1. Presentation on the Real Estate (Regulation and Development) Act, 2016
Argus Partners
Solicitors & Advocates
1st Floor, 238B AJC Bose Road,
Kolkata
Mumbai I Delhi I Bangalore I Chennai

2. INTRODUCTION

3. Increase in spending power
Real Estate in India
Economic growth
Consumer awareness
Micro-markets
Increase in spending power

4. Spate of projects continually sprouting in highly-valued land
Real Estate in Kolkata
Spate of projects continually sprouting in highly-valued land
Easy accessibility in under-developed swathes of land
Upcoming East-West Metro Corridor and localities around it emerging as attractive micro-markets for new projects
Buyers are more aware of aspects of the industry
Developers investing in PR and visibility
Generation of greater interest in purchasing real estate

5. Real Estate Sector - Regulatory Overview
Town and country planning acts regulate land use and development.
Apartment ownership acts regulate individual ownership of apartments in buildings with multiple apartments.
Approvals for construction of real estate projects are primarily given at the local and state level.
Certain approvals are given by the central government.
Consumer grievances may be redressed through forums established under the Consumer Protection Act, 1986.
Unfair trade practices may be challenged under the Competition Act, 2002.
Regulatory Scenario governing Real Estate Project
Entry 18, List II: Land, that is to say, rights in or over land, land tenures including the relation of landlord and tenant, and the collection of rents; transfer and alienation of agricultural land; land improvement and agricultural loans; colonization.
Entry 6, List III: Transfer of property other than agricultural land; registration of deeds and documents.
Entry 7, List III: Contracts, including partnership, agency, contracts of carriage, and other special forms of contracts, but not including contracts relating to agricultural land.
Jurisdiction of Central and State Government in enacting laws dealing with Real Estate Sector

6. History of Evolution of the Act
2009
Ministry of Housing and Urban Poverty Alleviation published a Model Real Estate Regulation and Development Bill, to regulate and promote real estate and ensure consumer protection. The model bill provided a legislative framework which state governments could choose to adopt while enacting their own laws.
2013
UPA Government introduced Real Estate (Regulatory and Development) Bill, 2013 (“2013 Bill”).
The 2013 Bill was referred to Standing Committee on Urban Development.
2014
The Standing Committee laid its report in the Rajya Sabha on February 13, 2014 and in the Lok Sabha on February 17, 2014.
2015
Central Government introduced 117 amendments to the 2013 Bill on April 22, 2015.
2013 Bill and amendments were referred to Select Committee comprising of 21 Rajya Sabha members on May 6, 2015.
Select Committee’s Report presented to Rajya Sabha on July 30, 2015.
Approval of the Union Cabinet to the amended Bill received on December 9, 2015.

7. History of Evolution of the Act
Approved by Rajya Sabha on March 10, 2016 and by Lok Sabha on March 15, 2016.
By notification dated April 26, 2016, the following sections came into force with effect from May 1, 2016: sections 2, 20 to 39, 41 to 58, 71 to 78, 81 to 92.
By notification dated April 19, 2017, the following sections came into force with effect from May 1, 2017: sections 3 to 19, 40, 59 to 70, 79 and 80.
Act published in the official gazette on March 26, 2016.
Presidential assent received on March 25, 2016.
States and union territories which have notified rules under the Act – Andaman & Nicobar, Bihar, Chandigarh, Dadra & Nagar Haveli, Daman & Diu, Bihar, National Capital Territory of Delhi, Gujarat, Karnataka, Lakshadweep, Madhya Pradesh, Maharashtra, Odisha, Rajasthan, Uttar Pradesh and Uttarakhand.
States which have published draft rules under the Act – Haryana and West Bengal.

8. Macro Level Impact of the Act
The Act aims at establishing “a Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and for all matters connected therewith or incidental thereto.”
INDUSTRY
Promises to bring in transparency and accountability in the Real Estate Sector, by removing asymmetrical information dissemination.
Increase in confidence of purchasers and reduction on trust deficit between promoters and buyers is expected to have a positive effect on the real estate sector, with buyers being more enthused to invest in the sector.
Streamlining of the regulatory approval and move towards eventually achieving a single window system for approval.
PROMOTERS
Requirement of registering each real estate project prior to commencing sale process in such projects. For projects involving multi-phase development plan, each phase to be separately registered.
Emphasis on timely completion and delivery of the projects.
Utilisation of the amount received from the allottees linked with the project milestones.
Liability to the buyer for defect in title of the land.
BUYERS
Access to information for making informed choices.
Right to withdraw from the project in the event of misrepresentation or non-timely completion of the project.
Protection from change in the approved sanctioned plans.
Benefit of security regarding title of the land and the building.

9. Strictly Privileged & Confidential
ESTABLISHMENT OF RERA
Strictly Privileged & Confidential

10. Establishment of Real Estate Regulatory Authority (“RERA”)
Appropriate Government to establish 1 or more authority as RERA, within 1 year from date of coming into force of the Act.
RERA to exercise powers conferred on it and perform functions assigned to it under the Act.
Until formation of RERA, any regulatory authority/ officer, preferably secretary of the housing department to be designated as RERA.

11. Functions of the RERA
Register and regulate real estate projects and real estate agents registered under the Act.
Publish and maintain a website of records of all real estate projects for which registration has been given with prescribed details.
Maintain a database on its website of names and photographs of promoters as defaulters including the project details, including those for which registrations have been revoked or penalized under the Act.
Make recommendations to appropriate Government/ competent authority on creation of a single window system for ensuring time bound project approvals and clearances for timely completion of the project.
Ensure compliance with the Act.

12. REGISTRATION OF THE PROJECT Strictly Privileged & Confidential

13. Registration of real estate projects
What must be registered?
What is the timeline for registration of new projects, ongoing projects and projects developed in phases?
What is the validity period of registration?
In how many days is RERA mandated to grant or reject registration?
When can registration be revoked? What are the consequences of revocation?

14. What must be registered?
Any new project or any ongoing project, for which the completion certification has not been issued on the date of commencement of the Act, would be required to be registered with the RERA, in the event the following conditions are satisfied:
Project is within the planning area so designated by the relevant authority. RERA may extend the requirement of registration to projects developed beyond the planning area also.
Project area exceeds 500 square meters.
Project comprises of apartments, number of such apartments being constructed exceeding 8 in number, inclusive of all phases.
Project does not involve merely renovation, repair or re-development, and involves marketing, advertising, selling or new allotment of any apartment, plot or building, as the case may be.

15. Application Process Promoter RERA Registration certificate
No new project promotions / advertisements/ marketing permitted before registration.
Application for registration to contain:
•Details of the enterprise including its name, registered address etc.;
•Details of the projects launched, in past 5 years including current status, details of cases pending, if any;
•Certified true copy of the commencement certificate from the appropriate authority (each phase);
•Sanctioned plan, layout plan, specifications and commencement certificate from competent authority.
•Development works plan and proposed facilities;
•Sample agreements proposed to be signed with the allottees;
•Number and the carpet area of apartments in the project;
•Names and addresses of real estate agents, if any, for the proposed project;
•Declaration, supported by an affidavit, signed by the Developer or any person authorized by the developer, stating
−that the developer has a legal title to the land;
−land is free from all encumbrances;
−Approximate period for completion of project.
Promoter
Makes an application
RERA
Grant of registration within 30 days
Registration certificate
Failure to register within 30 days
Deemed registration
7 days
Allotment of registration number

16. Registration of Ongoing Projects
Projects completed with the completion certificate issued as on the date of commencement of the Act
Does not require any registration with the RERA.
Project completed, however completion certificate is pending as on the date of commencement of the Act
Registration within 3 months from the date of notification of registration provisions under the Act.
All ongoing projects
Registration within 3 months from the date of notification of registration provisions under the Act.

17. Validity and Extension of Registration
VALIDITY PERIOD
Period specified by promoter in his declaration supported by an affidavit and duly signed at the time of submission of the application.
EXTENSION ON PAYMENT OF FEES
If project is delayed due to any natural calamity or war affecting the regular development of project.
If project is delayed not due to the default on part of the promoter, in reasonable circumstances and based on the facts, the registration may be extended for not more than one year in aggregate.
ISSUES
While the validity of registration for a project, which is expected to be co-terminus with the project itself, can be extended in the event of a force majeure incident or in other reasonable circumstances, the Act allows an allottee to demand possession of the unit within the period initially specified by the promoter. It is not clear whether the extension of time limit granted by the authority would be taken into account.
Definition of ‘force majeure’ for which extension can be sought is limited to only natural events (except for war) and does not factor in other standard force majeure events, such as change in law, non-availability of raw materials and strikes (not involving the personnel of the promoters).

18. Grounds for Revocation of Registration
RERA may revoke registration on any of the following grounds by giving a notice of not less than 30 days:
Promoter making default in doing anything required by or under the Act or the rules or regulations made thereunder;
Promoter violating any of the terms or conditions of the approval given by the competent authority; or
Promoter being involved in any kind of unfair practice or irregularities.
Promoter to be given an opportunity of being heard before revocation.
RERA also retains the right to impose additional terms and conditions upon the defaulting promoter, as opposed to revocation of the registration.

19. Consequences of Revocation of Registration
RERA’S POWER
Debar promoter;
Facilitate remaining development works;
Direct the bank to freeze the bank account; and
Consult appropriate Government to take such action as may be deem fit.
PROMOTER’S OBLIGATIONS
If due to revocation, promoter fails to complete or is unable to give possession and thus the allottee wishes to withdraw from the project, the promoter becomes liable, on demand, to the allottee, to return the amount received by him in respect of the unit, with interest at prescribed rate, including compensation in prescribed manner.
ALLOTTEE’S DISCRETION
Alternatively, if the allottee does not intend to withdraw from the project, the promoter becomes liable to pay him interest for every month of delay, till the handing over of the possession of the unit at prescribed rate.

20. OBLIGATIONS OF THE PROMOTER

21. Who is a Promoter? PROMOTER
A person who constructs building for the purpose of selling
A person who develops land into a project for the purpose of selling
Any development authority or any other public body
Apex State level co-operative housing finance society and a primary co-operative housing society
Any other person acting as builder, contractor, developer or claims to be acting as the holder of a power of attorney from the owner of land
Such other person who constructs any building or apartment for sale to general public

22. Disclosure Requirements for Promoter
Details of enterprise including name, registered address, type of enterprise, names & photographs of promoter, past experience in executing projects in last 5 years; and
Details of project along with sanctioned plans, pro forma of allotment letter, agreement for sale and conveyance.
While applying for registration
Quarterly up-to date information on webpage created on RERA website of: (i) number and types of apartments or plots; (ii) number of garages booked; (iii) approvals taken and pending subsequent to commencement certificate; (iv) status of project; and (v) such other information as may be specified by RERA.
Upon receipt of registration
Sanctioned plans, layout plans, along with specifications, approved by competent authority, by display at the site or such other specified place; and
Stage-wise time schedule of completion of project, including the provisions for civic infrastructure like water, sanitation and electricity.
During booking & issue of allotment letter

23. Manner of Utilization of Advance and Deposit by Promoter
Prohibited from accepting more than 10% of cost of unit as advance without entering into an agreement for sale and registering the same.
Deposit 70% of amount realized from allottee in a separate bank account to cover cost of construction and land, withdrawal from which permissible only in proportion to percentage of completion of project.
Get his accounts audited within 6 months of end of every financial year and get statement of accounts verified, certifying that amounts collected for a project are utilized accordingly in compliance with project milestones.

24. Adherence to Sanctioned Plans
Promoter is required to develop project in accordance with the sanctioned plans and specifications as approved by the competent authorities. Deviation from such plans, not being in the nature of minor additions or alterations, would require the following:
Approval of allottee for minor additions or alterations, without making major changes to the sanctioned plans.
Approval of 2/3rd of allottees for any other additions or alterations in the sanctioned plans.

25. Maintaining Insurance
The Promoter is required to obtain insurances in respect of the project, inter alia, including:
in respect of title of the land and building as part of real estate project; and
construction of real estate project.

26. Defect Liability Period
TYPES OF DEFECTS COVERED
Structural defect or any other defect in workmanship, quality or provision of services or any other obligations of promoter as per agreement for sale
LIABILITY PERIOD
5 years from the date of handing over of possession
DUTY OF PROMOTER
Rectify such defects without further charge within 30 days. If promoter fails to rectify defects within such time, the aggrieved allottee shall be entitled to receive appropriate compensation.

27. Miscellaneous Obligations of a Promoter
Obtain completion certificate/occupancy certificate from competent authority & make it available to allottees or association of allottees.
Obtain lease certificate if project is on leasehold land specifying period of lease & certifying all dues and charges.
Providing & maintaining essential services till taking over of maintenance of project by association of allottees.
Enable formation of an association/ society/ co-operative society, within a period of 3 months (in absence of local laws)
Execute and register conveyance deed in favour of the allottee, pay outgoings until project is transferred to association of allottees.
Upon execution of agreement for sale, not create mortgage or charge on such apartment, plot or building.

28. Restrictions on a Promoter
Creation of mortgage or charge on any unit, after the execution of an agreement for sale in relation to such unit.
Transferring or assigning his majority rights and liabilities in respect of a project to a third party without obtaining the prior approval of RERA.
Issue: Whether indirect transfer of body corporate is prohibited? Or whether transmission of interest barred?

29. ADJUDICATION MECHANISM

30. Complaints before RERA
Aggrieved person may file complaint to RERA against any promoter, allottee or real estate agent.
On receipt of complaint by an aggrieved, RERA shall call upon any person to make an inquiry and conduct investigation.
RERA may issue interim orders prohibiting any promoter, allottee or real estate agent from carrying on work & issue directions if required.
RERA has power to impose penalty or make reference to Competition Commission of India if issue adversely affects allottees.
RERA may recover as arrears of land revenue as penalty or compensation from any promoter, allottee or real estate agent.
RERA has power to amend orders within 2 years.

31. Complains before Tribunal
Act mandates establishment of Real Estate Appellate Tribunal (“Tribunal”) within 1 year of its enactment.
Any person aggrieved from decision of RERA may prefer an appeal before the Tribunal within 60 days of such order.
Appeal by promoter shall not be entertained unless 30% of penalty or higher percentage has been deposited or total amount is paid (including interest & compensation).
On receipt of appeal, Tribunal to pass such interim orders & endeavor to dispose appeal within 60 days.
Tribunal may transmit its order to a civil court having local jurisdiction, for the purposes of its execution.
Appeal from order of may be filed before the High Court within 60 days from date of communication of order by Tribunal.

32. Who can appeal?
The appropriate Government or the competent authority or any person aggrieved by any direction or order or decision of RERA or the adjudicating officer may prefer an appeal to the Tribunal.
[As per the Act, “person" shall include the association of allottees or any voluntary consumer association registered under any law for the time being in force.]

33. Limitation Period and Prior Deposit
Within 60 days from the date on which a copy of the direction/ order/ decision made by RERA or adjudicating authority is received by the applicant.
Condonation of delay may be allowed if Tribunal is satisfied that there was sufficient cause for the delay.
Limitation Period
In case of appeal filed by promoter, prior deposit of at least 30% of the penalty, or such higher percentage as may be determined by the Tribunal, or the total amount to be paid to the allottee including interest and compensation imposed on him, if any, or with both, as the case may be.
Prior Deposit

34. Procedure to be followed by Tribunal
Tribunal not bound by procedure laid down under CPC and rules of evidence contained in the Indian Evidence Act, It shall have the power to regulate its own procedure but shall be guided by the principles of natural justice.
All proceedings before the Tribunal deemed to be judicial proceedings within the meaning of Sections 193, 219 and 228 for the purposes of section 196 of IPC, and the Tribunal shall be deemed to be civil court for the purposes of section 195 and Chapter XXVI of CrPC.
Orders of Tribunal to be executable as decree of civil court.
Tribunal to have same powers as a civil court under CPC in respect of certain matters specified under Section 53(4) of the Act.

35. Right to Legal Representation
The applicant may either appear in person or authorise one or more chartered accountants or company secretaries or cost accountants or legal practitioners or any of its officers to present its case before the Tribunal or RERA or the adjudicating officer, as the case may be.

36. Appeal to High Court Limitation Period Grounds
Within 60 days from the date on which decision/order of Tribunal is communicated to the applicant.
Condonation of delay may be allowed if Tribunal is satisfied that there was sufficient cause for the delay.
Limitation Period
Any one or more of the grounds specified in section 100 of the code of civil procedure, 1908.
No appeal shall lie against any decision/ order made by the Tribunal with the consent of parties.
Grounds

37. Bar on civil court’s jurisdiction
In terms of Section 79 of the Act, civil court’s jurisdiction has been barred from entertaining any suit or proceeding in respect of any matter which the authorities constituted under the Act are empowered by or under the Act to determine.

38. Is consumer forum’s jurisdiction barred?
The jurisdiction of consumer forums are not expressly barred, so technically, one can still proceed before a consumer forum for relief under the Act.

39. PENALTY

40. Penalty imposed on Promoter
Section
Nature of contravention
Penalty payable 60
Providing false information or any contravention of section 4 (application for registration of real estate project)
5% of the estimated cost of the real estate project. 61
Contravention of any other provisions of the Act excepting section 3 or 4
5% of the estimated cost of the real estate project 63
Failure to comply with or in event of contravention of any order of the Authority
Penalty payable for every day during which such default continues which may cumulatively extend up to 5% 64
Failure to comply with orders, decisions or direction of the appellate tribunal
Imprisonment up to 3 years or fine for everyday of continuing default which may cumulatively extend up to 10%
59(1)
Failure to adhere to the registration requirement
Penalty which may extend up to 10% of the estimated cost of project, failing which promoter becomes liable to be imprisoned for up to 3 years or fine which may extend up to further 10% of the estimated cost of the project

41. Penalty imposed on Allottee
Section
Nature of contravention
Penalty payable 67
Failure to comply with or contravention of orders, decisions or direction of the appellate Tribunal
Penalty for the period during which such default continues which may cumulatively extend up to 5% of the plot apartment or building. 68
Failure to comply with or contravention or the orders or direction of the Appellate tribunal
Imprisonment which may extend up to 1 year or with fine for every day during which such default continues which may cumulatively extend up to 10% of plot, apartment or building cost.

42. INTERPLAY BETWEEN ACT AND STATE LEGISLATIONS

43. Interplay between Act and State Legislations
Several states have enacted or are in the process of enacting laws, whose area of operation may overlap with that which is proposed to be governed under the Act. For instance, Maharashtra Housing Regulation and Development Act, 2012 (“Maharashtra Act”) in the State of Maharashtra, and West Bengal Building (Regulation of Promotion of Construction and Transfer by Promoters) Act, 1993 (“West Bengal Act”) in the State of West Bengal. Whilst Section 92 of the Act expressly repeals the Maharashtra Act, no similar provision exists for West Bengal Act, which contain provisions inconsistent with the Act. Constitutional Provision on Repugnancy between State and Central Legislations Article 254: (a) In the event of repugnancy between Central and State legislations on any provision of an existing law with respect to matters specified in the concurrent list, the law made by Parliament will prevail. (b) Where however a law passed by the State comes into collision with a law passed by Parliament on an Entry in the Concurrent List, the State Act shall prevail to the extent of the repugnancy and the provisions of the Central Act would become void provided the State Act has been received presidential assent. However, such assent cannot confer validity on the State law with reference to subsequent Central law or amendment made to Central law. Act vis-à-vis other legislations Section 88: The provisions of this Act shall be in addition to, and not in derogation of, the provisions of any other law for the time being in force. Section 89: The provisions of this Act shall have effect, notwithstanding anything inconsistent therewith contained in any other law for the time being in force.

44. Comparison between Act and West Bengal Act
Provision
Act
West Bengal Act
Regulator
RERA
No separate authority created, authorised officer of state government can register projects.
Territorial application
In planning areas, unless extended in consultation with local authority.
In notified areas where the legislation has been made effective.
Projects covered
Real estate (whether residential or commercial, whether apartments or plots) projects above 500 sq. mtrs. or 8 apartments.
Only residential units.
Registration
Registration of each real estate project, and not that of the promoters
Registration of the promoters and separate permissions for construction.
Application for registration
Before any advertisement, booking, offering for sale or inviting persons to purchase any unit.
90 days before the commencement of the construction of building in any notified area.

45. Comparison between Act and West Bengal Act
Provision
Act
West Bengal Act
Timeline for grant of registration
Within 30 days of receipt of application, failing which, deemed registration.
No timeline specified.
Validity period for registration
Validity to be for the period that the Promoter declares within which project is to be completed; Extension may be provided in specified circumstances, subject to maximum limit.
Certificate of registration to remain valid for 10 years from the date of issuance and renewable for a period of not exceeding 5 years at a time.
Permission for construction to be valid for a period of 5 years, and extendable for further period not exceeding 2 years in aggregate.
Execution of agreement for sale prior to receipt of advance
Restriction on accepting advance of more than 10% of the cost of the unit before execution and registration of an agreement for sale.
Execution of written agreement required before acceptance of any advance payment or deposit. However, Rule 8A provides that upto 40% of the total price payable for the flat may be received before the entering into of the agreement.
Separate account to be maintained
70% of amount collected from buyers must be kept in a separate bank account and only be used for construction.
No provision.

46. Comparison between Act and West Bengal Act
Provision
Act
West Bengal Act
Timeline for formation of association of Allottees
Within a period of 3 months of the majority of allottees having booked their plot or apartment or building
After obtaining occupancy certificate and within 2 months after a minimum number of persons required to form an association have taken flats.
Alteration of the sanctioned plans
Alteration to sanctioned plans, layout plans possible upon obtaining written consent of 2/3rd of the allottees (other than the promoter).
Alteration to sanctioned plans, layout plans possible upon obtaining consent of all allottees and the sanctioning authority.
Defect Liability Period
Defects to be brought to the notice within a period of 5 years from the date of taking possession.
Defects to be brought to the notice within a period of 1 year from the date of taking possession.
Liability and Subject matter of insurance
Promoter to insure the title of the land and building and construction of the project.
Promoter to insure loss or death with any general insurance company caused by defect in land and building and pay required premium.

47. Conclusion
It is hoped that the implementation of the Act would result in establishing a level playing field between the developers and the allottees, which in turn would help inspire confidence of buyers to invest in new projects.

48. Questions?

49. Thank You Solicitors & Advocates
Mumbai I Delhi I Bangalore I Chennai I Kolkata

50. Definition of Ongoing Projects
The Uttar Pradesh Real Estate (Regulation and Development) Rules, 2016
The Karnataka Real Estate (Regulation and Development) Rules, 2017
The Rajasthan Real Estate (Regulation and Development) Rules, 2016
Ongoing Project means a project where development is going on and for which completion certificate has not been issued but excludes such projects which fulfil any of the following criteria on the date of notification of these rules:
where services have been handed over to the Local Authority for maintenance.
where common areas and facilities have been handed over to the Association or the Residents’ Welfare Association for maintenance.
where all development work have been completed and sale/lease deeds of sixty percent of the apartments/houses/plots have been executed.
where all development works have been completed and application has been filed with the competent authority for issue of completion certificate.
For the purpose of this rule, “ongoing project” means a project where development is going on and for which completion certificate has not been issued but excludes such projects which fulfill any of the following criteria on the date of notification of these rules, namely:-
in respect of layouts where the streets and civic amenities sites and other services have been handed over to the Local Authority and Planning Authority for maintenance;
in respect of apartments where common areas and facilities have been handed over to the registered Association consisting of majority of allottees;
where all development works have been completed as per the Act and certified by the competent agency and sale/lease deeds of sixty percent of the apartments/houses/plots have been registered and executed;
where all development works have been completed as per the Act and certified by the competent agency and application has been filed with the competent authority for issue of completion certificate /occupation certificate; and
where Partial occupancy certificate is obtained to the extent of the portion for which the partial Occupancy Certificate is obtained.
For the purpose of this rule “ongoing project” means a project where development is going on and for which completion certificate has not been issued but excludes such projects which fulfill any of the following criteria on the date of commencement of relevant provisions of the Act:-
(i) Where common areas and facilities have been handed over to the association of allottees or the competent authority, as the case may be, for maintenance;
(ii) Where sale/ lease deeds or possession letter of minimum sixty percent of the apartments/ houses/plots in the phase/ project have been executed;
(iii) Where all development works have been completed and completion certificate has been obtained from chartered engineer in practice as per prevalent Township Policy;
(iv) Where completion certificate has been obtained from the competent authority or where all development works have been completed and application has been filed with the competent authority;
(v) Where development is done in phases then each phase shall be considered as a separate project and the phases which fulfill any of the above conditions shall be excluded;
(vi) Where competent authorities/local bodies have started issuing lease deeds for plots by organizing camps or otherwise in township schemes; or
(vii) Where services have been handed over to the local authority for maintenance or more than fifty percent of the development charges for the same have been deposited to the local authority.

51. Rate of Interest State Rate of Interest Bihar
2% percent above the State Bank Prime Lending Rate. If such rate is not in use, it will be replaced by such benchmark lending rates which State Bank of India may fix from time to time for lending to the general public.
Gujarat
Contractual rate mutually agreed by the parties. If no rate is mutually agreed, it shall be the rate which is prevalent as per the existing directives of the Reserve Bank of India i.e. marginal cost of lending rate State Bank of India prime lending rate plus 2%.
Madhya Pradesh, West Bengal
State Bank Prime Lending Rate plus 2%
Maharashtra, Odisha, Rajasthan, Union Territories, Uttarakhand
SBI highest marginal cost of lending rate plus 2%. If such rate is not in use, it will be replaced by such benchmark lending rates which SBI may fix from time to time for lending to the general public.
Karnataka
State Bank of India highest marginal cost of lending rate plus 2%

52. Waiver of fees of application for extension
Fee may be waived at authority’s discretion
Gujarat, Madhya Pradesh, Maharashtra, Rajasthan, Uttar Pradesh, West Bengal
No fee payable
Bihar, Karnataka, Odisha, Uttarakhand, Union Territories

53. Period for Extension of Registration
Not beyond the period permitted under local laws
Bihar, Karnataka, Madhya Pradesh, Rajasthan, Uttarakhand, Uttar Pradesh, West Bengal
No specific time period
Gujarat, Karnataka, Maharashtra, Odisha

54. Revocation of Registration
Gujarat Real Estate (Regulation and Development) (General) Rules, 2017
and
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
Prior to the revocation of registration of real estate project, the authority shall also give notice to the concerned competent authority which has granted approval to the real estate project and association of allottees (if any). In case the association of allottees is not formed, the authority may in its discretion, also give notice to the allottees, to submit their say in that behalf.
The authority shall also give adequate opportunity of being heard to any party which through defined instrument of debt or equity have created third party interest in the real estate projects.

55. Timeline for Refund 30 days Bihar and Karnataka
West Bengal, Uttar Pradesh, Rajasthan, Madhya Pradesh, Andaman, Odisha, Karnataka, Uttarakhand, Gujarat
60 days
Maharashtra (Every instance of refund must be reported by the promoters to the authority within 30 days.)

56. Separate Account – Ongoing Projects
States
Particulars
Bihar, Odisha, Union Territories, Uttarakhand
Within a period of 3 months of application for registration promoter to deposit under separate bank account 70% of the amounts already realized from the allottees which have not been utilized for construction of the project.
Karnataka
Within a period of 3 months of application for registration promoter to deposit under separate bank account 70% of the amounts already realized from the allottees which have not been utilized for construction of the project. that if receivable of the ongoing project is less than the estimated cost of balance construction, then promoter must deposit 100% of the amounts to be realised in the separate account.
Gujarat
70% of the balance amounts which are to be realised to be deposited in a separate account.
Maharashtra
For projects in which all buildings or wings as per sanctioned plan have not received any occupancy certificate or completion certificate, 70% of the amount realised from allottees shall be deposited. In the event the estimated receivables is less than estimated cost, then 100% of amount to be realised from the allottees shall be deposited
Madhya Pradesh, Rajasthan, Uttar Pradesh, West Bengal
Not specified.