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Ladakh Real Estate (Regulation and Development) General Rules, 2020 : Gazette Notification

Ladakh Real Estate (Regulation and Development) General Rules, 2020 : Gazette Notification  MINISTRY OF HOUSING AND URBAN AFFAIRS  NOTIFICAT...

Ladakh Real Estate (Regulation and Development) General Rules, 2020 : Gazette Notification

 MINISTRY OF HOUSING AND URBAN AFFAIRS 
NOTIFICATION

New Delhi, the 8th October, 2020

Ladakh Real Estate

G.S.R. 619(E).—In exercise of the powers conferred by section  84 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016), the Central Government hereby makes the following rules, namely:—

CHAPTER I PRELIMINARY

1. Short title and commencement. — 

(1) These rules may be called the Ladakh Real Estate (Regulation and Development) (General) Rules, 2020.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. Definitions.— (1) In these rules, unless the context otherwise requires,-

  • (a) “Act” means the Real Estate (Regulation and Development) Act, 2016 (16 of 2016);
  • (b) “appropriate Government” means the Central Government;
  • (c) “association of allottees” means a collective of the allottees of a real estate project, by whatever name called, registered under any law for the time being in force, acting as a group to serve the cause of its members, and shall include the authorised representatives of the allottees;
  • (d) “authenticated copy” shall mean a self-attested copy of any document;
  • (e) “authority” means Real Estate Regulatory Authority established under the Act;
  • (f) “form” means a form appended to these rules;
  • (g) “section” means a section of the Act.

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(2) Words and expressions used but not defined in these rules, but defined in the Act, shall have the meanings respectively assigned to them in the Act.

CHAPTER II  REAL ESTATE PROJECT

3. Information and documents to be furnished by promoter.— 

(1) A promoter shall furnish the following information and documents, along with those specified under section 4 of the Act, for registration of the project with the Authority, namely:-

  • (a) authenticated copy of the PAN card of the promoter;
  • (b) annual report including audited profit and loss account, balance sheet, cash flow statement, directors report and the auditors report of the promoter for the immediately preceding three financial years; and where annual report is not available, the audited profit and lost account, balance sheet, cash flow statement and the auditors report of the promoter for the immediately preceding three financial years;
  • (c) the number of open parking areas and the number of covered parking areas available in the real estate project;
  • (d) authenticated copy of the title deed of the land on which development of project is proposed along with legally valid documents for chain of title with authentication of such title;
  • (e) details of encumbrances on the land on which development of project is proposed including details of any rights, title, interest, dues, litigation and name of party in or over such land or non-encumbrance certificate through an advocate having experience of atleast ten years or from the revenue authority not below the rank of tehshildar, as the case may be;
  • (f) where the promoter is not the owner of the land on which development of project is proposed, details of the consent of the owner of the land along with a copy of the collaboration agreement, development agreement, joint development agreement or any other agreement, as the case may be, entered into between the promoter and such owner and copies of title and other documents reflecting the title of such owner on the land on which project is proposed to be developed;
  • (g) name, photograph, contact details and address of the promoter if it is an individual and the name, photograph, contact details and address of the chairman, partners, directors, as the case may be, and the authorised person in case of other entities.

(2) An application to the Authority for registration of the real estate project shall be made in writing in Form ‘A’, in triplicate, until the procedure is made web based for filing of such application.

(3) The promoter shall pay registration fee at the time of registration by way of a demand draft or a bankers cheque drawn on any scheduled bank or through online payment mode, as the case may be, for a sum calculated at the rate of,-

  • (a) in case of group housing project- five rupees per square meter for projects where the area of land proposed to be developed does not exceed one thousand square meters; or rupees ten per square meter for projects where the area of land proposed to be developed exceeds one thousand square meters, but shall not be more than five lakhs rupees;
  • (b) in case of mixed development (residential and commercial) project- ten rupees per square meter for projects where the area of land proposed to be developed does not exceed one thousand square meters; or fifteen rupees per square meter for projects where the area of land proposed to be developed exceeds one thousand square meters, but shall not be more than seven lakhs rupees;
  • (c) in case of commercial projects- twenty rupees per square meter for projects where the area of land proposed to be developed does not exceed one thousand square meters; or twenty five rupees per square meter for projects where the area of land proposed to be developed exceeds one thousand square meters, but shall not be more than ten lakhs rupees;
  • (d) in case of plotted development projects- five rupees per square meter, but shall not be more than two lakhs rupees.

(4) The declaration to be submitted under clause (l) of sub-section (2) of section 4, shall be in Form ‘B’.

4. Additional disclosure by promoters of ongoing projects.— 

(1) The promoter of an ongoing project which has not received completion certificate shall, within a period of three months from the date of commencement of the Act, make an application to the Authority as specified in rule 3.

(2) The promoter shall disclose the following information, in addition to disclosures specified in rule 3 namely:-

  • (a) the original sanctioned plan, layout plan and specifications and the subsequent modifications carried out, if any, including the existing sanctioned plan, layout plan and specifications;
  • (b) the total amount of money collected from the allottees and the total amount of money used for development of the project including the total amount of balance money lying with the promoter;
  • (c) status of the  project (extent of development carried out till date and the extent of development pending) including the original time period disclosed to the allottee for completion of the project at the time of sale including the delay and the time period within which he undertakes to complete the pending project, which shall be commensurate  with  the  the  extent  of  development  already  completed,  and  this information shall be certified by an engineer, an architect and a chartered accountant in practice.

(3) The promoter shall disclose the size of the apartment based on carpet area, even if earlier sold on any other basis such as super area, super built up area, built up area etc. which shall not affect the validity of the agreement entered into between the promoter and the allottee to that extent.

(4) In case of plotted development, the promoter shall disclose the area of the plot being sold to the allottees as per the layout plan.

(5) For projects that are ongoing and have not received completion certificate, on the date of commencement of the Act, the promoter shall, within a period of three months of the application for registration of the project with the Authority, deposit in the separate bank account, seventy per cent. of the amounts already realized from the allottees, which have not been utilized for construction of the project or the land cost for the project as required under sub-clause (D) of clause (l) of sub-section (2) of section 4.

5. Grant or rejection of registration of project.— 

(1) Upon the registration of a project, the Authority shall issue a registration certificate to the promoter in Form ‘C’.

(2) In case of rejection of  the application, the Authority shall inform  the applicant in Form ‘D’:

Provided that the Authority may grant an opportunity to the applicant to rectify the defects in the application within such time period as may be specified by it.

6. Extension of registration of project.— 

(1) The registration granted under the Act, may be extended by the Authority, on an application made by the promoter in Form ‘E’, in triplicate, until the application procedure is made web based, within three months prior to the expiry of the registration granted.

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(2) The application for extension of registration shall be accompanied with a demand draft or a bankers cheque drawn on any scheduled bank or through online payment mode, as the case may be, for an amount equivalent to half the registration fees as specified under sub-rule (3) of rule 3 along with an explanatory note stating the reasons for delay in the completion of the project and the need for extension of registration for the project, along with supporting documents:

Provided that where the promoter applies for extension of registration of the project due to force majeure, he shall not be liable to pay any fee.

(3) The extension of registration of the project shall not be beyond the period provided as per local laws for completion of the project or phase thereof, as the case may be.

(4) In case of grant of extension of registration, the Authority shall inform the promoter in Form ‘F’ and in case of rejection, the Authority shall inform the promoter about such rejection in Form ‘D’:

Provided that no application for extension of registration shall be rejected unless the applicant has been given an opportunity of being heard in the matter:

Provided further that the Authority may grant an opportunity to the promoter to rectify the defects in the application within such time period as may be specified by it.

7. Revocation of registration of the project.— 

Upon the revocation of registration of a project, the Authority shall inform the promoter about such revocation in Form ‘D’.

CHAPTER III REAL ESTATE AGENT

8. Application for registration by the real estate agent.— 

(1) Every real estate agent required to register, shall make an application in writing to the Authority in Form ‘G’, in triplicate, until the application procedure is made web based, along with the following documents, namely:-

  • (a) brief details of his enterprise including its name, registered address, type of enterprise (proprietorship, societies, partnership, company etc.);
  • (b) particulars of registration (whether as a proprietorship, partnership, company, society etc.) including the bye-laws, memorandum of association, articles of association etc., as the case may be;
  • (c) name, address, contact details and photograph of the real estate agent, if it is an individual and the name, address, contact details and photograph of the partners, directors etc., in case of other entities;
  • (d) the authenticated copy of the PAN card of the real estate agent;
  • (e) the authenticated copy of the address proof of the place of business.

(2) The real estate agent shall pay registration fee at the time of registration by way of a demand draft or a bankers cheque drawn on any scheduled bank or through online payment, as the case may be, for a sum of ten thousand rupees in case of the applicant being an individual or fifty thousand rupees in case of the applicant other than an individual.

9. Grant of registration to the real estate agent.— 

(1) On receipt of an application under rule 8, the Authority shall within a period of thirty days, either grant registration to the real estate agent or reject the application, as the case may be:

Provided that the Authority may grant an opportunity to the real estate agent to rectify the defects in the application within such time period as may be specified by it.

(2) Upon the registration of a real estate agent, the  Authority shall issue a registration certificate to the real estate agent in Form ‘H’.

(3) In case of rejection of the application, the Authority shall inform the applicant in Form ‘I’.

(4) The registration granted under this rule shall be valid for a period of five years.

10. Renewal of registration of real estate agent. ............................  Read More Click Here

Source : http://egazette.nic.in/WriteReadData/2020/222324.pdf

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Indian Govt Scheme - Sarkari Yojna - सरकारी योजना: Ladakh Real Estate (Regulation and Development) General Rules, 2020 : Gazette Notification
Ladakh Real Estate (Regulation and Development) General Rules, 2020 : Gazette Notification
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