The responsibility of promoters of a real estate project doesn't simply end at getting their real estate project registered under the RERA law. A crucial role of the promoter is to provide transparent and comprehensive information about their developments. This involves publishing specific details on the authority's website to ensure transparency, build trust among buyers, and comply with regulatory requirements.

The real estate industry operates under stringent guidelines to ensure transparency and reliability for potential buyers. In compliance with Clause (b) of Section 34, the regulatory authority mandates a comprehensive set of information to be made available on its website for each registered project.

In this article, we will take a look at all of the details that a registered promoter has to publish on the Authority's website

Promoter's Details: Transparency in Identity and History

For transparency and accountability, promoters are required to disclose detailed information regarding their enterprise, such as:

Promoter or Group Profile: This includes a brief overview of the enterprise, its type, registration particulars, educational qualifications, work experience, and details of ongoing and completed projects in the last five years. Promoters also have to mention details like name, address, contact details, and photographs of the promoter in case of an individual and the name, address, contact details, and photographs of the chairman, directors, and partners in case of partnership.

Track Record: Providing insights into the promoter's experience in real estate construction both within and outside the state, along with details of completed and ongoing projects, including any pending payments and litigation.

Website Links: Providing web links to the promoter's or parent entity's website and the project's website for further information.

Project Specifications: Comprehensive Project Details

The details of the real estate project cover a number of elements, including:

Advertisement and Prospectus: Furnishing copies of the project's advertisement and prospectus.

Compliance and Registration: (a) authenticated copy of the approvals and commencement certificate from the competent authority

(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

(c) Details of the registration granted by the Authority.

Apartment, Plot, and Garage Details:Providing specifics like

(a) details of the number, type and carpet area of apartments for sale in the project along with the area of the exclusive balcony or verandah areas and the exclusive open terrace areas with the apartment, details of the number, type and area of plots for sale in the project

(b) details of the number of garages if any for sale in the project

(c) details of the number of parking slots available in the real estate project

Registered Agents and Consultants: Listing the names and addresses of agents, contractors, architects, and engineers involved in the project.

Location: The location details 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

Development Plan: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.

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, any other facilities and amenities or public health services proposed to be provided in the project

Project schedule: A detailed time schedule of development works to be executed in the project and the details of the proposed facilities to be provided thereof; and the stage wise time schedule of completion of the project, including the provisions for civic infrastructure like water, sanitation and electricity etc.

Financial Disclosure of the Promoter: Transparency in Finances

Promoters are required to disclose financial information

(i) Self-attested 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 in cases where annual report is not available then the audited profit and lost account, balance sheet, cash flow statement and the auditors report of the promoter for the immediately preceding three financial years and in case of newly incorporated or registered entity such information shall be disclosed for the parent entity

A promoter is responsible for uploading the below mentioned updates to the project's website within fifteen days of each quarter's end:

(i) A list of the number and types of apartments or plots, booked

(ii) A list of the number of garages booked

(iii) Status of construction of each building with photographs

( iv) Status of construction of each floor with photographs

(v) Status of construction of internal infrastructure and common areas with photographs.

(iv) Status of approvals

Details of approvals, permissions, clearances which needs to be mentioned in the website

(i) 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

(ii) Authenticated copy of the site plan or site map showing the location of the project land along with names of survey numbers, khatha numbers and area of each parcels of the project land

(iii) 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;

(iv) Floor plans for each tower and block including clubhouse, amenities and common areas

(v) Any other permission, approval, or license that may be required under applicable law; and

(vi) Authenticated copy of occupancy certificate and completion certificate including its application.

Legal Documents

(a) Proforma 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 is proposed to be developed along with legally valid documents with authentication of such title, if such land is owned by another person

(c) Land title search report from an advocate having experience of at least ten years in land related matters

(d) 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 or non encumbrance certificate from the concerned Sub Registrar of past twelve years

(e) In case the promoter is not the owner of the land on which development is proposed details of the land along with self attested collaboration agreement, development agreement, joint development agreement or any other agreement 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.

Continuous Updates and Maintenance of Records:

Within specific time frames, promoters are mandated to update information related to bookings, project status, approvals, permissions, legal documents, and contact details. The authority maintains a database ensuring this information is available for each project.

The authority also mandates the publication of details for registered real estate agents or those rejected or revoked, requiring registration numbers, enterprise details, photographs, PAN cards, and contact information.

Meeting the regulatory standards set by the authority involves meticulous documentation and transparency at every stage of a real estate project. Publishing detailed and accurate information on the authority's website is not just a legal requirement but also a way to build trust and confidence among potential buyers. Remember, as a homebuyer you should check on the authority as well as the promoter's website for the updated information while buying a flat.