SOLUTION FOR STALLED REAL ESTATE PROJECT
CA. (Dr.) Rajkumar S. Adukia
Candidate for Central Council ICAI | CCM,ICAI | 22k Linkedin family | Chairman, Board of Studies, ICAI | Technical Advisor,IFAC | Chairman SAFA Committee on Education,Training & CPD | Board of Advisor,Atmiya University
SOLUTION FOR STALLED REAL ESTATE PROJECT
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By
CA. (Dr.) Adukia Rajkumar Satyanarayan
Author of more than 300 books & Global business, professional growth and motivational coach
Passionate to make anyone Speaker, Writer, Acquiring New Knowledge ,Professional Qualifications , Growth in Business & Promotion As CEO
Member IFAC-PAIB committee 2001-2004; Member IFRS SMEIG London 2018-2020
Ex-director - SBI mutual fund, BOI mutual fund, global mediator and international arbitrator
B. Com (Hons), M.Com, FCA, FCS, FCMA, LL.B, LLM(Constitution),Dip CG, MBA, Dip IFRS (UK), DLL&LW, Dip IPR, Dip in Criminology, Ph. D,?Mediation ,IP(IBBI), MBF, Dip HRM, Dip Cyber Law
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Chairman western region ICAI 1997; Council Member ICAI 1998-2016
Mob: 98200 61049; Email: [email protected]
You may read & download my articles from my website: - www.cadrrajkumaradukia.com
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Introduction:
?It is well settled that the Real Estate (Regulation and Development) Act, 2016 requires mandatory compliance from promoter towards real estate project registration and also specifies the revocation of registration if his activity found in contravention to the provisions of the same. If the situation so arise the question may come as to what will happened to the ongoing real estate project and individuals having interest in it.
Section 8 of the act empowers the authority to take certain action after consultation of the concerned government for the purpose of protecting the the interest of other parties who through mortgage or other investments are interested in the real estate project by carrying out the remaining development works by competent authority or by the association of allottees or in any other manner, as may be determined by the Authority.
The authority will also give notice to bank listed in encumbrance certificate and the other party having third party interest in the real estate project. Such parties includes Scheduled Banks, Housing Finance Companies, Insurance Companies,
Non-Banking Finance Companies operating as Asset Finance Companies, Investment Companies, Loan Companies, Investment Finance Companies, Infrastructure Debt Funds, Micro-finance Institutions, Foreign Direct Investors, Private Equity Funds and the Real Estate Investment Trust.
Usually, the RERA authorities will step in and direct the Association of Allottees (herein after AoA) to undertake the pending development work only if the project is nearing its completion stage. However if the project is still in its early stages, it may become very difficult for the AoA to take over and the authorities will be more likely to direct the promoters to provide a refund of their monies along with interest and compensation.
The MahaRERA vide order no. 8/2019 dated 28.03.2019 provides the detail procedure on how the action under section 7 and 8 of the Act be proceeded with.
Procedure:
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·???????Designated Resolution Panel be constituted which will consist of one member from the promoter’s association and other member consumer forum. The member of the said panel would be selected out of the existing conciliation forum members having adequate professional experience in the real estate sector or is a Chartered Accountant, Architect, Engineer, Lawyer.
·???????The association of allottee with the help of such panel members prepare a blueprint for completion of the project
·???????The blue print usually contain below details:
-?????????Financial blueprint containing detailed current financial status of the real estate project such as cash in hand, liabilities, expected revenue etc., financial estimate to complete the project and roadmap of the same
-?????????Construction blue print containing amount of construction work needed to complete the project, roadmap, selection of contractor etc.
-?????????Overall detail blueprint of the completion of project
-?????????Existing professional attached to the authority such as Architect, Engineer, Chartered Accountant, they will also assist the panel in preparing blue print
A four months’ time is given for the preparation of blue print as above. Afterward it will submit to the authority. Once approved the construction work will commenced according to the blue print, and association of allottees are required to monthly update the authority with regard to construction work.
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Few websites for reference:
1.?????The Revenue Department https://rfd.maharashtra.gov.in/en
2.?????The Development Authority/ or the local Municipal Authority (in case of Mumbai district this may be obtained from Bombay Municipal Corporation https://portal.mcgm.gov.in/irj/portal/anonymous )
3.????The?????????????????????????????Building?????????????????????????????Proposal?????????????????????????????Office https://autodcr.mcgm.gov.in/bpamsclient2/Login.aspx
4.?????Tree Authority Committee/ Water and Drain Department/ Sewage Department/ Electrical Department/ Traffic and Co-ordination department/ Chief Fire Officer?????????????????????????????????????under????????????????????????Municipal?????????????????????????Corporation https://portal.mcgm.gov.in/irj/portal/anonymous
5.?????The Ministry of Environment, Forest and Climate Change / the State Environment Impact Assessment Authority (SEIAA)/ State level expert Appraisal Committeehttps://environmentclearance.nic.in/
6.?????The Archeological survey of Indiahttps://asiegov.gov.in/
7.????The Pollution control board https://mpcb.gov.in/node
8.????The Civil Aviation Departmenthttps://www.civilaviation.gov.in/
9.????The?????????????Central?????????????Ground?????????????Water?????????????Authorityhttps://cgwa- noc.gov.in/Landing Page/index.htm
10. The Coastal Zone Management Authorityhttps://mczma.gov.in/
11. The Public Work Departmenthttps://pwd.maharashtra.gov.in/
12.
15.https://rera.cgstate.gov.in/ 16.https://rera.goa.gov.in/reraApp/home 17.https://gujrera.gujarat.gov.in/ 18.www.harayanarera.gov.in 19.www.harayanarera.gov.in 20.https://www.hprera.in/WebSite/Home 21.https://jharera.jharkhand.gov.in/ 22.https://rera.karnataka.gov.in/home?language=en 23.https://rera.kerala.gov.in/ 24.https://www.reat.mp.gov.in/contact-us 25.https://maharera.mahaonline.gov.in/ 26.https://udpamizoram.nic.in/RERA.html 27.https://rera.odisha.gov.in/ 28.https://www.rera.punjab.gov.in/index.html 29.https://rera.rajasthan.gov.in/ 30.https://rera.rajasthan.gov.in/Tribunal 31.https://www.rera.tn.gov.in/ 32.https://rera.telangana.gov.in/ 33.https://rera.tripura.gov.in/ 34.https://www.uhuda.org.in/
35.https://www.up-rera.in/index.aspx 36.https://rera.chbonline.in/ 37.https://rera.delhi.gov.in/ 38.https://prera.py.gov.in/
Other
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Environment Protection in Government Colonies, Directorate of Estates Geo Portal for Urban Mission, Ministry of Housing and Urban Affairs Global Housing Technology Challenge - India (GHTC -
India) Ministry of Micro, Small & Medium Enterprises Housing and Urban Developmen t Corporation Limited (HUDCO)
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Smart Cities Mission, Govt. of India Unified Traffic and Transportation Infrastructure Centre (UTTIPEC)
Urban Development Directorate, Uttarakhand Web Based Project Monitoring System - Central Public Works Department (CPWD)
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Andhra Pradesh Directorate of Town and Country Planning, Government of Andhra Pradesh National Academy of Constuction, Hyderabad, Andhra pradesh PHMED -
Public Health and Municipal Engineering Department , Andhra pradesh Portal of Tribal Welfare Department, Andhra Pradesh Assam Urban Infrastructur e Investment Program (AUIIP)
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- City and Industrial Developmen t Corporation of Maharashtra Limited Maharashtra Urban Infrastructur e Fund (MUIF),
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Open Government Data Portal of Surat Municipal Corporation Settlement Commission er and Director of Land Records Directorate of Boilers, Tamil Nadu Online Repository of Urban News - TNIUS,
领英推荐
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Directorate of Estates, Government of Madhya Pradesh Directorate of Town and Country Planning (MPTOWN PLAN),
e-Nagar Palika, Government of Madhya Pradesh Directorate of Housing, Government of Meghalaya Meghalaya Urban Developmen t Agency (MUDA)
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and???????????????????https://sipmiu.nic.in/
Town planning Department Government of India Stationery Office, Kolkata Haldia Developmen t Authority Haldia Developmen t Authority (HDA),
Metropolitan Developmen t Authority New Town Kolkata Developmen t Authority Jaipur Developmen t Authority Town Planning Department, Govt. of
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Rajasthan Moradabad Developmen t Authority, Uttar Pradesh Urban Transport Directorate, Uttar Pradesh Uttar Pradesh Housing and Developmen t Board Town and Country Planning Department, Uttar Pradesh
e- Municipaliti es - eServices to citizens and Employees of Urban Local Bodies of Uttar Pradesh Official Portal of Rural Housing Schemes of Odisha Smart City Bhubaneswa r, Odisha Special Area Developmen t Project for Kalahandi,
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Bolangir and Koraput Districts of Odisha. odisha eMunicipalit y, Housing and Urban Developmen t Department, Odisha Public Health Engineering Organisation (PHEO),
Bihar Official website of Land Revenue and Settlement Department Regional Centre for Urban and Environment al Studies (RCUES),
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EASE OF DOING INITIATIVES OF MAHARASHTRA
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1.?????All land titles or deed records have been digitized at the Sub-Registrar’s Office (SRO) https://igrmaharashtra.gov.in/
A.????iSarita 2.0 IGR Application https://appl1igr.maharashtra.gov.in/NGDRS_MH/Citizenentry/genernalinfoentry/7067 2950673628
B.????Property valuation (general information about all the space rates) https://igrmaharashtra.gov.in/eASR/frmMap.aspx
C.????Land records maharashtra https://mahabhumi.gov.in/mahabhumilink
D.????Download facility for digital 7/12; 8A and property card etc https://digitalsatbara.mahabhumi.gov.in/DSLR; digitized document downloaded at 15 rs.
E.?????PR Card application status https://digitalsatbara.mahabhumi.gov.in//pc_status????Application incoming number is to put
F.?????Integrated property registration portal
G.????E mojani check mojani application status https://emojni.mahabhumi.gov.in/emojni/mojani/pgLogin.aspx
H.???Public data entry for property registration and mutation (update) land records https://pdeigr.maharashtra.gov.in/frmLogin facilities such as 1. Marriage registration 2. E registration 3. E filing 4 7/12 mutations 5 e property card
I.???????Village digital notice boards
J.??????mutation dashboard
K.????bhu nakasha https://bhunaksha.nic.in/bhunaksha/index.jsp available for 12 states
I.??????????????????andhra pradesh
II.???????????????chattisgarh
III.????????????kerala
IV.????????????orissa
V.???????????????assam
VI.????????????himachal pradesh
VII.?????????lakshdweep
VIII.??????bihar
IX.????????????jharkhand
X.???????????????rajasthan
XI.????????????maharashtra
XII.?????????uttarpradesh
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3.?????
Service delivery standards have been introduced to provide maps within a specific??????????time???????????frame???????????though???????????an???????????online??????????portal https://aaplesarkar.maharashtra.gov.in/en/
4.?????Disputes related to land have been mandated to be adjudicated within 1 year as?????????per?????amendment?????of?????Maharashtra?????Act?????No?????XI??????of?????2016????? https://eqjcourts.gov.in/startup/default.php
5.?????The grievances related to land can be reported through "Aaple Sarkar" portal https://aaplesarkar.maharashtra.gov.in/en/
6.?????Land dispute information has been made available online through e- DISNIC software https://services.ecourts.gov.in/ecourtindia_v6/
7.?????Registration Act has been amended with insertion of Section 89 A, according to which, every court shall send copies of order affecting any immovable property and every recovery officer shall send copies of order or interim order
attaching or releasing any immovable property to the concerned Sub-Registrar https://bombayhighcourt.nic.in/libweb/acts/Stateact/2012acts/2012.10.pdf
8.?????Title search can be conducted online without requirement of any physical visit (for?????????????????????????????????????????????????????????????Paid???????????????????????????????????????????????????????search) https://esearchigr.maharashtra.gov.in/portal/esearchlogin.aspx
L.?????Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI) section 8 company located in new delhi https://cersai.org.in/CERSAI/home.prg created to check frauds in lending against equitable mortgages, in which people would take multiple loans on the same asset from different banks. Searches such as
a.?????asset based search
b.?????debtor based search
c.?????AOR based search available with payment of 10 rs.
9.?????Tax dues on property can be checked online on MCGM’s website https://ptaxportal.mcgm.gov.in/CitizenPortal/#/login
10. eStepIn????for???online????registration???slot???booking???at???SROs????launched??? https://igrmaharashtra.gov.in/
11. eRegistration system launched for online registration of leave and license rent agreements https://igrmaharashtra.gov.in/
12. eSecure Bank Treasury Receipt (eSBTR) for payment of Stamp Duty ) https://igrmaharashtra.gov.in/ Dept of registration and stamps duty online payment https://gras.mahakosh.gov.in/echallan/igr/
14. E records https://aapleabhilekh.mahabhumi.gov.in//erecords/ -
M.?Below records availbale
I.??????????????????Old mutation (Tahsil Office)
II.???????????????Satbara (tahsil office)
III.????????????8A (tahsil office)
IV.????????????K.D.E. Patrak (Tahsil Office)
V.???????????????Ka. Da. E. Patrak-Hakk Nondni Register (Tahsil office)
VI.????????????Inam patrak (Tahsil office)
VII.?????????Bot khat (Tahsil Office)
VIII.??????Sud register (Tahsil Office)
IX.????????????Khasra patrak (Tahsil Office)
X.???????????????Khasra phalni patrak (Tahsil Office)
XI.????????????Jod takta A (Tahsil Office)
XII.?????????Kul register(Tahsil Office)
XIII.??????Old phalni (Tahsil Office)
XIV.??????Pere patrak (Tahsil Office)
XV.?????????Record of rights panji (1954-55) (Tahsil Office)
XVI.??????Bandobasti misal (Tahsil Office)
XVII.???Wajab-ul arj (Tahsil Office)
XVIII. Nista patrak (Tahsil Office)
XIX.??????Hakk nondinin register (Tahsil Office)
XX.?????????Tippan (deputy SLR officer)
XXI.??????Gunakar book (Deputy SLR officer)
XXII.???Akarphod patrak (Deputy SLR officer)
XXIII. JKP (Deputy SLR Officer)
XXIV.Akkarband (Vadivibhajan) (deputy SLR officer)
XXV.??Akkarband (Gut Consolidiation) (Deputy SLR Officer) XXVI.Akkarband (Acer Guntha) Deputy Slr Officer
XXVII.????????Yogna Patrak – consolidation scheme- durusti scheme- shudhi patrak (Deputy SLR officer)
XXVIII.??????Consolidiation jawab (Deputy SLR Officer)
XXIX.Fiel book original (Deputy SLR Officer)
XXX.??Vaslevar book (Deputy SLR Officer)
XXXI.Table pavti (Deputy SLR Officer)
XXXII.????????Consolidation scheme 9(1) and 9(2) maps (Deputy SLR Officer)
XXXIII.??????Kacch sud (Deputy SLR Officer)
XXXIV.?????Shetwar patrak (Deputy SLR Officer)
XXXV.????????Revision book (Deputy SLR Officer)
XXXVI.?????Fodi tippan book (Deputy SLR Officer)
XXXVII.??Pot hissa tippan book (Deputy SLR Officer) XXXVIII.Wajib – ul arj (Deputy SLR Officer)
XXXIX. Resurvey akarband (Deputy SLR Officer) XL.?????Resurvey gunakar book (Deputy SLR Officer) XLI.???Pot hissa patrak (Deputy SLR Officer)
XLII. Bandobast misal (Deputy SLR Officer) XLIII. Bandobast akarband (Deputy SLR Officer) XLIV. Nistar patrak (Deputy SLR Officer)
XLV. CSO Enquiry register (Deputy SLR Officer) XLVI. CSO Property Card (Deputy SLR Officer) XLVII.?????????????????CSO Property register (Deputy SLR Officer) XLVIII.????CSO field book (Deputy SLR Officer) XLIX. CSO city survey (Deputy SLR Officer)
L.????????CSO town planning scheme (Deputy SLR Officer) LI.??????Enquiry Register (city survey office)
LII.?????Property card (city survey office) LIII.????Property register (city survey office) LIV.???Field book (city survey office)
LV.?????Vaslevar book (city survey office)
LVI.???Town planning scheme (city survey office)
-????currently available for below districts:
a.?????Akola
b.?????Amravati
c.?????Dhule
d.?????Gondia
e.?????Mumbai suburban
f.??????Nandurbar
g.?????Nashik
h.?????Palghar
i.???????Thane
j.???????Wasim
Hoping you find this article informative and useful, to find out more of such information stay tuned to my next article.
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