Compliance is key to securing a real estate project from being penalized. In the real estate sector, builders must follow the updated regulatory guidelines for development management & execution of a project. This must be accomplished by getting the unregistered project, verified for compliance, thereby, seeking RERA approval. However, the intricacies of approval & licensing, documentation, and other procedures require expertise to fast-track the RERA journey. Being a builder, if you plan to proceed with the execution of an unregistered project, then, here’s a reality-check guide worth a reference.
Firstly, if an unregistered project gets reported, builders may have to face legal & financial repercussions. From potential imprisonment, financial penalties, and legal action by home-buyers, to damage to protection, several consequences are faced by the project owner. The easiest solution to prevent the ugly scenario in the real estate transaction is choosing the top RERA consultancy in India. In the context of the 6th amendment of UP RERA, RERA consultants have updated information to help builders navigate the challenges of project registration. To maintain transparency & accountability, the builder has to get all the issues from the project verified and addressed through comprehensive project management.
Getting familiar with the major issues of unregistered projects
Amidst the hectic schedule, the haste to close deals may often lead to quick decision-making. Nevertheless, choosing the unregistered real estate project is the biggest mistake. From the perspective of legal & regulatory compliance, you need to understand the significance of RERA registration and approval. An unregistered project may get penalized due to non-compliance. Whether it is due to contamination of soil, ownership issues, land possession delays, or any other legal & regulatory issues, home buyers may report the project for non-compliance. Thus, it is advisable to get the real estate project registered and legally approved.
How to get unregistered projects approved by RERA?
The intricacies related to legal, financial, and regulatory aspects covered in the RERA guidelines must be evaluated comprehensively. Hence, choosing the top RERA consultancy in India wisely is the key to streamlining the approvals & licenses for the project. It is the step-by-step methodology that RERA consultants follow for identifying non-compliance issues, missing documents, and other credentials as a part of comprehensive development management. Here’s how development managers adhere to updated to help builders obtain legal clarity.
Promoter & project registration
To accomplish the RERA registration process on behalf of the promoter, it is essential to ensure accuracy and compliance. It involves the registration of promoters and projects on the RERA portal. The scope of project extension or exceeding the actual timeline is verified by the professionals. The objective of this step is to gather all the certificates and the other documents required for the project registration. Additionally, the accuracy of the project details, project timeline, and the prospects of project extension, are evaluated in this initial step of development management.
Quarterly Updates & Compliances
To ensure transparency and record real-time project status, quarterly updates & compliances are addressed by the dedicated development manager. Based on the updated RERA guidelines, project status, sales updates, financial updates, encumbrances, project approvals, and professional changes are the key elements that get covered in the quarterly updates & compliances. The information related to these segments must be updated regularly on the RERA portal.
Handling legal cases
Legal cases are handled and tracked, and professional advice is provided to the real estate project owners and promoters to obtain RERA approval. The ongoing issues, and the other insights are offered by RERA experts to clients along with the solution.
Drafting legal documents
The list of legal documents required for applying for the RERA project registration is provided to the promoter or builder. As a part of these services, JDA, conveyance deed, and ATS incorporating RERA norms are aligned to make the project RERA compliant.
Tracking RERA notifications
From the regular amendments of RERA to helping the promoters to make their project compliant, the RERA professionals remove the roadblocks hindering the registration & approval of the project.
Seek legal assistance and understand your rights
From the perspective of home buyers, the legal assistance of RERA consultants must be sought. This helps them in uncovering their rights just as raising claims for non-compliance. Alternatively, compensation for exceeding the project completion date, and lack of transparency can be reported by the home buyers. This is possible when the trusted RERA consultancy in India is chosen.
Partner with V3 Infrasol and make real estate transaction hassle-free & productive! If you are a project owner, it’s time to connect with our development managers to execute legal land due diligence!
