1. Real Estate (Regulation and Development) Act, 2016
Rajvanshi & Associates
Chartered Accountants
Real Estate (Regulation and Development) Act, 2016
RAJASTHAN REAL ESTATE REGULATORY AUTHORITY
RERA

2. RERA Builders & Developers
Consultants

3. Rajvanshi & Associates
Chartered Accountants
Contents
RERA-Overview
Introduction
The Build up to the Real Estate Act
Key Components
RERA- Applicability
Notified Rajasthan RERA Rules : Land Cost and Construction Cost
Notified Rajasthan RERA Rules – Ongoing projects
Over view of Key Components
Real Estate Projects Registration
Real Estate Agent Registration
Complaint Filing for Registered Projects
Financial Discipline & Compliance
Citizen Centricity & Transparency
Promoter – Increased Compliances & Obligations
Whom does it apply to – The Promoter
Promoters – Responsibility
Liability on promoter – Few Instances
Penalties
About Us
Services under RERA
Complete End to End Advisor
Clientele Base
Team Details
Contact Details

4. Introduction Rajvanshi & Associates Chartered Accountants
Government of India has enacted the Real Estate (Regulation and Development) Act 2016 and the sections* of the Act shall come into force with effect from May 1, 2017.
Real Estate (Regulation and Development) Act 2016 is a step towards reforming the real estate sector in India, encouraging greater transparency, citizen centricity, accountability and financial discipline.
Key objectives of the Act are as follows:
Ensuring Transparency & Efficiency in real estate sector in regards to sale of plot, apartment, building or real estate project
Protecting the interest of consumers in real estate sector
Establishing adjudicating mechanism for speedy dispute redressal
Establishing Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority
*Most of the applicable sections

5. The Build Up To The Real Estate Act
Rajvanshi & Associates
Chartered Accountants
The Build Up To The Real Estate Act
Establishment of Real Estate Regulatory
Authority (RERA) and Real Estate Appellate Tribunal (REAT) – by
April 2017
Formation of Rules by 31
October 2016
69 sections of 92 of the Real Estate Act notified comes into force effective 1 May
2017
President of India accorded his assent to the
Bill on 25 March 2016
Lok Sabha passed the Bill on 15 March
2016
Bill passed by Rajya Sabha on 10 March
2016
Notified Sections – 69 of 92:
Sections that provide operative framework under the Real Estate Act are notified.
Sections with respect to registration of projects with RERA and having practical implications on developers re yet to be notified

6. Key Components Rajvanshi & Associates Chartered Accountants
Real Estate Project Registration
Citizen Centricity and Transparency
Real Estate Agent Registration
Roles and Responsibilities
Financial Discipline
Filing of Complaints

7. RERA – Applicability Exceptions
Rajvanshi & Associates
Chartered Accountants
RERA – Applicability Exceptions
All commercial and residential real estate projects will have to register except in projects where:
Number of apartments proposed to be developed does not exceed eight inclusive of all phases prior to commencement of this Act
Area of land proposed to be developed does not exceed five hundred square meters.
Area of land ≤ 500 Sq. Mtr.
No. of Flats ≤ 8
RERA Applicability - Exceptions
Renovation or repair or redevelopment projects not involving :
Marketing ; Advertising and
Selling & new allotment
Promoter has received completion certificate for a real estate project
Completion Certificate Received
Renovation / Repair

8. Notified Rajasthan RERA Rules : Land Cost and Construction Cost
Rajvanshi & Associates
Chartered Accountants
Notified Rajasthan RERA Rules : Land Cost and Construction Cost
The land cost shall be the cost incurred by the promoter whether as an outright purchase, lease charges etc. and includes,-
revenue or area share given to land owner in lieu of land under any kind of agreement, in case the Promoter is not the owner of the land,
amount paid to land owner,
incidental costs related to acquisition of land such as stamp duty, brokerage, settlement costs of litigation, premiums paid to government authorities related to land,
interest on finance for purchase of land,
litigation costs incurred for land acquisition,
property and other taxes, fees, premiums paid
Land Cost
All such costs, incurred by the Promoter, towards the on-site and off-site expenditure
Payment of fees, charges, security deposit to any competent authority / statutory authority
Fees payable to Architects, Consultants, Project Manager/Staff including engineers, marketing agents, etc.
Construction Cost

9. Notified Rajasthan RERA Rules – Ongoing projects
Rajvanshi & Associates
Chartered Accountants
Notified Rajasthan RERA Rules – Ongoing projects
For ongoing real estate project in which all buildings/wings as per sanctioned plan have not received occupation certificate or the completion certificate (as the case may be) has not been issued, 70% of the amount to be realized from the allottees shall be deposited in such separate account
In the event where the estimated receivables of the ongoing project is less than the estimated cost of completion of the project, then 100% of the amount to be realized from the allottees shall be deposited in the said separate account.

10. Over view of Key Components
Rajvanshi & Associates
Chartered Accountants
Over view of Key Components

11. Real Estate Projects Registration
Rajvanshi & Associates
Chartered Accountants
Real Estate Projects Registration
Registration Mode
Ninety Days Window
Fees
Project Withdrawal
Make an application in writing in Form-A in triplicate. Registration valid for the period of completion of Project, may be extended by a year on limited grounds and fees.
Fees as specified in Rajasthan Real Estate (Regulation and Development) Rules, The mode of payment is a demand draft, a bankers cheque drawn on any scheduled bank or through online payment mode
All promoters of Ongoing Projects have ninety days window for completing registration of Projects. Post which promoter shall not advertise, market, book, sell or offer for sale or invite persons to purchase in any manner any plot, apartment or building
Applied for withdrawl of Registration before the expiry of the period of 30 days of its submission and before Authority has approved registration. 5% or 25000, whichever is more, Fee retained as processing Fee.
Penalties: If any promoter fails to register as per Act, he shall be liable to a penalty which may extend up to ten per cent of the estimated cost of the real estate project. On continued violation, he shall be punishable with imprisonment for a term which may extend up to three years or with fine which may extend up to a further ten per cent or with both.

12. Rajvanshi & Associates
Chartered Accountants
Additional information and documents to be furnished by the promoter for registration of project
Authenticated copy of the PAN card of the promoter.
Audited Balance Sheet of the Promoter for the preceding financial year;
The number of parking areas in each type of parking such as open, basement, stilt, mechanical, parking etc. available in the said real estate project;
Copy of the legal title deed reflecting the title of the promoter to the land on which the real estate project is proposed to be developed along with legally valid documents for chain of title with authentication of such title;
The details of encumbrances on the land on which development is proposed including any rights, title, interest or name of any party in or over such land along with details;
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, duly executed, 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; and
Such other information and documents, as may be specified by the regulations.

13. Fees for Real Estate Projects Registration
Rajvanshi & Associates
Chartered Accountants
Fees for Real Estate Projects Registration
As per Rajasthan Real Estate (Regulation and Development) Rules, 2017, the promoter shall pay a registration fee by way of a demand draft, a bankers cheque drawn on any scheduled bank or through online payment mode, as the case may be, for a sum calculated at the rate of, -

14. Real Estate Agent Registration
Rajvanshi & Associates
Chartered Accountants
Real Estate Agent Registration
Jurisdiction & Validity
Registration Mode
Fees
Listing
Every Real Estate Agent shall make an application in Form-H to the Authority along with registration fee.
If the applicant is an individual, then registration fee is Rs. 10,000. If applicant is other than an individual, then the fee is Rs. 50,000. The mode of payment is a demand draft or a bankers cheque drawn on any scheduled bank or through online mode
Registration shall be valid only for Rajasthan for 5 years
Every Agent has to be listed by Promoter during the Project Registration / Status Updates. Without which Agent can’t market the project
Penalties: If any real estate agent fails to register, he shall be liable to a penalty of ten thousand rupees for every day during which such default continues, which may cumulatively extend up to five per cent of the cost of plot, apartment or buildings, as the case may be, of the real estate project, for which the sale or purchase has been facilitated

15. Rajvanshi & Associates
Chartered Accountants
Additional information and documents to be furnished by the Real Estate Agent for registration of project
Brief details of his enterprise including its name, registered address, type of enterprise (proprietorship, society, partnership, company etc.);
Particulars of registration (whether proprietorship, society, partnership, company etc.) including the bye-laws, memorandum of association, articles of association etc. as the case may be;
Photograph of the real estate agent if it is an individual and the photograph of the partners, directors etc. in case of other entities;
Authenticated copy of the PAN card;
Authenticated copy of the address proof of the place of business; and
Such other information and documents, as may be specified by regulations.

16. Rajvanshi & Associates
Chartered Accountants
Grant of Registration
Authority shall grant a registration certificate with a registration number in Form-C to the promoter & in Form-I to the Real Estate Agent.
RERA to grant or reject registration application within 30 days. If no intimation within 30 days, project is deemed to be accepted.
Registration is valid for the period of completion of the project, may be extended by a year on very limited grounds and payment of fees.
On registration, promoter gets a registration number, log-in id and password to Authority’s website to create his own page and provide project details.

17. Rajvanshi & Associates
Chartered Accountants
Registration of the Projects:
a. New Projects
b. On Going Projects:
Projects that are ongoing on the date of commencement of this Act and for which the completion certificate has not been issued , the promoter shall make an application to the Authority for registration of the said project within a period of three months from the date of commencement of this act, but excludes such projects:
where common areas and facilities have been handed over to the association of allottees or the competent authority, for maintenance;
where sale/lease deeds or possession letter of minimum 60% of the apartments /houses/plots in the phase/project have been executed;
where all development works have been completed and completion certificate has been obtained from chartered engineer in practice as per prevalent Township Policy;
where completion certificate has been obtained from the competent authority or where all development works have been completed and application has been filed with the competent authority;
where development is done in phases then each phase shall be considered as a separate project and the phases which fulfill any of the above conditions shall be excluded;
where competent authorities/local bodies have started issuing lease deeds for plots by organising camps or otherwise in township schemes; or
where services have been handed over to the local authority for maintenance or more than fifty percent of the development charges for the same have been deposited to the local authority

18. Application for Registration of the Projects:
Rajvanshi & Associates
Chartered Accountants
Application for Registration of the Projects:
Every promoter shall make an application to the Authority for registration of the real estate project in Form “A”, in the manner , within such time and accompanied by such fee as may be specified by the regulations made by the Authority along with the list of details / documents prescribed.
*As per Rajasthan Real Estate (Regulation and Development) Rules,2017
The Promoter shall also submit a declaration, supported by an affidavit, which shall be signed by the promoter or any person authorized by the promoter, stating :
That he has a legal title to the land on which the development is proposed along with legally valid documents;
That the land is free from all encumbrances, or as the case may be details of the encumbrances on such land including any rights, title, interest or name of any party in or over such land along with details;
The time period within which he undertakes to complete the project or phase thereof, as the case may be;
That 70% of the amounts realized for the real estate project from the allottees, from time to time, shall be deposited in a separate account to be maintained in a scheduled bank to cover the cost of construction and the land cost and shall be used only for that purpose:

19. Conditions for withdrawal from separate account:
Rajvanshi & Associates
Chartered Accountants
Conditions for withdrawal from separate account:
The promoter can withdraw the amounts from the separate account (Project account),
Only 30% without any restriction.
70% can be withdrawn in proportion to the percentage of completion of project(construction cost + land cost).
The amounts from the separate account shall be withdrawn by the promoter after it is certified by
an Engineer,
an Architect and
a Chartered Accountant in practice
that the withdrawal is in proportion to the percentage of completion of the project.

20. Project account to be submitted to RERA annually.
Rajvanshi & Associates
Chartered Accountants
The promoter shall get his accounts audited within six months after the end of every financial year by a CA in practice, and shall produce a statement of accounts duly certified and signed by him and it shall be verified during the audit that the amounts collected for a particular project have been utilized for the project and the withdrawal has been in compliance with the proportion to the percentage of completion of the project.
Project account to be submitted to RERA annually.

21. Complaint Filing for Registered Projects
Rajvanshi & Associates
Chartered Accountants
Complaint Filing for Registered Projects
Mode
Fees
Complainant
The aggrieved person can file complaint to the Authority in Form-N, in triplicate until the application procedure is made web based.
The fees for filing complaint is Rs in the form of Demand draft or Banker’s Cheque or through online payment.
Any aggrieved person including Allottee, Promoter and Real Estate Agents can file complaints

22. Financial Discipline & Compliance
Rajvanshi & Associates
Chartered Accountants
Financial Discipline & Compliance
70% of the funds collected
Withdrawals, to cover construction and land cost, to be in proportion to the % of completion of project
Developers to update on project webpage, status of the project and the extent of completion
from allottees
need to be the project
deposited in account
Project
Accounts to be
Provision for Authority to freeze project bank account upon non-compliance
Withdrawals to be certified by Engineer, Architect and CA
audited annually;
Copy to be submitted to Authority
Promoter buyer for
to compensate
Maximum 1 year extension in case of delay due to no fault of developer.
Unbiased Interest on delays.
Provision for stronger financial penalties for RajasthanRERA non-compliances
any false or
incorrect statement along with a full refund of property cost with interest

23. Citizen Centricity & Transparency
Rajvanshi & Associates
Chartered Accountants
Citizen Centricity & Transparency
Sharing project layout plan ,approvals,
proposed development work & facilities,
proforma allotment letter etc.
Increased assertion on the timely completion of
projects and delivery to the consumer
Defect liability period of five years for structural
defects, defect in workmanship, quality
or provision of services or other obligations
Formation of legal entity of allottees within three
months after majority of the units booked
Consent of 2/3rd allottees or for any
other addition or alteration
Consent from affected allottees for any
major addition or alteration
Informing allottees for any minor addition or alteration
Sale agreements as per model form. Increased assertion on the timely completion of projects and delivery to the customer
No false statements or commitments in advertisements
Quarterly update of project on the website with details such as status of project, status of approval, etc.
Conveyance of title within 3 months of Occupation Certificate

24. Promoter – Increased Compliances & Obligations
Rajvanshi & Associates
Chartered Accountants
Promoter – Increased Compliances & Obligations

25. Whom does it apply to – The Promoter
Rajvanshi & Associates
Chartered Accountants
Whom does it apply to – The Promoter
Promoter
A Person who Such other Any other A person
Constructs person who who acts him who develops
Building for constructs any self as builder land into a
the purpose of building or contractor, Any project for
Selling apartment for developer, development the purpose
sale to or claims to authority or of selling
general be acting as any public the holder of other public
a power of body attorney from owner of land
An apex State
Any person
other who
level co-
operative
acts himself as builder, contractor,
housing
finance society
Such A person who person
other who
Any
or development
to be authority or any as the other public
of a body of
A person who
and a primary
constructs constructs any
developer
develops land
building for the building
or claims for acting
holder
power
into a project
co-operative
purpose of apartment selling
for the purpose of selling
housing society
sale to general public
attorney from the owner of land

26. Promoters - Responsibility
Rajvanshi & Associates
Chartered Accountants
Promoters - Responsibility
Project Registration is mandatory
No Advertisement without registration under RERA Alteration in project – approval of 2/3 allottees Constantly updation - Website / Disclosures Withdrawal – POC method
Focus on Carpet Area Project Accounts - Audit

27. Liability on promoter – Few Instances
Rajvanshi & Associates
Chartered Accountants
Liability on promoter – Few Instances
If promoter fails to refund the amount within 6 months from
If promoter does not provide the information of sanctioned plan, stage wise time schedule of completion of project
If title of land is defective
the termination of sale
agreement in dispute due to defect in the apartment
Any false information to allotee in relation to sanctioned plan or in adherence to sanctioned plan
In case project is assigned to third party without prior written consent
Fails to complete or unable to give possession

28. Penalties Rajvanshi & Associates Chartered Accountants
If any promoter does not comply with the orders, decisions or directions issued or violate the provisions of registration - punishable with imprisonment up to 3 years or with fine up to 10% of the estimated cost of the project, or with both.
If any promoter provides false information or contravenes the provisions of registration of real estate projects - penalty up to 5% of the estimated cost of the project.
If any promoter contravenes any other provisions of the Real Estate Act - penalty up to 5% of the estimated cost of the project as determined by the Authority
If any promoter contravenes the provisions of registration - liable to penalty up to 10% of the estimated cost of project as determined by the Authority.

29. About Us Rajvanshi & Associates
Chartered Accountants
About Us
Rajvanshi & Associates is 27 years old chartered accountants firm established in 1990 with an objective to provide professional services in the field of Statutory & Internal Audit of Government & Non-Government Organizations, Concurrent & Statutory Audit of Nationalized Banks , Statutory Audit, internal , management & stock audit , Corporate Law Consultancy, Accounting, Management & Financial Consultancy , Direct and Indirect Taxation such as Income Tax, VAT, Service Tax and to conduct all kinds of Audits of Nationalized Banks, Corporate as well as non- corporate clients as per code of conduct of ICAI
The firm has in house facilities since day-one, of Computer Software package on Accounting and Taxation. The firm is well equipped with all modern amenities to remain updated academically and to dispose professional assignments in the best possible way at the earliest point of time. It has a centrally located Head office at Jaipur and branches at Delhi, Mumbai, Kota, Chittorgarh,Jodhpur, Narnaul (Haryana), Bikaner and Shri Ganganagar .
Firm is also a networking partner of M/s Batgach & Affiliates duly approved by Institute of Chartered Accountants of India having networking firms at Delhi, & Bengaluru ,Mumbai, Kolkata, , Chennai, Hyderabad, Ahmedabad, Guwahati & Trivandrum with the strength of more than 70 Chartered Accountants.

30. Services under RERA
We at Rajvanshi & Associates have experience and dedicated team to cater all RERA related services under one roof for promoters and real estate agents to manage their increased responsibility & compliances efficiently post RERA applicability.

31. Complete End-to-end Advisory
Rajvanshi & Associates
Chartered Accountants
Complete End-to-end Advisory
Financial Advisory & Certifications
Registration
Process
Compliances
Quarterly and half-yearly certifications for RERA and Financial institutions as required by law
Assist in maintaining financial discipline as per applicable law through dedicated team
Cash flow planning- Internal funds/ External financing/ Cash flow from Allottees
Project risk assessment
Funding requirements
Legal
Attending Registration Authorities
Attending Real estate Regulatory Authorities
Appearing before Regulatory (Appellant and adjudicating ) Authorities
Implementing Accounting and statutory Compliances
Guidance note on account of Real Estate as required by Indian AS
Guidance note on account of Real Estate as required under Indian Income Tax Act
GST Implementation & Compliances
Assist in the application process for RERA Registration
Aligning of agreements, transaction documents, etc. in compliance with RERA

32. Other Services Provided By Us
Rajvanshi & Associates
Chartered Accountants
Other Services Provided By Us
Audit & Assurance – Statutory Audit/Tax Audit
Tax Consultancy – Income Tax/VAT/GST/Service Tax/Excise
Business Start-up Services
Fund Raising – Debt Syndication / Equity
Management Advisory
Real Estate Advisory
Business Valuations
Financial & Business Restructuring
Mergers and Acquisitions
DGFT Services
India Entry Services
Corporate Law & Regulatory Services

33. Industries Served And Clientele Base
Rajvanshi & Associates
Chartered Accountants
Industries Served And Clientele Base
We provide our vide range of services to various industries and sectors such as Infrastructure Industry, Real Estate Industry, Small & Medium Scale Manufacturing Units, Garment and Textile Industry, Energy & Power Sector, Technology and Business Services, Consumer & Retail Sector, Telecom & Media sector
We have served clients from more than 10 countries based in Asia, Europe and America continents
We are specialized in raising funds for real estate developers since decades. Till now we have raised construction funding aggregating to over Rs Crores for our clients

34. Real Estate Clientele Base
Rajvanshi & Associates
Chartered Accountants
Real Estate Clientele Base
Major Builder Groups in Rajasthan , Haryana and Maharashtra
and many more….

35. Vikas Rajvanshi Founder Partner
B.com , FCA, DISA, IFRS (ICAI),CAAT,LLB, CCAB, FAFP (ICAI), Certified Business Valuer, IBBI (Insolvency & Bankruptcy), DRA (IIBF), IFRS. International Financial Reporting Standards
Tel:
Passed CA Final Examination Conducted by Institute of Chartered Accountants of India, New Delhi in the year Certified “Information System Audit” (ISA) auditor by ICAI in the year 2003.
Certified “Post Qualification Course” in Computer Accounting Audit Techniques (CAAT) by The Institute of Chartered Accountants of India, New Delhi in the year Passed “Post Qualification Certificate Course” in International Financial Reporting Standards (IFRS) conducted by ICAI, Delhi & duly passed the post qualification certificate course on IFRS in the year Done Post qualification Certificate Course on Business Valuation conducted by ICAI.
Has Been CHAIRMAN of Jaipur Branch of “Central India Regional Council” of “The Institute of Chartered Accountants of India” having strength of 2500 Chartered Accountants in the year Awarder of HIGHLY COMMENDED PERFORMANCE CERTIFICATE from ICAI, New Delhi &BEST BRANCH AWARD from Central India Region during tenure of Chairmanship ( ) of Jaipur Branch of Institute of Chartered Accountants of India.
Coordinator of "International Conference on Redefining of Accountancy
Profession: A measured Response to Global Challenge" at Jaipur on 11,12,13th
March 2004, where more than 3000 participants from all over the world from around 50 Countries have participated. Coordinator of Assembly Meetings of South Asian Federation of Accountants (SAFA), attended by members of different bodies e.g. ICAI, ICAB, ICMAB, ICWAI, ICAN, ICAP, ICMAP, ICASL, from accounting bodies of India, Pakistan, Shri Lanka, Bangladesh, Nepal. The President of International federation of Accountants (IFAC), Confederation of Asia Pacific Accountants (CAPA) &SAFA, visited the Jaipur Branch during tenure of Chairman-ship.
Attended and participated in various International & National level Seminars, conferences residential refresher courses through out of the world. Visited USA and South America - [Venezuela], Europe - [Great Britain, France, Italy ,Switzerland ] and Australia studied there prevailing value added tax matter.
R&A

36. Partners
Abhinav Rajvanshi Partner (Statutory Audit)
B.Com, ACA, ACS, LLb, FAFP, CCAB
Ritika Bhansali Partner , Advisory Expert
B.Com , ACA, ACS
Ritika has handled assigments for Golcha Group, many export firms, Rajasthan Patrika Group and many other listed entities as well.
Prakshal Jain
Partner, Internal Audit & Assurance
ACA, ACS, B.Com
He has been with from last 2 years.
He is currently handling Internal Audit Assignments of Many Real Estate Entities
Yogesh Kumar Swami
Partner, Corporate Advisory and Direct Taxes
FCA, B.Com
He has been closely associated in Statutory Audits and Implementation of Accounting Standards and recently IND AS since last 10 years.
Ankur Goel
Partner, Internal Audit
FCA, B.Com
She has been closely associated with R&A in Statutory Audits since last 15 years.
Rahul Sanghi Partner (Statutory Audit)
B.Com, FCA, ACS
R&A

37. R&A presence PAN India; through networking
CA. Vikas Rajvanshi
C O N T A C T
U S
Partner
Rajvanshi & Associates
H-15, Chitranjan Marg,
C-Scheme, Jaipur
Tel No : / /41/42
ID :
CA. Abhinav Rajvanshi
Partner
Rajvanshi & Associates
H-15, Chitranjan Marg,
C-Scheme, Jaipur
R&A presence PAN India; through networking
Tel No :
ID :
Visit us at : /

38. Contact Us www.rajvanshica.in
Insert the data for Sales, cash profit and EBITDA for each of these units
R&A