RERA and Real Estate (Corporate) End-to-End RERA Compliance for Developers & Promoters

The Real Estate (Regulation and Development) Act, 2016 (RERA) has transformed the real estate sector from an unregulated prowess into a strictly monitored industry. For Builders, Promoters, and Real Estate Agents, RERA compliance is not optional—it is the license to exist. A single lapse in registration or disclosure can stall a multimillion-dollar project and lead to imprisonment.

At Online Vakil & CA, we act as the regulatory partners for real estate developers. We don't just file forms; we structure your project's legal framework to ensuring seamless compliance from the Bhoomi Pujan to the formulation of the Occupancy Certificate (OC).

Strategic Project Registration Advisory

Registration is the first hurdle. Section 3 of RERA mandates that no promoter shall advertise, market, book, sell or offer for sale any plot, apartment, or building without registering the project.

Our Registration Service includes:

• Title Diligence: Verifying the chain of title to ensure the land is free from encumbrances. This significantly reduces future civil litigation risks.
• Financial Modeling: Assisting in the calculation of estimated project costs to ensure 70% of collections are deposited in the designated RERA account (Escrow).
• Drafting Compliant Documents: Creating RERA-compliant Allotment Letters and Agreements for Sale (AFS) that adhere to the model format while protecting the builder's commercial interests.

Ongoing Compliance: The Quarterly Cycle

RERA is not a one-time event; it is a continuous lifecycle. We manage the quarterly pressure for you:

• QPR Filings (Quarterly Progress Reports): Mandatory updating of the number of units sold, construction stage, and approvals received. Non-filing attracts heavy penalties.
• Form 1, 2, and 3: Coordinating with your Architect, Engineer, and Chartered Accountant to obtain the necessary certificates for withdrawal of money from the RERA Escrow account.
• Annual Audit (Form 5): Ensuring your financial statements match your RERA declarations.

Handling Defect Liability & Extensions

Construction delays are common, but handling them legally is an art. Section 6 allows for Project Extension due to force majeure or reasonable circumstances. We draft precise applications to Regulatory Authorities (MahaRERA, UP RERA, HRERA, etc.) to secure these extensions without reputational damage.

Furthermore, the 5-Year Defect Liability Period creates a long-term obligation. We help developers structure their contracts with contractors and vendors to pass on this liability, ensuring you aren't left holding the bag for poor workmanship.

The Critical Role of Title Due Diligence

Before a single brick is laid, the land must be legally secure. In the corporate real estate sector, 'clear title' is a myth—titles are 'marketable'. Our diligence includes:

• 30-Year Search Report: Tracing ownership history at the Sub-Registrar's office.
• Litigation Check: Searching district and high court records for pending stays or injunctions.
• Zoning Verification: Ensuring the land is converted to NA (Non-Agricultural) use and falls within the Development Plan (DP).

Managing Promoter-Allottee Relations

The relationship between a builder and a buyer is governed by the Agreement for Sale. RERA has standardized this, but specific clauses regarding amenities, parking, and possession timelines need careful drafting.

We advise regarding:

1. Taking over from Landowners: Managing expectations of original tenants in redevelopment projects (Section 15 constraints).
2. Modification of Plans: Obtaining the mandatory consent of 2/3rds of allottees (Section 14) before altering sanctioned plans.
3. Handover Disputes: Resolving conflicts during the key-handover phase regarding finish quality or maintenance charges.

Project Completion and Closure

A project isn't finished until the RERA registration is formally closed. This prevents future liability.

• Occupancy Certificate (OC): The holy grail of real estate. We assist in the legal compliance needed to obtain OC from municipal authorities.
• Project Closure Application: Filing for the closure of the project on the RERA portal to stop the quarterly compliance clock.
• Handing Over of Corpus: Transferring the maintenance fund and sinking fund to the newly formed society with a proper audit trail.