may be provided under the local laws;

 

 

 

Sec 2(q)

 

*completion certificate* means the completion certificate, or such other certificate, by whatever name called, issued by the competent authority certifying that the real estate project has been developed according to the sanctioned plan, layout plan and specifications, as approved by the competent authority under the local laws;

 

Sec 2(zf)

 

*occupancy certificate* means the occupancy certificate, or such other certificate by whatever name called, issued by the competent authority permitting occupation of any building, as provided under local laws, which has provision for civic infrastructure such as water, sanitation and electricity;

 

 

 

Author Mr CA Vinay Thyagaraj is from Bangalore, practicing and advice all stakeholders of the industry in relation on RERA. For any clarifications, please write to vinay@vnv.ca

 

Google Chrome :: Repeat previous

To repeat the last action, press and hold Ctrl/Cmd and then press Y.

 

Input Box Type in VBA

If you trying to fetch an Inputbox question and you want user to be restricted based on some type of question, you can set the following

 

InputBox(Prompt[,Title][,Default][,x][,y][,HelpFile][,HelpContextId][,Type])

 

where Type specifies the return data type:

 

Type Values
0	Formula
1	Number
2	Text (String)
4	Logical value (True or False)
8	Cell reference (Range object)
16	Error value
64	Array of values

 

Eg : Set address

 

 

Set rInput = Application.InputBox _

            (Prompt:="Enter the Column Number Input Cell like R1 etc :", _

            Title:="Row Input Cell", _

            Type:=8)

 

    sAddress = rInput.Address

Outlook migration - Autocomplete eMails

Whenever you migrate outlook pst, the autocomplete emails will not come, all that you have to do is the following.

 

In the old system

1.     Open the %LOCALAPPDATA%\Microsoft\Outlook folder.

o   Click Start, and then enter %LOCALAPPDATA%\Microsoft\Outlook in the Search program and files or Start Search box. You can also copy and paste the location into Windows Explorer address bar.

2.   Copy the RoamCache folder,

 

In the New System

1.     Open the %LOCALAPPDATA%\Microsoft\Outlook folder.

o   Click Start, and then enter %LOCALAPPDATA%\Microsoft\Outlook in the Search program and files or Start Search box. You can also copy and paste the location into Windows Explorer address bar.

2.   Past this ROAMCAHCE FOLDER

3.   Start Outlook.

 

Openign Tally in Developer Mode

Guys, if you ever want to open in Tally Developer mode to understand the various field Name, here is what you have to do

 

 

<tally path> < /DevMode>

 

Your tally gets opened in Developer mode…enjoy…..the tally field names…

Delete Bulk Mails Outlook

If you are using outlook and you the pst file size is huge.

 

You can search the inbox and outbox for larger files and delete. However at times you will know that the files are in subfolders, then the best way to do this is create a search folder.

 

You can define your own limit in the search on to size and folders/subfolders you want to look for…. You are done… J

 

Overlapping Graphs

If you want to over lap a bar graph with another, you can try formatting the series option in the graph where by you reduce the overlap gap

 

 

Get URL of a CELL

If you want to extract URL of a Cell, you can use it thru this macro

 

Function GetURL(cell As range, _
Optional default_value As Variant)
'Lists the Hyperlink Address for a Given Cell
'If cell does not contain a hyperlink, return default_value
If (cell.range("A1").Hyperlinks.Count <> 1) Then
GetURL = default_value
Else
GetURL = cell.range("A1").Hyperlinks(1).Address & "#" & cell.range("A1").Hyperlinks(1).SubAddress
End If
End Function

 

Source: http://howtouseexcel.net/how-to-extract-a-url-from-a-hyperlink-on-excel

 

 

re-Check the password entered

If you want to see what is the password that was entered in browser, here are simple steps

 

a)      Right click on the password box and select Inspect element

b)     You will see a text like this

 

 

c)      Change type=”password” to type=”text”

 

 

Magic , you have the password typed on the screen

 

Get Sheet Name or File Name or File Path

If you want to get some data use the following

 

=CELL("filename")

 

Then you can use ‘find’ function to trim and get what ever informaiton you want to extract

 

Trace Circular Reference

In case if you are lost with the values and there is a circular reference, you can check the same using this in the formula tab

 

 

Menu Bar Control

You can enable / disable items in the Menu Bar back in VBA. The following is the Control Number to enable / Disable

 

CommandBar            Control                         ID

   --------------------------------------------------------------------

   Worksheet Menu Bar    &File                        30002

   Worksheet Menu Bar    &Edit                        30003

   Worksheet Menu Bar    &View                        30004

   Worksheet Menu Bar    &Insert                      30005

   Worksheet Menu Bar    F&ormat                      30006

   Worksheet Menu Bar    &Tools                       30007

   Worksheet Menu Bar    &Data                        30011

   Worksheet Menu Bar    &Window                      30009

   Worksheet Menu Bar    &Help                        30010

 

   Chart Menu Bar        &File                        30002

   Chart Menu Bar        &Edit                        30003

   Chart Menu Bar        &View                        30004

   Chart Menu Bar        &Insert                      30005

   Chart Menu Bar        F&ormat                      30006

   Chart Menu Bar        &Tools                       30007

   Chart Menu Bar        &Chart                       30022

   Chart Menu Bar        &Window                      30009

   Chart Menu Bar        &Help                        30010

 

 

Check Formulas

If you want to check which are the cells with formulas and which are not, you can use this simple quick highlighter to show you, you can find this in the Home TAB, right corner bottom

 

Find the nth Occurrence of a Character in a cell

If you want to find

 

A1 = This World is Very Big

 

To find the place of 3^rd I Use the following formula :  FIND("i",A1,FIND("i",A1)+3)

 

Here 3 represent nth occurrence

Convert XLAM to XLSM

If you have any XL Add in file and you want to convert back into a Macro Enabled File, please do the following

 

Go to File properties >> change the IsAddin to  FALSE

 

 

Enjoy editing Macros

Connect Tally from Excel

If you are trying to connect Tally from Excel and you do the following process.

 

First try connecting a new Query

 

 

Select Tally ODBC

 

 

 

 

If you don’t find the same then ODBC is not enabled in the Tally. Kindly enable by doing the following

 

1.      On the Gateway of Tally, go to configuration F12

 

 

2.      Select Advance configuration

 

 

 

3.      Enable the ODBC