Description
Taxmann Maharashtra RERA Law & Practice 1st Edition 2021 by Ramesh S. Prabhu, Kaushik Sampat, S.S. Sandhu, Gautam Chatterjee
WIRC’s Maharashtra RERA Law & Practice covers the Real Estate Regulating Authority Act (RERA) along with Rules, Regulations, Notifications, Circulars & relevant Case Laws for complying with the provisions of RERA. The book aims to organise the learnings of RERA implementation (since its inception) & correlating the legal provisions (such as Circulars, Orders, etc.) to give a complete picture of the law
This book incorporates the perspectives of the following stakeholders:
Representatives of Self-Regulating Organisations
Brihanmumbai Developers Association
CREDAI-MCHI
NAREDCO
Builders Association of India
Representatives of Association of Allottees & Professional Bodies
PEATA
Bar Association of MahaRERA & MahaREAT
Members of WIRC of ICAI
Mumbai Grahak Panchayat
Confederation of Residents Welfare Association
Maharashtra Cooperative Housing Federation Ltd.
Maharashtra Societies Welfare Association
Mumbai District Cooperative Housing Federation
Women Legal Forum for CHS
Engineers Associations
This book will be helpful to the following:
Chartered Accountants
Advocates
Promoters & Investors
Real Estate Agents
Allottees (including Association of Allottees), Flat Purchasers
Policy Makers, RERA Authorities & Officials from the RERA Appellate Tribunal
Engineers
Contractors & Architects
Project Management Consultants
Developers & Development Managers
The Present Publication is the 1st Edition, authored by the study group of industry experts & representatives from all stakeholders, edited by CA Ramesh S. Prabhu & co-edited by CA Kaushik Sampat, reviewed under the guidance of Hon’ble Shri S.S. Sandhu, Shri. Gautam Chatterjee, Shri. Sumant Kolhe, Shri. B.D. Kapadnis & Shri. D.R. Hadadare, with the following noteworthy features:
[Coverage of each aspect of Real Estate Transactions] with the following:
Necessary legal provisions
Steps & prescribed procedures for compliance (Standard Operating Procedures)
The consequential risk of violation and inviting penal actions
FAQs and the Judicial Rulings have been included to make the manual relevant and practice-oriented
Covering representation aspects of appearing before the Real Estate Regulatory Authority, Adjudicating Officer, Real Estate Appellate Tribunal
[Practical Manual in Simple Language] with the discussion of the provisions along with Rules, Orders, Regulations, and applicable Circulars for each particular chapter
[Practical Ready Referencer] The various formats, drafts and specimen are included in the manual, where the practitioner may accordingly decide to change the draft considering the facts and the relief claimed
[360° Coverage] This book covers the legal and practical aspects of Maharashtra RERA along with other legal provisions affecting the real estate transaction such as:
Income-tax Act
Goods & Services Act
Insolvency & Bankruptcy Code
Consumer Protection Act
Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act
Maharashtra Apartment Ownership Act
Transfer of Property Act, Stamp Duty & Registration
Prevention of Money Laundering Act
Foreign Exchange Management Act
Monopolistic and Restrictive Trade Practices Act
Development Control and Promotion Regulation
The detailed contents of the book are as follows:
General – Applicable to all Stakeholders
Overview of RERA, 2016
Journey & Implementation of RERA
Objective and Purpose of RERA
Real Estate Sector Deficiencies Addressed by RERA
The Authorities to Implement the Act
Powers and Functions of Real Estate Regulatory Authority
Powers and Functions of Adjudicating Officers
Central Advisory Council – Establishment and Functions
Real Estate Appellate Tribunal and its Functions and Powers
Promoter – From the Promoters Perspective
Promoter under RERA
Functions and Duties of Promoter
Registration of Real Estate Project – Legal Framework
Documents Required and the Process of Registration
Operation of RERA Designated Bank Account
A Financial Planning for Real Estate Projects
Project Updates to be Done by the Promoters
Procedure to Extend the Period of the Registration
Procedure for Amendment or Modification in the Sanctioned Plans
Transfer of Real Estate Project to Third Party
The Transfer of Title
Force Majeure and COVID Impact on Real Estate Sector
Advertising and Marketing Post RERA
Importance of End Date/Completion Date and Date of Possession under RERA
Change in Process and Procedure of Real Estate Business post-RERA
Car Parking Space and MahaRERA Circular
RERA Compliance Report by Chartered Accountant
Agent – From the Real Estate Perspective
Registration of Estate Agents – Legal Framework
Process to Obtain Registration for Real Estate Agent
Functions of the Real Estate Agent
Impact of RERA on Estate Agents
Changing Business Landscape for Realtors post RERA
Allottees – From the Allottees and the Association of Allottees Perspective
Revocation of Registration of the Project
Stalled Real Estate Projects and Revival
Alternative Investment Fund for Real Estate including SWAMIH FUNDS
Rights and Duties of Allottees
Association of Allottees
Remedies for Conveyance and Deemed Conveyance
Allottee Due Diligence before Purchasing Property
Professional – From Professional Perspective for CAs, Advocates, Engineers, Architects
Title Certificate
Allotment Letter, Agreement for Sale and Sale Deed
Role and Responsibilities of Architect under RERA
The Roles and Responsibilities of a Civil Engineer and Issue of Form 2 under RERA
Quality Assurance and Defect Liability under RERA
Certificate in Form 3 by Chartered Accountant
Audit by Chartered Accountant under MahaRERA (Form 616 No. 5)
Guidance Note on Accounting for Real Estate Transactions 668 (Revised 2012) and Revenue from Contracts with Customers (Ind AS-115)
Key Audit Challenges – Real Estate Sector
Real Estate Collaborations & Significance of Corporate Due Diligence
Redressal – Redressal System: Complaint, Appeal, Second Appeal, Conciliation
Source Complaints against Unregistered Projects for Registration
Complaint Filing and its Procedure
Process of an Inquiry by the Authority or Adjudication Officer
Appeals under RERA
Second Appeal before High Court
Execution of Orders of MahaRERA and Adjudicating Officer
Execution of a Decree under Code of Civil Procedure, 1908
Complaints by Association of Allottees
Offences and Penalties
MahaRERA Conciliation and Dispute Resolution Forum
MahaRERA Conciliation Forum Role Model of ADR in Real Estate Sector
Income Tax, GST – Taxation: Income Tax, GST, Stamp Duty and Registration
Income-tax Applicable on Real Estate Transactions
Overview of GST Implications of Real Estate Sector
Stamp Duty and Registration
Allied Laws – Other Allied Laws like MRTP, DCPR, IBC, Consumer Protection, etc.
Real Estate Laws of India
Salient Features of Maharashtra Ownership Flats Act, 1963 (‘MOFA’)
Comparison between MOFA and RERA
Overview of Maharashtra Apartment Ownership Act, 1970
Development Control Regulations and MahaRERA
Consumer Protection and RERA: Best Recourse to Allottees
Draft Format/Specimen of Consumer Complaint
Landmark Judgments of the Consumer Courts
Insolvency Resolution Process in Real Estate
Interplay of PMLA, Benami, FEMA with RERA
Miscellaneous – Topics Related to Real Estate Rulings & Redevelopment
Constitutional Validity of RERA
Analysis of Judgments
Society Redevelopment and RERA
Act and Rules – Act, Rules, Notifications, MahaRERA Orders and Circulars
The Real Estate (Regulation and Development) Act, 2016
Maharashtra Real Estate (Regulation and Development) (Registration of Real Estate Projects, Registration of Real Estate Agents, Rates of Interest and Disclosures on Website) Rules, 2017
Maharashtra Real Estate Regulatory Authority, Chairperson, Members Officers and other Employees (Appointment and Service Conditions) Rules, 2017
Maharashtra Real Estate (Regulation and Development) (Recovery of Interest, Penalty, Compensation, Fine Payable, Forms of Complaints and Appeal, etc.) Rules, 2017
Maharashtra Real Estate Appellate Tribunal (Members 1405 Officers and Employees) (Appointment and Service Conditions) Rules, 2017
Maharashtra Real Estate Regulatory Authority (Form of Annual Statement of Accounts and Annual Report) Rules, 2017
Maharashtra Real Estate Regulatory Authority (Recruitment and Conditions of Service of Employees) Regulations, 2017
Maharashtra Real Estate Regulatory Authority (General) Regulations, 2017
Maharashtra Real Estate Regulatory Authority (General) (Amendment) Regulations, 2019
Maharashtra Real Estate Regulatory Authority (General) (Second Amendment) Regulations, 2019
Constitution and Operations of Real Estate Regulatory Fund
MahaRERA Orders and Circulars (Selected and Important)
Maharashtra Real Estate Appellate Tribunal Regulations, 2019
Circulars – Appellate Tribunal (Selected and Important)