K-RERA being a Regulatory and Development Authority, our mission is to promote greater accountability and value through regulatory compliance. We strive to create a healthy, competitive real estate sector while fostering good conduct and public confidence.
By registering your project with the Authority, you have completed the first step towards compliance with the Act 2016, which offers you a unique opportunity to showcase your projects and attract potential customers through the K-RERA website. To become a fully RERA-complied Promoter of a registered project, we kindly request you to follow the guidelines below until you upload the occupancy/development certificate and Form No.6 in the web portal of K-RERA. The Authority wishes you success in the timely completion of your prestigious project
1. You can advertise your project now, by displaying the registration number and website address of K-RERA in all advertisements and prospects. The font size of the registration number and website address of K-RERA shall be equal to or larger than the font of contact details and address of the project and it shall be placed in the right top quadrant of the advertisement. The color of the same shall be easily visible to all. (Section 11(2) of the Act & Regulation 5(6) - See public notice No K-RERA/T3/102/2020 dt. 24-03-2023 for more details). The veracity of the advertisement or prospectors shall be the obligation of the promoter (Section 12 of the Act). You shall upload all the advertisements and prospects (including advertisements on social media) to the web page of the project in the web portal. (Rule 17 (b)(1).
2. You shall display at the project site details of the project, such as the sanctioned plan, layout plan, schedule of completion etc.(Section 11(3)(a),(b)of the Act)
3. You can receive an advance payment of up to 10%, before entering into a Registered Sale Agreement on every booking. (Section 13 of the Act). You can cancel any allotment, only in accordance with the terms of the sale agreement executed. (Section 11(5) of the Act)
4. You have to open two accounts in a Scheduled Bank for each project; one account as a collection account to deposit all the amount collected from the allottee for the project and another separate account to transfer 70% amount from the collection account. Withdrawal from the separate account shall be in proportion to the percentage of completion of the project. (Section 4 (2) (l) (D) of the Act).
5. Your withdrawal from the separate account, shall be in accordance with the Certificate of the Architect, Engineer, and a Chartered Accountant in Form No.2, Form No.3 & Form No. 4, respectively so that the withdrawal is in proportion to the percentage of completion of the project. The same shall be uploaded in the RERA web portal, from time to time. (Section 4 (2) (l) (D) & Regulation 5(3)).
6. You have to upload quarterly progress of the project in the web portal within 7 days from the expiry of each quarter. The quarterly progress includes the progress of the project including common area facilities, the construction progress of each building, the number of bookings, photographs, the number of garages booked, etc. (Section 11 (1) of the Act & Regulation 5).
7. Annual Audited statement of accounts of the project in Form No.5, from the Chartered Accountant, stating that the amount collected for the project is utilized for that project only and withdrawal has been made in compliance with the proportion to the percentage of completion of the project, shall be uploaded on the web portal on or before 31st October of every year until the project is completed and Form No.6 uploaded. (Section 4 (2) (l) (D) of the Act).
8. Subsequent change in any of the details made available, shall be brought to the notice of the Authority and correction carried out by submitting an application to the Authority. (Rule 17(5)).
9. You shall enable the formation of the Allottee Association within three months after the majority of the Apartment/Unit Building is booked. (Section 11 (4) (e) of the Act).
10. You are responsible for obtaining an Occupancy Certificate, on completion of the project, from the Local Self Government Institutions and uploading the same in the web portal. (Section 11 (4) (b) of the Act & Regulation 5(4)).
11. On successful completion of the project in all respects, Form No.6 - ‘certifying that the project has been completed in all respects as promised to the allottees and as per the terms of the agreement for sale executed’ shall be uploaded in the project’s web portal. (Regulation 5(4))
12. Regarding plot development projects, on completion of the project, you have to obtain a Development Certificate from the Local Self Government Institution as per Rule 20(2) of KMBR2019 / KPBR2019 and shall upload the same in the project web portal. Once the Development Certificate is obtained and the association is formed and on handing over of the common amenities to the Association, Form No.6 shall be uploaded.
13. Regarding the villa project the promoter shall obtain a Development Certificate as required under the law, and upload the same in the project web portal. The promoter shall upload the Occupancy Certificate for the individual villa as and when it is received.
14. You shall execute a registered conveyance deed in favor of the allottee, and common areas to the association within three months from the date of issue of occupancy certificate. (Section 17 of the Act). The allottee shall take physical possession of the apartment, plot, or building within two months of the Occupancy Certificate issued (Section 19(10) of the Act)
15. If you are not able to transfer the physical possession as promised, you are liable on demand by the allottee to return the amount received from the allottee with interest at the rate prescribed on this behalf under Rule 18, including compensation in the manner as provided under the Act. The allottee is also entitled to continue and claim delay interest from the promised date of handing over possession to the actual date of handing over, instead of withdrawing from the project.(Section 18 of the Act)
16. The allottee is liable to pay interest to you for any delay in payment as specified in the agreement for sale executed under Section 13 of the Act, at the rate prescribed under Rule 18. You may please note that the allottee is responsible for making necessary payment in the manner and within the time as specified in the registered agreement for sale and shall pay the same at the proper time and place (Section 19(6),(7) (8) of the Act)
17. You can apply for an extension of project registration under reasonable circumstances where the delay is due to force majeure and in cases where the delay is not due to any default on the part of the promoter. The application shall be submitted not less than 3 months prior to the expiry of the registration granted with fee and other documents as specified in Rule 8. (Section 6 of the Act; See Order No K-RERA/T3/102/2020 dt. 04-02-2022 for more details).
18. You have to pay all outgoings of the project until the transfer of the physical possession of the real estate project to the allottee/ the association, from the amount collected for the payment of outgoings. (Section 11 (4) (g) of the Act).
19. You shall not mortgage or create a charge on the apartment, plot or building after executing an agreement for sale with the allottee. (Section 11 (4) (h) of the Act).
20. You shall obtain all such Insurances as may be notified by the Kerala Government, (Section 16 of the Act) (Kerala Government has not yet issued any such notifications) including but not limited to insurance in respect of title of the land and building as part of the real estate project and construction and shall pay the premium and charges in respect of the insurance before the same is transferred to the association of allottees
21. Any alterations or additions in the sanctioned plans/layout plans/ specifications of the building or the common areas shall be made only with the prior written consent of at least two-thirds of the allottee. (Section 14 (2) (ii) of the Act).
22. You are responsible to the allottee for all the obligations responsibilities and functions under the Act or to the allottees as per the agreement for sale, or to the association till the conveyance of all apartments, plots, or buildings. In case of any structural defect or any other defect in workmanship, quality or provision of services or any other obligations of the promoter as per the agreement for sale, the promoter on receipt of such notice from the allottee within a period of 5 years from the date of handing over possession shall rectify such defects without further charge within 30 days.( Section 11(4)(a) & Section 14(3))
23. In case you want to transfer the project to a third party, you shall obtain prior written consent from the two-thirds allottee, and written approval of the Authority. (Section 15 of the Act).
24. The authenticity of the details/documents uploaded which are submitted and uploaded to the website will be your sole responsibility and shall ensure correctness of the same in all respects at all given times. (Rule 17(4)).
The points indicated are not exhaustive. You are advised to be familiar with the Law. We also request you to browse our website which contains the Act, Rules, Regulations, Public Notice, and Orders. You are advised to make your employees also aware of these guidelines. We look forward, to working with you to ensure your project is a great success.