RERA compliance
RERA compliance is what a promoter files after the project is registered. Company Suggestion keeps the quarterly updates and the annual certificate with the state authority. The Real Estate (Regulation and Development) Act, 2016 requires both.
What does RERA compliance cover?
Registration is the start. After the number is issued, the authority’s site shows bookings, approvals, and how far the work has reached. Buyers read that page. A stale page is a missed filing, not a private record.
The money side is the separate project account and the annual audit. Seventy per cent of the amounts realised from allottees stays in that account and comes out only in proportion to completion. The promoter must already hold RERA registration for the project.
Which updates are filed?
The calendar has a quarterly part and an annual part.
- Each quarter: bookings, approvals, and the status of construction, on the authority’s site.
- Each year: the chartered accountant’s certificate, within six months after the financial year ends.
- A change in the sanctioned plan is disclosed. Where it affects an allottee, section 14 requires the consent of at least two-thirds of the allottees.
These filings do not replace the Companies Act. A promoter that is a company still files its annual return and financial statements. That calendar is on the company compliance pages.
What must the agreement disclose?
The agreement for sale states what the buyer is paying for.
- Carpet area, as the Act defines it
- The registration number of the project
- The completion date declared to the authority
- The sanctioned plan that was registered
What is the compliance calendar?
Company Suggestion keeps the registered project to four beats.
- The registration number is quoted on every advertisement and agreement.
- Bookings, approvals, and status are updated each quarter.
- The chartered accountant’s certificate is filed within six months of the year end.
- A plan change is disclosed, and the two-thirds consent is taken where section 14 requires it.
Frequently asked questions
4 questions cover the rules that decide this registration.
How often is the project updated?
Quarterly. Bookings, approvals, and the status of the work are updated on the state authority’s site. The annual chartered accountant’s certificate is separate and is due within six months of the financial year end.
Can the sanctioned plan be changed?
A change that affects an allottee needs the consent required by section 14, which is at least two-thirds of the allottees. The change is also disclosed to the authority. A promoter cannot alter the plan quietly.
Does RERA replace MCA filings?
No. RERA is the project law. If the promoter is a company, the Companies Act filings continue. They are a different set of forms.
What area is quoted to the buyer?
Carpet area, as defined in the Act. The agreement states the carpet area. Super built-up area is not the measure the Act uses for that disclosure.