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RERA for Real Estate Developers !

In order to escalate the responsibility and accountability towards consumers the RERA has mandated real estate developers (also known as real estate promoters) to register the project (measuring more than 500 square meters or more than eight apartments) and obtain a valid registration number before proceeding. He/she is not permitted to market, advertise or sell the units before the registration of the project. If the project is to be developed in phases then the developer have to obtain registration for each phase separately.

The developer is required to submit all the necessary documents related to the project as prescribed by RERA. It is mandatory for a real estate developer to open an escrow account in a bank recognized by the government and must deposit 70% of the total payment received from the consumer. He/she can withdraw the money and should solely use it for the development of the said project after getting it approved from an engineer, architect or chartered accountant.

If the developer fails to comply with the directions or violates the rules prescribed by RERA or the Appellate Tribunal then, he/she may face imprisonment up to three years with a fine of up to 10% of the total estimated cost of the project in question.

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RERA for Real Estate Agents !

RERA mandates intermediaries (including intermediary websites) to get themselves registered and retain a valid RERA registration number before facilitating any real estate deal on the behalf of any real estate developer. The intermediary is also required to maintain and preserve account logs and other documents as prescribed by the Act. Also, he/she must facilitate all information and provide any further assistance as prescribed by the Act to the consumer.

If the intermediary fails to comply with the duties and responsibilities prescribed by the RERA, his/her registration can be revoked. Further, he/she can be penalized up to Rs 10,000 per day, which may extend up to 5% of the total estimated cost of the unit in question. The intermediary can also face imprisonment up to one year if he/she breaches any orders given by the Appellate Tribunal.

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RERA for Real Estate Buyers/Consumers !

The main aim of Indian Real Estate (Regulation and Development) Act, 2016 (RERA) is to enhance transparency in the real estate related transactions by creating a systematic and a uniform regulatory environment, thereby protecting consumers’ interest and making real estate developers liable for timely completion of projects along with committed specifications, facilities and amenities.

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Welcome to Chartered Pro Advisors & Consultants LLP

Charteredpro Advisors & Consultants LLP offers innovative and cutting–edge solutions for a wide range of services, from financial advice, audits & assurance; Taxation in both Income tax and GST related works along with RERA Compliance's.

We believe in being partners of our clients while helping them to run their businesses and not a mere service provider. Since different businesses have different needs, we believe in investing time and resources to properly understand their requirements and do not go for “one size fits all” solutions. We have built a reputation in providing real value to our clients through out of the box thinking and a pragmatic approach towards problem solving. Charteredpro was established by a team of leading young Professionals from Assam, Jharkhand & Chhattisgarh.We not only take care of the compliances but also help our clients in recruiting, training and motivating their best talents and thus ensuring the business’ all round growth and success.

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