Currently, the real estate sector has actually assumed immense prominent all over India, mainly because of its outstanding development and even witnessing construction throughout the nation. This is one persistent demand for the entire real estate development taking place in India, which actually led to assuming the dominant position by the developers and builders in India. The generalized trends started to follow in the real estate sector, which will indicate that builders get to frame one-sided agreements, heavily tossed with terms and conditions right in favor of the builder. The help from a real estate dispute lawyer is always in need, especially to keep the legal terms clear from this section.
Some of the key features of the real estate act:
Before you get yourself involved in the world of real estate, there are some features of the real estate activity that you need to focus on, presented by a lawyer for the property. Just go through all the options and then you can get to understand the field of Real Estate Act more.
Registration of the projects:
The act right under Section 3 will mandate prior registration of the current real estate project with the RERA. The said rule will bar the builders and even the promoters from marketing or advertising or even inviting anyone for purchasing plot, building or apartment in any real estate project, without any registration with RERA. Learn more about that from real estate lawyers now.
Cases where the projects might get exempted from registration:
The real estate lawyers in India will help you to know more about the Act right under Section 3(2) which states that no registration of the real estate based project might be required under certain instances. If the project measures 500 or less than the 500 square meters, or if there are a number of apartments, which are inclusive of all phases as proposed to get developed in less than just 8, then there is no need for registration.
On the other hand, if the promoter received a completion certificate for the real estate project before the commencement of Act, then no need for registering. Even for the purpose of renovation or repair which will not require marketing or any other allotment under the project, there is no need for registration.
Checklist associated with real estate project registration:
Want to create a checklist, which is associated with a real estate attorney? If so, then logging online can serve you with the best result. The promoter might have to submit an application for registration of the real estate project associated with the prescribed fee. There are some documents, which are to be presented with the application. So, it is time to learn about that.
- At first, you will need the brief details of the enterprise of the promoter, and even brief details of the project right to be launched by promoter. Moreover, according to the property dispute lawyers, to avoid issues, you might have to present copies of the commencement certificate and even approvals from concerned authorities.
- Some of the other options in here are layout plan, sanctioned plan and specification based documents for the projects. Then you need to present plans of the works to be implemented in project and pro forma of the allotted letter, conveyance deed proposed to be well signed with allotters and sale’s agreement.
- Then you have the number and type of the apartments’ carpet area for sale in the project, a number of garages up for sale for the project, and name and address of the architect, contractors, and the structural engineers for developing project. You can ask the property dispute lawyer for the details here. Then there will be a document needed with a declaration by the promoter and its affidavit.
Declarations that promoter makes in the proper application:
There are some declarations that the promoter might have to make in the application. The person needs to have legal title to land used for development and the same is free from any form of encumbrances. The promoter has to present the time within which the project will get completed. Then the best lawyer for real estate will help you understand the circumstances registration of the real estate based project, which can be revoked later. It is mandatory to get to the experts when the right time comes.