Both sole proprietorships and individuals

It is very simple for anyone, whether they are an Indian national or not, to register a registered trademark in India. You don’t need to create a company or legal body in order to register a trademark. Moreover, the following paperwork is needed to obtain a trademark under a proprietorship’s name; it is the same paperwork needed for an individual:

• A black and white copy of your logo for registration is preferred (Optional). If the registration of logo is not supplied, a trademark application for the term may be submitted.
• Form-48 was signed. An applicant may authorize a trademark attorney to file a trademark application on their behalf by completing Form-48.
• Identity verification for the proprietor or individual.
• Provide the owner’s or individual’s address proof.

E-registrations for trademarks: what are they?

You can register your trademark at the General Controller of Patents, Designs, and Trademarks in India by electronically submitting an application using trademark e-registration through trademark attorney. The process is streamlined by this online approach, which does away with the requirement to fill out forms on paper and mail them in. You can file the application on your own or through an agent, and in order to e-register, you’ll need a digital signature. You can find information and instructions on the Office of Trademarks website to help you with the procedure.

Gains from Electronic Trademark Registration

A quick and easy approach to ensure your brand has legal protection is through e-registration. The following are some advantages of electronically registering your trademark with the help of trademark attorney.

1. Convenience & Time Saving: The requirement for in-person visits to governmental offices is removed with e-registration. You may save a lot of time and effort by submitting your application digitally from the comfort on your computer.
2. Simplified Procedure: It is simpler to accurately complete the application when you follow the online system’s instructions for registering.
3. Economical: When it comes to potential costs related to older methods—like courier services or help with physical submissions—e-registration usually entails low prices.
4. Tracking in Real Time: No phone calls or questions are necessary once your application has been filed because you can easily check its status online.
5. Clear Fees: Paying online ensures you only pay the required amount by providing transparent information about government fees.
6. Secure Payment Processing: Secured online payment systems are frequently integrated with e-registration, providing a convenient and safe means of paying the logo registration costs.

5 Easy Steps for India’s Trademark E-Registration

In the cutthroat Indian market, protecting your brand is crucial. By registering your trademark online, you can avoid infringement and receive legal protection. Here is a simple 5-step guide to electronically registering a trademark:

Step 1: Select a Trademark and Determine the Classification

• Select a Powerful Trademark: Select a catchy and distinctive name, logo for registration, or tagline that accurately sums up your company. To guarantee its efficacy, think about consulting a specialist.
• Determine the Class: India divides trademarks into 45 groups according to certain products and services. Choose the class or classes that most closely correspond with your offerings. This outlines the extent to which your trademark is protected.

Step 2: Look Up Trademarks Online

• Verify the trademark’s availability before submitting an application to make sure it hasn’t already been registered. Finding a distinctive and memorable trademark might be aided by doing a trademark search. For a comprehensive check, use the search engine on the authorized Indian trademark office website. Before moving further, you must make modifications to your trademark in order for it to be similar or identical.
• Begin by signing up: Your chances of successfully registering a trademark enhance if it is distinct and non controversial (i.e., devoid of offensive or protected symbols).

Step 3: Prepare the application and send it in.

1. Collect the documents: Assemble all of the documents required for the application online. Verify the information twice before submitting.
2. Fill out an Application for TM-A: Provide accurate information in the TM-A application. The following sections are included in this form:
   1. Details of the applicant (name, address).
   2. characteristics of the application (common trademark, group mark, etc.).
   3. Specifics of the brand (picture, description).
   4. Class to which the trademark is applicable for products and services.
   5. A declaration about the usage of trademarks.
   6. Details about priority claims (if appropriate).
   7. confirmation from the candidate.
3. Send in and Pay Fees: Send the Trademark Registrar the completed application along with the necessary payment.

Step 4: Examining Trademarks:

• Examination by the Registrant: Your application will be reviewed by the Trademark Registrar to ensure compliance and completeness. It could take some time to complete this process.
• Answering Inquiries: If more information is required, the Trademark Registration will inquire. React quickly to prevent delays.
• Publishing (should Approved): When your trademark is approved for inspection, the Trademark Journal will publish it.

Step 5: Dissemination and Rebuttal:

• Public Examination: In the event that other parties have rights in dispute, publication permits them to oppose a trademark.
• Address any objections that may arise: Respond to any objections in the time allocated. Applications that are not contested move on to registration.

You will receive a Trademark Certificate of Registration if there are no objections or if they are addressed. This certificate serves as official documentation of your sole ownership within the specified class (es). Now that you have the legal right to sue an organization that uses your trademark for personal gain, you can use it with ease.

How can I look up the status of my trademark online?

The procedures listed below can be used to verify the status of your trademark online once you have electronically registered it:

Step1: Open the “Official a website regarding intellectual property in India” and select the homepage link labeled “Trademark status.” This will take you to a third-party website. Next, click OK to continue.

Step 2: Choose the “Trade Mark Application/Registered Mark” option from the list on the left side of the “Trademarks Registry” page. The options for an International Registration Number and a National/IRDI Number will appear once you select it.

Step 3: Fill up the relevant field with your trademark application number. Additionally, the Captcha Code must be precisely input. After entering the details, click “View.”

Step 4: Your trademark application status will be displayed on the website after you click the “View” button. It contains information like the class, date of registration, appropriate office, and trademark application number.

Does trademark registration in India open to applications from outsiders as well?

The trademark offices of the applicant may submit an international trademark registration application in accordance with the Madrid Protocol, which is the Agreement of Madrid Concerning International Registration of Trademarks dated 1891, which came into effect on December 1, 1995, and went into effect on April 1, 1996. Another name for this trademark office is the Office of Origin. After receiving the application, the State Office of Origin forwards it to WIPO.

How does the Madrid Protocol apply to trademark registration?

• The application: For a trademark to be eligible for submission under the Madrid Protocol, it must be registered, or at least applied for, with the Indian Trademarks Office. After this, the Indian Trademarks Office will attest that the information in the overseas application matches the information in the logo for registration or basic application. The international application is subsequently sent to the WIPO, with the filing date of the application needing to be noted.
• WIPO Analysis: Upon obtaining the application, the WIPO carries out a thorough assessment to confirm that it complies with all applicable legal criteria. Within three months following an observation of any abnormalities, the required adjustments must be made. If the issue is not resolved in the allotted time, the application is marked as “Abandoned.”
• Publication of WIPO: If all the procedures up to this point are completed accurately, the application is published within the WIPO Gazette for International Marks and registered in the International Register. The applicant will receive a certificate for international registration from the WIPO. Additionally, the WIPO will inform all other trademark office of the applicant’s decision to increase the mark’s protection.
• Inspection by the Designated Country’s Trademark Office: The application is further examined by the Trademark Office in the designated Country to ensure compliance with the relevant national legislation. The WIPO will be notified of the application’s approval or rejection within a span of 12 to 18 months, and will then notify the applicant of the Designated Country’s trademark office’s decision.
• Promotion and Enrollment: After then, the mark will be released to the Indian Trademarks Journal, where it will be available for opposition from third parties for a full four months. Once four months have passed and there has been no opposition, the Indian Trademark Registry will give trademark protection.

The post Vital Documentation for Registering Your Proprietorship Trademark appeared first on LegalRaasta Knowledge portal.

Real Estate Regulatory Authority  Act, 2016  is an act by the parliament of India. Also, the act was introduced to safeguard home-buyers and moreover, it assist in amplifying the investments in the real estate industry. The act was introduced by the Rajya Sabha and Lok Sabha. The act was commenced on 1st may 2016 linking 59 to 92 sections broadcast. The state and central government are responsible for alerting about the rules under the RERA Act within directive time six months of period. The RERA License is mandatory for the homebuyers.

Features of the RERA act

RERA act institutes to intensify liability and clarity with respect to housing purchases and real estate. The impact of RERA on homebuyers is commendable as they can invest freely with confidence.

Now, Let us look at the key features of RERA Act.

•  Demonstration of RERA in every Indian state with the power to control, observe, watch, settle and reconcile any conflicts with honor to real estate plans in the preferred state.
• In accordance with the current law, the real estate investor can’t execute any modifications to the project without the written permission of the customer buying home. This terms will not permit the real estate developer to boost the value price of their plans.
• Certification and registration are compulsory for all industrial and domestic real estate plans. In the case of the home, it is across 500 square metres either comprises 8 apartments or which are under development and construction.
• The prime feature of the RERA is the real estate developer will have to place 70% of the money received from the real estate buyer in a separate security account. To reach the building price value of the project plan. This will hold an inspection on a real estate investor who distracts the buyer’s cash to commence a fresh project. Alternately of finishing the money that was collected and in order for securing the particular project is finished in time.
• Leaving and declining the registration a property will drag a penalty up to 10% of the project plan price value. Repeated mistakes by the real estate developer could send them in jail.

Functioning of Rera Act

• The act institutes to the real estate regulatory and authority for promotion and guiding the real estate sector. The act also fortifies sale of apartment, plot, and sale of real estate subjects in an effective and visible way.
• The RERA Act engrosses the customers in the sector and also initiate a resolving system for sharp modifications.
• The RERA Act demonstrate the authority for appeals courts to listen to the appeals from the conclusions and administers the orders of RERA.

The Govt of India Ministry of Housing& Urban Affairs notify all about the RERA ACT and the orders.

Rules of RERA Act

The act, 2016 under Section 84 intends within a period of six months from its initiation date and state governments will establish the rules to follow up with the plans associated with the Act. The registration project under RERA has a set of rules and regulations that are obligatory to follow.

• Within 6 months of the RERA Act being imposed the state Governments should make rules for conducting the terms and outlines of the Act. The spoken rules caution by the particular state government. The ministry of housing & Urban population notifies the central government to issue the real estate rules for regulation and development in general. The rules direct in 2016 on October 31st. The Rules circulated by the central government are appropriate to Andaman & Nicobar Islands, Dadra & Nagar Haveli, Daman & Diu, Lakshadweep, Chandigarh and many more. The rules declare after the previous statement of a sketch for remarks.
• In the RERA act, Real Estate Developer requires to invest 70% of the money received from buyers in a separate bank account generated for the project’s plans. They require to manage this money deposit only for the development of the project’s plans. They need to engross the duration for the fulfillment of the projects. Any difference in this would drag penalty plus imprisonment.

List of states initiated RERA act

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The table shows that at what date, month and year the states initiated the RERA act and protects home buyers. It aims for promotion and progression of the regularity of systems and actions in the real estate sector.

How the RERA Act serves the best to home buyers?

The RERA act has numerous perks for the promoter, the real estate agent and the buyers. This how the RERA benefits the homebuyers and can serve you best :

• If there is a conflict in terms of what guarantees by the builder and what delivers. The home buyer authorizes to receive a full amount refund that was given as advance. Sometimes the developer may provide interest on the cost as well.
• The buyer has the perfect right to information regarding the project plans. This includes plans related to purpose, achievement, and finish status.
• Before getting Rera license, the builder assumes the cost of a project plan and never provide full-fledged information. But, in order to get a RERA license, currently, a regular method is being adapted to estimate the carpet area. Moreover, the promoters cannot present fill carpet areas to boost costs.
• In 5 years of ownership, if there is any architectural flaws or obstacles in the essence of quality. The builder has to reform these losses in 30 days at no charge to The prime feature of the RERA is the real estate developer will have to place 70% of the money received from a buyer in a separate security account. To reach the building price value of the project plan. This will hold an inspection on a real estate investor who distracts the buyer’s cash to commence a fresh project. Alternately of finishing the money that was collected and securing the particular project is finished in time the purchaser buy it.
• In accordance with rules and regulation of RERA, a developer cannot take any extra than 10% of the charge of the project plans from the purchaser as advance fees. This protects the purchaser from having to source funds quick and ought to spend a huge cost.

Penalties Under RERA

If you decline to match all of RERA’s rules, the resulting penalties will be suitable.

The RERA Act determines to provide the Indian real estate commerce with its primary regulator. The Real Estate Act gives it obligatory for every state to develop its individual control. Even to outline the precepts that will supervise the operations of the regulator.

If you are planning to buy a home you may cater to RERA services. For more details about RERA Act visit our website Legal Raasta and for more information regarding RERA License. Our expert will guide you best for the registration process and buying and selling of the company. For any query mail us on contact@legalraasta.com or you can ring at 8750008585 to get more services from us.

Related articles

How does MahaRERA work?

RERA impact on real estate

RERA registration rules

 

The post Planning to buy a home ? One must know about RERA Act appeared first on LegalRaasta Knowledge portal.

Primarily, RERA was enacted as the SEBI, a Regulator for regulating the Real Estate Sector. speedy settlement of under-going cases. RERA benefits are to standardize the process all over the country. By the way of providing a unified legal regime, for the purchase of a property.

RERA Benefits to Home-buyer by way of Regulating the Builders:

Now, the builder/promoter has to take a RERA License, compulsorily, by providing below information clearly. So that an investor is able to make a knowledgeable decision.

• Details about the Enterprise, name etc,
• Photographs of every promoter,
• Details of the projects launched by this enterprise in the past five years, cases pending, type of land, pending payments etc,
• Certificates of Approval, Commencement etc,
• Location of the project (with the latitude and longitude of the endpoints), with clarity about the land dedicated for the project, its boundaries,
• Layout Plan, Sanctioned Plan and specifications about the phases of development,
• Details about the real estate agents, if any, for the proposed project,
• Details about the contractors, architect, structural engineer, if any, and other persons concerned with the development of the proposed project,
• Quantity and Type of Apartments, and the carpet area of apartments selling in the project, and the area of the exclusive balcony or verandah areas and the exclusive open terrace areas, if any. clearly mentioned,
• Proposed facilities to be provided, including garages for vehicle parking facilities, drinking water facilities, fire-fighting facilities,  emergency evacuation services, use of renewable energy etc,
• Proforma of the Sale Agreement, Allotment letter, and the conveyance deed proposed to be signed with the Allottees,
• Timely completion of projects and delivery to the Allottee,
• RWA has to be formed within a specified time limit, once a majority of the units have been sold.

The Aim of RERA and Rights of the buyers

RERA Benefits: Impact on Home-buyers: Legal Raasta

Major Compliances to take RERA License, are meant to bring a positive benefit on home buyers in below ways:

A Regulatory Authority formed: This Real Estate segment required a proper regulator, for grievance redressal system. For example, RBI is the regulator to banks. To prevent time lags, its compulsory for the RERA, to dispose of applications within a maximum period of 60 days, to be extended only with a recorded reason for the delay.

Registration made compulsory: Every real estate project (whose total area to be developed exceeds 500 sq meters or more than 8 apartments), has to file with the respective state’s RERA. Existing projects, to which completion certificate (CC) or occupancy certificate (OC) has not been issued, are also required to get registered under RERA. Before they are entrusted with a RERA License, the promoters need to provide detailed information on the project e.g. land status, details of the promoter, approvals, schedule of completion, etc. The project can be advertised only when the registration is complete and other approvals (construction related) have been taken. Promoters are also required to make a warranty on his right to the title of the land. And if any defects found in this title, it can be used against him.

The validity of the RERA License:  Once the period indicated in the application as the time required for completion of the project, is over, RERA can revoke the registration granted for this project.

Reserve account: The main reason for delays in the earlier projects was found to be that funds obtained from customers of one project, were appropriated to fund new or different projects. Now, under RERA, the developers are required to deposit, at least, 70% of all project receivables into a separate reserve account. The amount from this account, required to be certified by a professional, can only be used towards land and construction expenses of this particular project. This will ensure timely execution and delivery. The delay was a norm before the creation of RERA.

Continual disclosures by promoters:  The promoters, as soon as they complete  Registration of Project under RERA, have to publish all the details of their projects, with regularly updating, on the website of RERA. So home-buyers would be able to track the progress of the project.

Standardization of sale agreement: RERA benefits include the introduction of a standard sale agreement. As per the earlier system, any default by the home-buyers brought about heavy penalty on them. Whereas, the similar default by the promoter attracted minimal or absent penalty. But, now the promoters cannot add such punitive clauses. And the onus of liability is quite clear.

Liability: Builders are responsible for any changes or defect in the construction. They have to take approval from at least 2/3rd of the buyers.

Penalty: Very stiff monetary penalty and imprisonment have been prescribed against violators, to ensure that this Law is taken seriously.

The Journey so far, RERA Benefits incurred

It seems too early to have a good understanding of whether or how things have changed, or have a complete Analysis of RERA Real Estate(Regulation and Development) Act, 2016. Because this Act is still in its nascent stages and needs to improve, in regulations as well as performance.

Increase in Transparency: Status of various projects can be seen on the RERA website, along with the stage in which a project is. One website with all the project details.

Property Size: The actual size of the property is clearly mentioned, under one name only, the Carpet Area. buyers. Builders cannot confuse the buyers using the terms, “built-up area” or “super built-up area” etc. For example, now the builder has to clearly mention “a carpet area of ABC sq. ft, more or less by XYZ sq.ft”. If the flat is of lesser carpet area, the buyer shall pay only for space he gets possession of.

Organized the Sector: The industry is getting more streamlined now, with strong builders taking over projects from weak builders.

Reduction in Indiscriminate launches: Because the developers need to make sure that all approvals are in place before launching. Therefore, they are now extremely cautious about new projects.

Possession dates Extended: Now promoters are extending the possession dates for the new to-be-launched projects. Since they are unsure about the approvals and compliances to be undertaken, and with a penalty being imposed on the delaying,

Security: The projects are secured, with the Reserve account. More possibility in projects being finished on time.

Check on Corruption: Bringing various municipal corporations authorized to sanction different stages of construction, now come under Rera. It is expected to help reduce corruption.

The Road Ahead

RERA is to benefit by bringing transparency and accountability in a very unstructured real estate sector. RERA provides to penalize the developer/builder/promoter with similar interest rates for missed payments and delayed construction. Further, in case of violation, the developer risks losing their RERA License and imposition of heavy penalties.

“But the actual RERA benefits will depend on how well it is implemented.”

Under the Act, the central and state governments were required to notify their own rules. These rules were to be framed on the basis of the central Act. Some states have implemented this Act in its complete spirit. Whereas some have drafted their own modules and diluted the essence so severely, that it seems to benefit the builders more. For example, in Maharashtra, it is extremely effective and West Bengal has done worst.

The states that have taken it in spirit, people have hope that they can approach the RERA authority and get an order. The concerned authorities there are functional and doing a good job of keeping the builders in check.

Home Buyers Caution

The transparency aside, you still need to show caution before investing in a RERA registered project. Just as all companies in the stock market are not investment worthy. In the same way, any project that has been registered under RERA does not automatically become genuine.

With some builders not providing authentic documents while applying for RERA License. And RERA doesn’t have the infrastructure to verify their validity. RERA benefits are getting a limited scope. It is still a long road ahead to understand the RERA impact on Real Estate in India.

In case you, as a builder/promoter/developer, are planning to get your project pro-actively registered, give us a call at +91 8750008585. To take your RERA License, compliant with all updated and ever-changing statutes, take smooth and fast expert help. Email us at contact@legalraasta.com. Check our various services on offer, at LegalRaasta.

Quick links:

Banglarbhumi – Online Land Record of West Bengal

Meebhoomi: Digital records of land in Andhra Pradesh

The post How RERA benefits the home-buyers? appeared first on LegalRaasta Knowledge portal.

It has the highest number of projects with RERA registration, so far.

MahaRERA became one of the few states to come up with an official website, within the initial stages. So it became easier for people to file complaints against unregistered projects and set up a hearing, in the court of law, for the same. which is why the website will soon start accepting online payments. By making access easier, the aim is to make the complaint filing and resolution process as uncomplicated as possible.

Revisions in the procedure to File a complaint under MahaRERA

The implementation of MahaRERA by the state has been setting an example for other States to follow. And the projects on the MahaRERA website are to be presented in a most detailed and informative among several State RERA websites. Additionally, it is one of the most potentially useful websites for home buyers or investors to base their decisions on.

Regulations regarding the Complaint are given below. These were updated on Circular No: 09/2017 dated 24^th July 2017.

A Standard Procedure (SOP) was laid down to process complaints, in Part A & Part B of this Circular. This meant to simplify the process of filing complaints. Further, fasten this process by digitizing the payments and removal of paper-work. Applicability started on 1st August 2018.

Part A: for Home-buyers, in Registered Projects

The process for Home-Buyer to file a complaint:

Any wronged person may file a complaint with MahaRERA or the adjudicating officer, for any registered real estate Project under RERA. When it is a violation or conflict with the provisions, rules & regulations of this Act. Thereafter, the Authority would establish an adjudicating process for speedy redressal of such complaints.

• Go to the MahaRERA official portal,
• In the main menu click on the tab of “Online Application”, A new page of Login opens up.
• Click on New Registration.
• Select User Type, as Complainant.
• There’ll be a pop-up, to ask if you want the help of a neutral mediator appointed by MahaRera Conciliation Forum. Select “Yes” if you expect your complaint can be resolved without getting into litigation.
• Whether you have selected “Yes” to the above option or “Cancel”, you’ll need to create “New Registration”
• Select Area from the drop-down list, for state or UT.
• Select a proper User name & Password for yourself. Also, fill in your mobile number & e-mail id.
• enter the correct capcha and “Create User”.
• you’ll receive a verification link on your e-mail. Click and activate it.
• Now that your ID has been created, you can log-in with your Login Id created and the password for it
• Afterwards, you must get registered after filling personal details in the appropriate sections
• Now on the left side, there is an option visible, “Add New Complaint”. Select this.
• Under this, you need to file necessary & valid documents related to the complaint.
• Then an explanation, for how you have been aggrieved. In other words, what is your complaint about?
• Once this has been done, you’ll need to make payment of Rs.5000 through the payment link.
• Once the complaint has been filed, it will be visible on the website, to the concerned promoter/builder/respondent, when he logs in through his Project User-id
• Both, the aggrieved party and the promoter/builder/respondent, would be called in the MahaRERA office with their evidence and expressing the related facts. Both the parties would be assigned a legal officer, each.
• After listening to both the parties, MahaRera will give a resolution.
• Or if you are seeking, Compensation, the case would be transferred to an Adjudicating officer for hearing. And the legal wing of  MahaRera, under the sections 12,14, 18 and 19, will now take over.

Revised Regulations governing the complaint filing, under Part A:

• Complaints under this provision can be filed against registered projects, only.
• Only those persons, who have been aggrieved under the said registered project can file a complaint here.
• Submission of an acknowledgement and hard copy of the complaint with the MahaRERA, as required earlier, has been discontinued. Additionally, now the Complainant has to only upload online all the relevant and supporting documents.
• Only when the respondent here, is not the registered promoter/agent, then the complainant has to serve a physical notice to him and submit an acknowledgement copy with the MahaRERA.
• No hard copy of the notice of the complaint is issued to the promoter/builder/respondent, now. They are to view it in their Project User-id.
• Once the complaint has been filed online, and the required fees paid, a Chairperson. Member 1 and Member 2 respectively, will be assigned to this complaint, automatically by the software.
• When the legal wing of MahaRERA has scheduled any hearing, or ruled, or adjourned regarding the case, it will be communicated to both the parties. Also, the details will be visible at their dashboards.
• The Ruling of the authority, as and when made, would be uploaded against the respective projects too.

The Complainant, if not satisfied by the decision or order made by MahaRERA or by the adjudicating officer, may still file an appeal before the Appellate Tribunal.
Afterwards, if the complainant is still discontented, with the decision or order of the Appellate Tribunal, can file an appeal with the High Court.

What is the Impact of these Revisions?

So let’s interpret the new changes:

• Previously, you were to submit hard copies to MahaRERA Authority. Whereas, now you can upload the documents on the portal. This will get your complaint registered. In this way, it saves a lot of time, efforts and money.
• Earlier, the 60-days time period used to start only after the complaint got registered, i.e. after submitting hard copies to the authority. On the other hand, now this time period starts as soon as your complaint has been registered on the portal.
• Also, the promoter gets the details of the complaint on his project ID dashboard itself, instead of being sent a separate notice.

Part B: for Informants of Unregistered Projects

So far, over 17,000 projects and 15,000 agents got their RERA registration under MahaRERA. But still, as per the survey by Mumbai Grahak Panchayat’s (MGP) in 2018, at least 40% of real estate projects were not registered with MahaRERA.

In view of which, MahaRERA called upon the general public to become its informers and submit their complaints against unregistered projects on its website.

The Part B of the Circular contains the SOP for Source Information:

On July 24, 2017, MahaRERA had laid down the procedure for handling information about the projects, that ought to have been registered but have not registered. Anyone who felt, a particular real estate project, should have been registered under MahaRERA, but is not registered, could give information under this section.

It had set up an online facility, on its website, where citizens could act as Source Informants (SI) and complain about unregistered residential projects after paying Rs 5,000.

However, not many people were interested in shelling out this sum and getting entangles in legalities. Therefore, this mode didn’t prove quite successful.

Then, in July 2018, to improve the situation, and to ensure maximum RERA registration, it revised the process. After inputs received from the several stakeholders involved and experience of MahaRERA itself. it simplified the process & removed the fee. Thereby, making it possible for an active and alert citizen can actually act as an informant and file a complaint against the unregistered real estate projects on its website for free.

Although, this removal of fees is conditional. Thereby, the SI cannot ask for a hearing without this fee. In the case hearing is required, the complainant would have to pay Rs 5,000.

Online Procedure for Source Information to notify about Unregistered Projects:

• You can now submit the details of the projects online.
• Under the non-registration tab of the MahaRERA portal, click on “Inform Non-Registration”.
• An application form will come up, to be filled with the details about the project and promoter. to enable MahaRERA to locate the Project, and investigate.
• To better protect the SI, only a mobile number & a mail-id has to be provided. This will be verified through an OTP.
• Once you have submitted the details and verified through the OTP. You will get an SI number.
• This SI number is to be used for future inquiries and view the status of the investigation. This you can do under the same tab, choosing “Non-Registration Application Status”.
• This online complaint is assigned to Technical Officers, automatically by the software.
• This technical wing will first check if the project has been registered or is under registration process. If yes, then the details will be put on your online dashboard. However, if it is not so, then they’ll gather and scrutinize information, check with the promoter, site visit etc.
• In the course of the investigation, if it is found, that the project should have been registered but has not been registered, then a hearing will be scheduled for appropriate penalty and action, within the offices of the MahaRERA. The decision would be updated on the informant’s dashboard as well as the portal.
• If the project is missing on some approvals of the respective planning or public authorities (such as land, water, electricity boards), then those authorities shall be intimated to take action as appropriate.

Or in case you demand a hearing, the technical officer would schedule a hearing with the authority, directly. A date would be advised to both the parties.

What are the Effects of these Revisions?

• As per the previous mechanism, the informants were to mail on the e-mail ID, provided on the MahaRERA portal. This went directly to the officials. However, now the complaint is registered at the portal itself.
• You could not follow-up on the complaint, in the earlier scheme of operations. Now, all steps taken are updated online to your dashboard. Also, the hearings and the ruling are updated on the portal too.
• Earlier, the genuineness of the complaint couldn’t be verified. Now, there is a mobile number verification done, for registering the complaint.

Conclusion

Maharashtra is one of the very few states who abided by the rules of the RERA Act, with commitment. MahaRERA seeks to transform the real estate sector of the state. It is seeking to improve by looking for passing more regulatory provision. Therefore, it will be interesting to see how it contributes to a successful RERA impact on Real Estate in India.

Therefore, it is the right time to get RERA registration for your Project or Agency and avoid huge penalties, you can call us on +91 8750008585 or email your queries at contact@legalraasta.com. You can check all the services we offer at our website Legal Raasta.

Also go through:

Analysis of RERA Real Estate(Regulation and Development) Act, 2016

Registration of Project under RERA

The post How MahaRERA works to make the real estate sector more transparent and accountable? appeared first on LegalRaasta Knowledge portal.

RERA means Real Estates regulations act, 2016 which is passed by the Indian government. Although it was passed on 10th March 2016 by Rajya Sabha followed by the Lok Sabha on 15 March 2016. But it came into existence on 1 may 2016. There were some sections that have delayed and come into force from 1 may 2017. Its motive is to boost up the investment in the real estate sector. Not only state government but the central government are also required to notify their rules under the act on the basis of the model rules framed under the central act. Home buyers are now getting relax to some extent after the process RERA Registration. This article will let you know how RERA impact on Real Estate in India:

Why the need of RERA

Home buyers were complaining from so long that real estate transactions are lopsided and heavily in the favor of the developers. Just to make the equitable and fair transactions between the seller and the buyers of properties, RERA, and the government’s model code have been created. Whether it is for the primary or secondary market. It will bring better accountability and transparency. Moreover, make the real estate purchasing simpler. Now, the impact of RERA on homebuyers is positive.

It is mandatory under RERA Act for each state and union territory to create its own regulators. The framing of the rules that will govern the functioning also comes under RERA Act. Hence, RERA is a form through which Indian real estate gets its first regulator.

RERA Impact on Real Estate in India

By the following ways, RERA impact on real estate Industry:

• Initial backlog
• Increased project cost
• Tight liquidity
• Rise in cost of capital
• Consolidation
• Increase in project launch time

At an initial point, there is a lot of formalities for starting up a new project such as details of each project executed in last 5 years, promoter’s details, entire details of execution plans etc which are required. With the arrival of RERA in real estate, the resolution of disputes pertaining to home buyers will now be sorted by the specialized forums. The state real estate regulatory authority and the real estate Appellate Tribunal has been established to look after the aggrieved party so that they can not recourse to other consumer forums and civil courts. Th fast-tracking dispute resolution has made it easier to resolve expeditiously along with the degree of finality.

RERA Impact insurance cost for construction and land title

There are certain points given below on how Registration of RERA impact insurance costs  in India:

1. Now, developers may have to fund the land and approval cost through equity. However, it may cause a shift in equity financing from debt financing prevailing currently.
2. It may happen that debt funding will not be an ideal route for developers because of the frequent delay in obtaining approvals.
3. To launch a project now a strong financial and execution capability is required. Although, the development agreement may gain prominence.
4. Th launching time for the project now may increase as it will take a lot of time to finalize finer details before launching a project.
5. Before starting project details are required to finalize like a completion of drawings, utility layout etc.

RERA Impact on Real Estate Agents

There are certain ways on which RERA is leaving its impact on Real Estate agents also. Following are the points:

1. Real Estate agents need to register their names under the Real Estate Act so that they can facilitate transactions.
2. In India, the brokers are estimated to be a USD 4 billion industry having estimated 5 lakh to 9 lakhs brokers. It still remains unorganized and unregulated.
3. All the businessmen who believe in professional and transparent businesses will now able to avail all the benefits as it will bring a lot of accountability. The agents will now have to disclose information to the customer.
4. Brokers can not give a commitment to provide any amenities which are not written in the documents. In parallel to this, they have to give all information and documents to the homebuyers in India at the time of booking. As a result, RERA is introduced in the industrial system to eliminate unexperienced/unprofessional/fly-by-night operators as brokers who usually not follow the guidelines. Ultimately, they will face a heavy penalty or jail both.

For further more information regarding project registration under RERA, RERA registration you can visit our website: Legal Raasta

Ring us on 8750008585 and send your query at Email: contact@legalraasta.com

Related Article:

Analysis of RERA Real Estate(Regulation and Development) Act, 2016

 

The post RERA impact on Real Estate in India appeared first on LegalRaasta Knowledge portal.

The Real Estate (Regulation and Development) Act or RERA is a comprehensive act enabled by the government in a pursuit to regulate the real estate sector which had been unregulated for a long time. The act came into implementation on May 1, 2016, with notification of 69 out of 90 sections by the Ministry of Housing and Urban Poverty Alleviation.RERA registration is now compulsory for real estate projects with an area of more than 500 sq. mt. RERA also has provisions for registration of real estate agents who want to facilitate the sale/purchase of real estate. For your convenience, we have listed out the procedure for Registration under RERA. RERA also has implications for builders and home buyers read more to check out how RERA is impacting homeowners. In this piece, we hope to provide a thorough Analysis of RERA and it’s salient features.

What is RERA Act trying to Accomplish?

The act enabled by the government aims at regulating the real estate sector. What regulating the sector entails is basically faster processing approval for future projects and speeding up ongoing projects. The  Central and State governments both have to establish RERA committee. The committee will have a chairman and at least two full-time members appointed by the state. In addition to these, there are subtle conveniences the government wants to enable to streamline the real estate sector.

• Establishing a regulatory authority for real estate (RERA) along with addressing and settling grievances, Real Estate Appellate Tribunal(REAT). People unhappy with RERA’s decision can approach and appeal to the REAT an authority who has to dispose of your plea within a maximum of 60 days
• Enabling pro-buyer/pro-allottee provisions.
• Deploying transparency along with accountability in the Real Estate sector.
• Regulating the sale and purchase of real estate, therefore, boosting home buyer confidence.

These are some of the provision the RERA act wishes to accomplish by regulating the real estate sector. Let’s look at some of the salient features of the act and dive into an Analysis of RERA.

Analysis of RERA listing down its salient feature checklist

Features of RERA

Listed below are some of the regulatory provisions of the RERA act.

1. The act prohibits the use of marketing, advertising, providing with selling offers or inviting for sale offer for all real estate projects which are unregistered under the act, as a result, avoiding exploitation.
2. Development Authority /promoter in charge of the development of the project will have to disclose details about the project.
   • Project details for the current enterprise.
   • Brief of projects launched in the past 5 years.
   • Copies of Approval certifiacte and commencement certificate.
   • Performa of Allotment and Agreement to Sale.
   • The time period of completion.
3.  The development authority has to deposit 70% of revenue raised from allottees from time to time in a scheduled bank account also called an Escrow account
4. A practicing Chartered accountant has to approve the withdrawal of money from the escrow account.
5. Authority has to grant registration within 30 days of the date of application receipt not granted, the project shall be considered registered.
6. Registration extension can be granted only for a maximum of 1 year under reasonable circumstances.
7. If there is a receipt of a complaint against the project or development authority/promoter is in violation of any rules, the registration can be revoked.
8. Real estate agents also have to register themselves mandatorily if they wish to facilitate the sale/purchase of projects or properties.
9. Promoters can only take 10% of cost as an advance payment from the allottees
10. If a promoter wants to demand more than 10% of the advanced payment, they have to execute the agreement of sale and get it registered as well.
11. Promoters have to take prior approval from authority and approval from 2/3rd of the allottees for transferring the project to another party
12. The insurance now extends to the title of land, the building of project in addition to the construction.
13. The promoter has to execute Registered Deed Conveyance in accordance with state laws if any present. However, in the absence of such laws, Promoter shall execute a Registered Deed Conveyance within 3 months of issue of occupancy certificate.
14. Allottees can claim appropriate compensation if a defect in workmanship, quality or provision of utilities is notified within 5 years of handing over of possession and not rectified within 30 days.
15. Non-Compliance of rules and regulations will lead to the execution of penal provisions of 10% of project cost and up to 3 years of imprisonment.
16. Allottees can exercise the right to appropriate compensation in case promoter fails to deliver possession of plot/apartment.
    • If allottee wishes to withdraw from the project, they will receive compensation and interest as per the rules of the act.
    • If allottee does not wish to withdraw, they will receive interest for every month of delay at a pre-determined rate.

Hindrances to Implementation of RERA

RERA act has undergone extensive negotiations in the past 9 years which has resulted in a well-documented piece of legislation. However, even after having provisions for regulations there are many challenges for proper execution of the RERA act.

Listing down the most glaring of drawbacks of the RERA act.

1. Depositing 70% money in escrow account could come as a source of confusion.
2. The responsibility of informing about transactions is on the builders who can manipulate the opportunity.
3. There is a conflict of interest in asking for approval of Engineers, CA for withdrawing money since they are paid by builders and the CA is almost always likely to make reports in favor of builders.
4. Delays and Disputes in the withdrawal of money could end up jeopardizing the project if these go to litigations.
5. Cost of land and project construction could be higher than 70% of the total project cost. In such scenarios raising of capital via borrowing could hike up the cost of project and interest rates ultimately affecting customers
6. The promoter should not be penalized for delays if the delay happens because of a delay of approval from the government
7. Allottees can receive appropriate benefits only after one year
8. Playing around the provisions of the act by politicians with conflict of interest.
9. Patchy implementation of regulations across the country.
10. REAT provisions implementation issues.
11. Difference between state laws and central laws on rights of land, land improvement and land colonization.

Conclusion

In conclusion of the Analysis of RERA, the act is a great initiative for regulating the real estate sector. The act will not only improve processing times but also help introduce transparency in the system. However, promoters, builders, and customers should exercise caution due to issues like political reluctance hindering the implementation. There is, however, still a huge scope for improvement in the implementation of the act and it needs legislative amendments by consulting stakeholders. On a positive note, however, a legislation which attempts to improve the regulation of real estate sector is a breath of fresh air in the system.

If you’re in the process of your RERA Registration,  consider taking professional help from our experts at LegalRaasta.

Shoot us an e-mail at contact@legalraasta.com or ring us up at +91-8750008585.

The post Analysis of RERA Real Estate(Regulation and Development) Act, 2016 appeared first on LegalRaasta Knowledge portal.