Yes rera is applicable to you. It's applicable after 1st may 2017.
Rera rule
1. We have approved plan in a land which we are planning to sell. In approved plan there are 29 Bungalows of around 200 Sq. Meters each. The land is in SUDA (Surat Urban Development Area) and not in Corporation yet. 2. We have constructed Plinth and have also obtained Plinth Check certificate from SUDA (Surat Urban Development Area) for these 29 Bungalows in July 2017. 3. We are planning to sell this land to 6 owners who will be purchasing 5-6 plots in their individual heads. 4. Would RERA be applicable to SELLER? 5. Would RERA be applicable to BUYER who is going to construct bungalow and sell to third party. 6. There are total 6 land owners and none of them are having 5-6 plots in a row. eg. Owner 1 will have plot number 1,3,5,7,9,11 & 13.
Asked 6 years ago in Property Law
Religion: Hindu
9 Answers
RERA will be applicable to all real estate project having plot area more than 500 sqmt. This limit is the threshold and project below this threshold will not come under purview of RERA.
You should register under RERA
2) buyer should also register under RERAb
Development of land into plot for the purpose of selling all or some of the plots are real estate project as defined in RERA. Hence RERA will be applicable to both buyers and sellers.
We have decided to sell the land but there is question of land deduction if entire Sale Deed is executed in a single name. So in order to save the land, we are thinking of selling it as individual plots. Our approved plan consists of Bungalow but we are willing to sell them only land with work completed up to plinth area. RERA registrations accept only what is stated on approved plan. What could be the best possible solution in this case?
Asked 6 years ago
If You sell the land as whole RERA will not be applicable.
Divide the land among the present owners and sell each one's portion of land to other as a whole. Point is you can sell your portion of land in parts without any developments but when you develop the land into plots for selling it will be treated as real estate project.
You must sell as per plans approved by muncipal corporation
I doubt if you get some buyer in the aforesaid arrangements of sale
The Real Estate Act makes it mandatory for all commercial and residential real estate projects where the land is over 500 square metres, or eight apartments, toregister with the Real Estate Regulatory Authority (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution.
On successful registration, the promoter of the project will be provided with a registration number, a login id, and password for the applicants to fill up essential details on the website of the RERA. For failure to register, a penalty of up to 10 percent of the project cost or three years' imprisonment may be imposed.
The Act prohibits unaccounted money from being pumped into the sector and as of now 70 per cent of the money has to be deposited in bank accounts through cheques is now compulsory.
A major benefit for consumers included in the Act is that builders will have to quote prices based on carpet area not super built-up area, while carpet area has been clearly defined in the Act to include usable spaces like kitchen and toilets
For plotted development, adeveloper has to register under RERA to get OC/CC otherwise he will be penalised. A developer gets release of sites in a plotted development.” ... After this if the project is completed and sold, then RERA registration may not be a problem.
After implementing the Act in urban areas, RERA decided to take real estate projects in rural areas under its ambit. ... Sources said (RERA) will now impose 10% of the project cost on developers who will not register their ongoing projects with the regulatory.
RERA registration has been made mandatory in Gujarat state.
You may decide about the sale of plots even though you have already obtained approval of plinth.
In my opinion, it will be safe if you go by the legally valid mode for selling to avoid future legal hassles in this aspect.