02.REAL ESTATE AGENT



REAL ESTATE AGENT  

9. Application for registration by the real estate agent.

(1)Every real estate agent required to register as per sub-section (2) of Section 9 of the Act shall make an application in writing to the Authority in Form ‘E’, in triplicate, until the application procedure is made web based, along with the following documents, namely:—

(a) the brief details of his enterprise including its name, registered address, type of enterprise (proprietorship, societies, partnership, company etc.);

(b) the particulars of registration (whether as a proprietorship, partnership, company, society etc.) including the bye-laws, memorandum of association, articles of association etc. as the case may be;

(c) name, address, contact details and photograph of the real estate agent, if it is an individual and the name, address, contact details and photograph of the partners, directors etc. in case of other entities;

(d) the authenticated copy of the PAN card of the real estate agent;

(e) income tax returns filed under the provisions of the Income Tax Act, 1961 for three financial years preceding the application or in case the applicant was exempted from filing returns under the provisions of the Income Tax Act, 1961 for any of the three year preceding the application, a declaration to such effect;

(f) the authenticated copy of the address proof of the place of business; and (g) such other information and documents, as may be specified by regulations.  

(2) The real estate agent shall pay a registration fee as notified by the Government from time to time along with the application for registration byway of a demand draft drawn on any scheduled bank or through online payment, as the case may be.  

10. Grant of registration to the real estate agent.

(1) On receipt of the application as per sub-section (2) of Section 9 read with rule 9, the Authority shall within a period of thirty days either grant registration to the real estate agent or reject the application, as the case may be:   Provided that the Authority may grant an opportunity to the real estate agent to rectify the defects in the application within such time period as may be specified by it.

(2) Upon the registration of a real estate agent, the Authority shall issue a registration certificate with a registration number in Form ‘F’ to the real estate agent. 

(3) In case of rejection of the application, the Authority shall inform the applicant in Form ‘G’. 

(4) The registration granted under this rule shall be valid for a period of three years.  

11. Renewal of registration of real estate agent.

(1) The registration granted to a real estate agent under section 9 of the Act, may be renewed, on an application made by the real estate agent in Form ‘H’, in triplicate, until the application procedure is made web based, which shall not be less than three months prior to the expiry of the registration granted. 

(2) The application for renewal of registration shall be accompanied with a demand draft drawn on any scheduled bank or through online payment, as the case may be, for a sum as notified by the Government from time to time. 

(3) The real estate agent shall also submit all the updated documents set out in clauses (a) to (e) of sub-rule (1) of rule 9 at the time of application for renewal. 

(4) In case of renewal of registration, the Authority shall inform the real estate agent about the same in Form ‘I’ and in case of rejection of the application for renewal of registration the Authority, shall inform the real estateagent in Form ‘G’: 

Provided that no application for renewal of registration shall be rejected, unless the applicant has been given an opportunity of being heard in the matter and to rectify the defects in the application within such time period as may be specified by it. 

(5) The renewal granted under this rule shall be valid for a period of three years.  

12. Revocation of registration of real estate agent.—

The Authority may, due to reasons specified under sub-section(7) of Section 9, revoke the registration granted to the real estate agent or renewal thereof, as the case may be, and intimate the real estate agent of such revocation in Form ‘G’.  

13. Books of accounts, records and documents.—

The real estate agent shall maintain and preserve its books of account, records and documents in accordance with the provisions of the Income Tax Act, 1961 (43 of 1961), as amended from time to time, and the rules made thereunder.  

14. Other functions of a real estate agent.

The real estate agent shall provide assistance to enable the allottee and promoter to exercise their respective rights and fulfil their respective obligations at the time of booking and sale of any plot, apartment or building, as the case may be. 

DETAILS TO BE PUBLISHED ON THE WEBSITE OF THE AUTHORITY  

15. Details to be published on website.

(1) The Authority shall ensure that the following information, as applicable, shall be made available on its website in respect of each project registered under the Act, namely:— 

(a) details of the promoter including the following, namely:— 

(i) promoter or group profile,— (A) a brief detail of his enterprise including its name, registered address, type of enterprise(proprietorship, limited liability partnership, society, partnership, company, competent authority)and the particulars of registration as such 

enterprise and in case of a newly incorporated or registered entity, brief details of the parent entity including its name, registered address, type of enterprise (whether as proprietorship, societies, limited liability partnership, partnership, company, competent authority);

(B) background of promoter,- work experience of the promoter and in case of a newly incorporated or registered entity work experience of the chairman, directors, partners, as the case may be and that of the authorised persons of the parent entity;

(C) name, address, contact details and photograph of the promoter in case of an individual and the name, address, contact details and photograph of the chairman, directors, partners, as the case may be and that of the authorised persons.

(ii) track record of the promoter,-

(A) number of years of experience of the promoter or parent entity, as the case may be, in real estate development in the State;

(B) number of years of experience of the promoter or parent entity, as the case may be, in real estate development in other States or Union territories;

(C) number of completed projects and area constructed till date in the past five years including the status of the projects, delay in its completion, details of type of land and payments pending;

(D) number of ongoing projects and proposed area to be constructed launched in the past five years including the status of the said projects, delay in its completion, details of type of land and payments pending;

(E) details and profile of ongoing and completed projects for the last five years as provided under clause (b) of sub-section (2) of Section 4 of the Act. (iii) litigations,- Details of litigation in the past five years in relation to the real estate projects developed or being developed by the promoter. (iv) website,- (A) web link of the promoter or parent entity, as the case may be; (B) web link of the project; 
(b) details of the real estate project including the following, namely:— 

(i) advertisement and prospectus issued in regard to the project;

(ii) compliance and registration,—

(A) authenticated copy of the approvals and commencement certificate received from the competent authority as provided under clause (c) of sub-section (2) of section 4;

(B) the sanctioned plan, layout plan and specifications of the project or the phase thereof, and the whole project as sanctioned by the competent authority as provided under clause (d) of sub-section(2) of section 4;

(C) details of the registration granted by the Authority under the Act;

(iii) apartment, plot and garage related details,-

(A) details of the number, type and carpet area of apartments for sale in the project along with the are aof the exclusive balcony or verandah areas and the exclusive open terrace areas with the apartment, if any, or details of the number, type and area of plots for sale in the project or both, asthe case may be;

(B) details of the number and area of garage for sale in the project;

(C) details of the number of open parking areas and covered parking areas available in the real estate project;

(iv) registered Agents,- names and addresses of real estate agents for the project. 

(v) consultants,- Details, including name and addresses, of contractors, architect, structural engineers and other persons concerned with the development of the real estate project such as— (A) name and address of the person;

(B) names of promoters;

(C) year of establishment;

(D) names and profile of key projects completed;

(vi) location,- the details of the location of the project, with clear demarcation of land dedicated for the project along with its boundaries including the latitude and longitude of the end points of the project;

(vii) development Plan,—

(A) the plan of development works to be executed in the proposed project and the proposed facilities to be provided thereof including fire fighting facilities, drinking water facilities, emergency evacuation services, use of renewable energy etc.;

(B) amenities:- a detailed note explaining the salient features of the proposed project including access to the project, design for electric supply including street lighting, water supply arrangements and site for disposal and treatment of storm and sullage water, and any other facilities and amenities or public health services proposed to be provided in the project;

(C) gantt charts or milestone charts and project schedule:- the plan of development works to be executed in the project and the details of the proposed facilities to be provided thereof and the timelines to achieve the same;

(D) the stage wise time schedule of completion of the project, including the provisions for civic infrastructure like water, sanitation and electricity etc. 

(c) financial details of the promoter,- 

(i) the authenticated copy of the PAN card of the promoter;

(ii) the annual report including audited profit and loss account, balance sheet, cash flow statement, directors report and the auditors’ report of the promoter for the immediately preceding three financial years and where annual report is not available then the audited profit and loss account, balance sheet, cash flow statement and the auditors’ report of the promoter for the immediately preceding three financial years sand in case of newly incorporated or registered entity such information shall be disclosed for the parent entity; 

(d) the promoter shall upload the following updates on the webpage for the project, within fifteen days from the expiry of each quarter, namely:- (i) list of number and types of apartments or plots, booked; (ii) list of number of garages booked;

(iii) status of the project,-

(A) status of construction of each building with photographs;

(B) status of construction of each floor with photographs;

(C) status of construction of internal infrastructure and common areas with photographs.

(iv) status of approvals,-

(A) approvals received

 (B) approvals applied and expected date of receipt;

(C) approvals to be applied and date planned for application;

(D) modifications, amendment or revisions, if any, issued by the competent authority with regard to any sanctioned plans, layout plans, specifications, license, permit or approval for the project; 

(e) the details of approvals, permissions, clearances, legal documents,- 

(i) approvals-

(A) authenticated copy of the license or land use permission, building sanction plan and the commencement certificate from the Competent Authority obtained in accordance with the laws applicable for the project, and where the project is proposed to be developed in phases, an authenticated copy of the license or land use permission, building sanction plan and the commencement certificate for each of such phases;

B) authenticated copy of the site plan or site map showing the location of the project land along with names of revenue estates, survey numbers, cadastral numbers, khasra numbers and area of each parcels of the project land;

(C) authenticated copy of the layout plan of the project or the phase thereof, and also the layout plan of the whole project as sanctioned by the competent authority and other specifications of the project;

(D) floor plans for each tower and block including club house, amenities and common areas;

(E) any other permission, approval, or license that may be required under applicable law including fire no-objection certificate, permission from water and sewerage department etc.

F) authenticated copy of occupancy certificate and completion certificate including its application.

(ii) legal documents-

(A) the details including the pro forma of the application form, allotment letter, agreement for sale and the conveyance deed;

(B) authenticated copy of the legal title deed reflecting the title of the promoter to the land on which development of project is proposed along with legally valid documents for chain of title with authentication of such title;

(C) land title search report from an advocate having experience of at least ten years;

(D) details of encumbrances on the land on which development of project is proposed including details of any rights, title, interest, dues, litigation and name of any party in or over such land or non encumbrance certificate through an advocate having experience of at least ten years from the revenue authority not below the rank of tehshildar, as the case may be;

(E) where the promoter is not the owner of the land on which development is proposed details of the consent of the owner of the land along with a copy of the collaboration agreement, development agreement, joint development agreement or any other agreement, as the case may be, entered into between the promoter and such owner and copies of title and other documents reflecting the title of such owner on the land proposed to be developed;

(F) details of mortgage or charge, if any, created on the land and the project; 

(f) Contact details- contact address, contact numbers and email-id of the promoter, authorised person and other officials related to the project. 

(2) For the purpose of clause (c) of Section 34 of the Act, the Authority shall maintain a database and ensure that the information specified therein shall be made available on its website in respect of each project revoked or penalised, as the case may be. 

(3) For the purpose of clause (d) of Section 34, the Authority shall ensure that the following information shall be made available on its website in respect of each real estate agent registered with it or whose application for registration has been rejected or revoked, namely:- 

(a) For real estate agents registered with the Authority:— 

(i) registration number and the period of validity of the registration of the real estate agent with the Authority;

(ii) brief details of his enterprise including its name, registered address, type of enterprise (whether as proprietorship, societies, partnership, company etc.)

 (iii) particulars of registration as proprietorship, societies, partnership, company etc. including the bye-laws, memorandum of association, articles of association etc. as the case may be;

(iv) name, address, contact details and photograph of the real estate agent, if it is an individual and the name, address, contact details and photograph of the partners, directors etc. in case of other person

(v) authenticated copy of the PAN card of the real estate agent;

(vi) authenticated copy of the address proof or the place of business and the contact address, contact numbers and email-id of the real estate agent and its other officials; 

(b) In case of applicants whose application for registration as a real estate agent have been rejected or real estate agents whose registration has been revoked by the Authority—

(i) registration number and the period of validity of the registration of the real estate agent with the Authority;

ii) brief details of his enterprise including its name, registered address, type of enterprise (whether as proprietorship, societies, partnership, company etc.);

(iii) name, address, contact details and photograph of the real estate agent if it is an individual and the name, address, contact details and photograph of the partners, directors etc. in case of other persons;

(c) such other documents or information as may be specified by the Act or the rules and regulations made hereunder. 

(4) The Authority shall maintain a back-up, in digital form, of the contents of its website in terms of this rule, and ensure that such back-up is updated on the last day of each month. 

INTEREST PAYABLE BY PROMOTER AND ALLOTTEE AND TIMELINES FOR REFUND  

16. Interest payable by promoter and allottee.

The rate of interest payable by the promoter to the allottee or by the allottee to the promoter, as the case may be, shall be the State Bank of India highest Marginal Cost of Lending Rate plus two per cent: 

Provided that in case the State Bank of India Marginal Cost of Lending Rate is not in use it would be replaced by such benchmark lending rates which the State Bank of India may fix from time to time for lending to the general public.  

17. Timelines for refund.

Any refund of monies along with the applicable interest and compensation, if any, payable by the promoter in terms of the Act or the rules and regulations made there under, shall be payable by the promoter to the allottee within fortyfive days from the date on which such refund along with applicable interest and compensation, as the case may be, becomes due. 

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