RERA Audit Services in Mumbai Thane

RERA Audit Services?

Real Estate investment is just one among the absolute most obvious business sectors and also a fast emerging economy due to its rising growth rate of GDP and per capita revenue. Founded its existence inside India having its unprecedented increase, the real estate business has now put itself as a big contributor towards its federal market. Whilst this industry provides hundreds of chances, in addition, it has a multitude of complexities.

To make sure its continuing increase within the market, the actual Estate marketplace has to be nicely ordered with innovative technologies and also in accordance with worldwide norms.

We're known as being a premier property estate accounting and consulting Firm. We have vast knowledge in modern tactics pinpointing and assessing complex property issues, and advocating workable remedies.

We've got competencies to test the job's expansion and its own compliance with all the most relevant laws that are applicable. We also have helped the real-estate Regulatory company (RERA) in growing the coverage means of Designated Accounts, audits of Projects.

We Aga & Associates will guide you in each and every step of your Project so that the RERA Compliances can be done smoothly.

RERA Audit – Challenges

Sufficient Knowledge of Act and Rules –Both promoter and professionals
Information filled during registration is erroneous – what stand will u take
Record / data / expenses maintenance : RERA Project wise
Allocation of common expenses RERA project-wise
- Basis of allocation
- Loan availed and interest apportionment to RERA project-wise
Reconciliation at various stages and different records
Clarity on the statute, being new to all
In case of single RERA registration – information from Landlord and compliance there on under RERD (being a Co- Promoter)

RERA Audit – tip to professionals

Don’t be biased on the information and report
Don’t be under the influence of Promoters.
Don’t be casual on report / certification
Collect sufficient documents / information
If you don’t know, ask Aga & Associates
If you are not sure – report it

RERA FAQ

1What is RERA Act?

The Real Estate (Regulation and Development) Act, 2016 (RERA) is an Act passed by the Indian Parliament. The RERA seeks to protect the interests of home buyers and also boost investments in the real estate sector.

2What is the procedure to register under RERA?

The center has clarified through a press release that the Promoters and agents are required to get their on-going projects registered with 3 months of the Act applies i.e. 1st, May 2017 (Maharashtra). Also Non Registration of Projects will attract heavy penalty under RERA Act.

Registration Process for Real Estate Agents

File an application form along with fee and documents to get registered with RERA
You will receive a registration number from the regulator. This need to be mentioned in every property sale
On a quarterly basis, you are required to maintain the books of account, records and documents related to the transactions
Share all the information and documents about the project with the buyer
Agent may be suspended for the misrepresentation or fraud during the registration process.

3What is the benefit of RERA?

The RERA act aims to promote transparency, accountability, and efficiency in the real estate sector the act has also led to the creation of a mechanism wherein issues such as project delays, quality of the projects, pricing of the property, etc.

4Why RERA required?

The Real Estate Act makes it mandatory for all commercial and residential real estate projects where the land is over 500 square metres, or eight apartments, to register with the Real Estate Regulatory (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution.

5When did the Act come into force?

The Act came into force on 1 May 2016 with 59 of 92 sections notified. Remaining provisions came into force on 1 May 2017.