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Answer: The real estate has grown in the recent years but has largely been unregulated from the perspective of consumer protection. Though, consumer protection laws are available, the recourse available therein is only curative, but not preventive. This has affected the overall potential growth of the sector due to absence of professionalism and standardization.

Answer: The Real Estate Bill was passed by the Rajya Sabha on 10th March, 2016 and the Lok Sabha on 15th March, 2016. The Bill as passed by the Parliament was assented to by the Hon'ble President on 25th March, 2016. The Act as assented to by the Hon'ble President was published in the Official Gazette on 26th March, 2016 for public information.

Provisions of sections relating to definitions, establishment/appointment of Regulatory Authority/Appellate Tribunal, Adjudicating Officer, framing of Rules/Regulations, constituting regulatory Fund, making website etc. came into force with effect from 1st May, 2016. Remaining provisions regarding registration of real estate projects, real estate agents, responsibilities of promoters/ allottees/agents, about penalties and offences etc. came into force w.e.f. 01.05.2017.

Answer: The Real Estate is intended to achieve the following objectives:

  • ensure accountability towards allottees and protect their interest.
  • infuse transparency, ensure fair-play and reduce frauds & delays.
  • introduce professionalism and pan India standardization.
  • establish symmetry of information between the promoter and allottee.
  • imposing certain responsibilities on both promoter and allottees.
  • establish regulatory oversight mechanism to enforce contracts.
  • establish fast-track dispute resolution mechanism.
  • Promote good governance in the sector which in turn would create investor confidence.

Answer: Appropriate government as per act is state government. The State Government is required to, notify Rules for the implementation of the Act.

  • Establish the Regulatory Authority
  • Designate an officer as interim Regulatory Authority, until the establishment of a full time Regulatory Authority
  • Establish the Appellate Tribunal
  • Designate an existing Appellate Tribunal (under any other law in force) to be the Appellate Tribunal, until the establishment of a full time Appellate Tribunal
  • Appoint the Chairperson and Members of the Regulatory Authority and the Members of the Appellate Tribunal based on recommendation of a selection Committee
  • Appoint officers and other employees of Regulatory Authority and the Appellate Tribunal
  • Identify office space etc. and other infrastructure for its functioning
  • Constitute a 'Real Estate Regulatory Fund'
  • Make and launch a website for Regulatory Authority.

Answer: Yes. The Act covers both residential and commercial real estate. Section 2(e) defines 'apartment' and section 2(i) defines ' building' which include both residential and commercial real estate.

Answer: Yes. The mechanisms for registration, the fees payable, the period of registration, subsequent renewal, rejection of application for registration, revocation etc. are as per state’s Real Estate (Regulation and Development) Rules.

Answer: As per section 59, where under the Act, it is obligatory for the promoter to register a project with the Authority, and the promoter fails to do the same, he shall be liable to a penalty upto ten percent of the estimated cost of the real estate project. However, in case the promoter consistently defaults or does not comply with the directions/orders of the Authority as regarding registration of the project with the Authority, he shall be liable to additional fine of ten percent of the estimated cost of the real estate project or imprisonment upto 3 years or both.

Answer: The Act covers all bodies (private and public) which develop real estate projects for sale to the general public. Section 2(zk) defines the term 'promoter' which includes both private and public real estate promoters. Thus all Development Authorities, UITs, Municipal bodies, Housing Board, when involved in sale, are covered as Promoter under the Act.

Answer: Yes, as per the Explanation to section 2(zK) "where the person who constructs or converts a building into apartments or develops a plot for sale and the persons who sells apartments or plots are different persons, both of them shall be deemed to be the promoters and shall be jointly liable as such for the functions and responsibilities specified, under this Act or the rules and regulations made there under".

Answer: As per the Explanation to section 2(za) the rate of interest payable by either the promoter or the allottee shall be the same. The rate of interest is specified by State Government’s Real Estate regulations.

Answer: Yes. As per section 2(b), which defines ' advertisement' any medium adopted in solicitation for sale would be covered under the said definition, including SMS and emails.

Answer: Allottee" in relation to a real estate project, means the person to whom a plot, apartment or building, as the case may be, has been allotted, sold (whether as freehold or leasehold) or otherwise transferred by the promoter, and includes the person who subsequently acquires the said allotment through sale, transfer or otherwise but does not include a person to whom such plot, apartment or building, as the case may be, is given on rent.

Answer: Yes, 'common areas’ include open parking area.

Answer: Yes 'community and commercial facilities’ which are provided in the real estate project are part of common areas.

Answer: Section2 (zf) and section 2(q) respectively, define 'occupancy certificate' and 'completion certificate'. Occupancy certificate relates to the occupation of the apartment/building, which has provision for civic infrastructure such as water, sanitation and electricity and is habitable. Completion certificate relates to the completion of the entire project certifying that the project has been developed according to the sanctioned plan, layout plan and sections, as approved by the competent authority.

Answer: Section 2(v) defines 'estimated cost of the real estate project', which means "the total cost involved in developing the real estate project and includes the land cost, taxes, cess, development and other charges". The determination of the estimated cost of the real estate project is necessary due to chapter VIII of the Act, which provides that penalties would be imposed on the promoter, for violations prescribed under the Act, based on the estimated cost of the real estate project.

Answer: Section 2(y) defines the term ' garage', which can be sold to the allotted independent of the apartment.

Answer: The term 'real estate project has been defined under section2(zn) and the term 'project' has been defined under section 2(zj), which have been interchangeably used under the Act.

Answer: Yes, section 2(zm) defines the term 'real estate agents', which is a very broad and inclusive definition and covers all form of agencies involved in sale and purchase of projects, registered under the Act. Consequently, web-portals etc. engaged in selling plots or apartments are also covered under the Act and are required to comply with the duties and responsibilities as provided there in including under the Rules and regulations made thereunder.

Answer: Section 2(zr) is an omnibus definition which provides that terms which have not been defined under the Act or the Rules and Regulations made there under, would have the same meaning as respectively assigned to them under the relevant municipal law or under any law for the time being in force.

Answer: The planning area means a planning area or a development area as specified under the Master plan/Zonal Development Plans.

Answer: Yes. Every real estate project which has land area more than 500 sq. meters or has more than 8 apartments needs to be registered.

Answer: Yes. Every real estate project which has land area more than 500 sq. meters or has more than 8 apartments needs to be registered

Answer: No. The advertisement issued after1st May 2017 must carry the Registration Number of the project issued by the Authority.

Answer: The position of parking is as follows; 1. Open Parking Area: This has been clearly included in the definition of "Common Areas" which need to be conveyed to the Association of Allottees after Occupancy Certificate is received. Hence, sale or allotment of Open Parking Areas by the Promoter is not permissible 2. Covered Parking is permitted to be sold. 3. Garage as defined in the Act is permitted to be sold.

Answer: No. The wording in Section 2(d) “has been sold (whether as free hold or lease hold) or otherwise transferred by the promoter” indicates that the long-term lease falls within the ambit of the Act. However, the premises given on short term lease not exceeding five years are not covered under the Act.

Answer: Section 18 of the Act provides for provisions as regards various situations in which the allottee would be compensated by the promoter due to delay in completion of the project etc.

Answer: For the purpose of this rule “Ongoing Project” means, a Project where development is going on and for which Occupancy Certificate or Completion Certificate has not been issued but excludes such Projects which fulfil any of the following criteria on the date of notification of these rules. a) Where roads, open spaces, amenities and services have been handed over to the local authority in layout Projects. b) Where all slabs are laid in housing projects. c) Where all developmental works have been completed and sale /lease deeds of 50% of the Apartments / Houses/ Plots have been executed d) Where development works have been completed and application has been filed to the competent authority for issue of Completion or Occupancy Certificate.

Answer: Section 3(1) provides that all projects within a 'Planning areas' will require to be registered with the Authority and 'planning area' has been defined under section 2(zh). However, section 3(1) second proviso gives powers to the Authority in the interest of 'allottees' to order/direct the promoter to register projects beyond the planning area, which has the requisite permission of the local authority.

Answer: As per section 3(2) the following projects do not require to be registered under the Act: 1. Where the area of land proposed to be developed does not exceed five hundred square meters or the number of apartments proposed to be development does not exceed eight, inclusive of all phases. The State Govt. may reduce the threshold below 500 sqm. or 8 apartments. 2. Where the promoter has received completion certificate for a real estate project prior to commencement of the Act, i.e. 1st May, 2017. 3. for the purpose of renovation or repair or re-development which does not involve marketing, advertising selling or new allotment of any apartment, plot or building, as the case may be, under the real estate project.

Answer: The promoter can advertise his project for sale after the project has been registered with the Regulatory Authority as provided in section 3(1).

Answer: The details to be furnished as as per rules of state Real Estate (Regulation and Development) Rules approved in GO MS 115 MA dated 27.03.2017. The application fee shall be paid as per rates given in GO MS 642 dated 12.09.2017 of MA.

Answer: 30 days. If the promoter submits the application as specified in the rules.

Answer: The method of payment of Registration Fees shall be through NEFT or RTGS System at the time of filing of the web based online application or through a demand draft drawn on any scheduled bank in case of submission of the application at the Office of the Authority until the web based online application system is operationalized.

Answer: If the application for the registration of the project is not complete as required under the Act or the Rules and Regulations made there under, the Authority may give an opportunity to the promoter to complete the application in all respects. However, in case of non-compliance the Authority has the power to reject the application, only after giving an opportunity to the promoter of being heard.

Answer: Yes, section 5 of the Act provides that the Authority has to decide on the application within 30 days of its receipt. It further provides that in case Authority fails to take a decision within the said period of 30 days the project shall be deemed to be registered.

Answer: The registration granted under this section shall be valid for a period declared by the promoter under sub-clause (C) of clause (1) of sub-section (2) of section 4 for completion of the project or phase thereof, as the case may be.

Answer: The promoter shall upload the following updates on the webpage for the project, within 7 days from the expiry of each quarter: i. List of number and types of apartments or plots, booked; ii. List of number of garages booked; iii. Status of the project: 1. Status of construction of each building with photographs; 2. Status of construction of each floor with photographs; and 3. Status of construction of internal infrastructure and common areas with photographs. iv. Status of approvals: a. Approval received; b. Approvals applied and expected date of receipt; c. Approvals to be applied and date planned for application; and d. Modifications, amendment or revisions, if any, issued by the competent authority with regard to any license, permit or approval for the project.

Answer: Section 4(2) (l) (D) provides that the promoter shall maintain a separate account for every project undertaken by him where in 70 percent of the money received from the allottee shall be deposited for the purposes of construction and land cost. Section 4(2)(I)(D) clearly provides that the funds can only be used for construction and land cost duly following the procedures’ stipulated in the rules.

Answer: As per section 4(2)(l)(D) first and second proviso, the promoter is required to withdraw the amounts from the separate account, to cover the cost of the project, in proportion to the percentage of completion of the project. In addition, the promoter is permitted to withdraw from the separate account 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.

Answer: Yes. As per section 4(2)(I)(D) third provision, the promoter is required to get his accounts audited within 6 months after the end of every financial year by a chartered accountant in practice, and shall produce a statement of accounts duly certified and signed by such chartered accountant and it shall be certified during the audit that the amounts collected for a particular project have utilized for the project and the withdrawal has been in compliance with the proportion to the percentage of completion of the project.

Answer: Section 4 envisages that for a period of one year the application process can be both manual and online based and after one year it is mandatory to make the entire process online. If State government has established the web-portal of Regulatory Authority, The submission of all the applications for registration of projects/agents, complaints, appeals including payments of fees shall be online based.

Answer: Section 6 envisages two situations within which the registration granted to a project can be extended. Extension of registration can be granted in case of force majeure, in addition, it can also be granted under reasonable circumstance, without the fault of the promoter, which shall not be more than a maximum period of 1 year. Explanation to section 6 has defined force majeure to mean a case of war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature affecting the regular development of the real estate project.

Answer: The registration may be extended on an application made by the promoter in Form-E prior to the expiry of the registration already granted. The application for extension of registration shall be accompanied with a proof of payment through online mode along with an explanatory note setting out the reasons for delay in the completion of the project and the need for extension of registration for the project, with documents supporting such reasons. Provided that where extension of registration is due to force majeure the Authority may at its discretion waive the fee for extension of registration

Answer: Yes, as per section 7 of the act, the authority has the power to revoke registration of a project

Answer: Section 8 of the act, provides for various mechanisms to complete the project in case of revocation of project registration.

Answer: The RERA website of each state, would display all the registered projects. It is mandatory that the advertisement for marketing of apartments in the real estate project must carry the registration number issued from the Authority.

Answer: All promoters shall make their applications online through State’s RERA website, filling the details in the requisite forms, uploading the required documents and paying the necessary fees through online mode of payment.

Answer: Yes, at the end of ninety days from the date of commencement of Section 3 of the Act, i.e. 31st July 2017, the promoter of an ongoing project shall not advertise, market, book, sell or offer for sale or invite persons to purchase in any manner any plot, apartment or building, unless he registers the project.

Answer: Yes, while registering project, the promoter needs to give the expected date of completion based on the approval given by the competent authority.

Answer: Registration is of the Project/Phase and hence the provisions of the Act are applicable to all units of the Project/Phase.

Answer: As per section 5(2) of the Act Regulatory Authority shall within a period of 7 days of the deemed registration, provide registration number and a Login Id and password through the registered email Id of the promoter for accessing in the website of the Regulatory Authority

Answer: A promoter would be allowed to advertise, market, book, sell or offer to sell or invite persons to purchase plot, apartment or building in a phase of a real estate project, only if the said phase is registered. A promoter cannot advertise, commit or sell amenities or facilities that are in a subsequent phase which is still not registered.

Answer: In accordance with section 14 of the Act, the promoter should take previous consent of the concerned allottees. In accordance with the provisions of this section the promoter is also liable to rectify any structural defect etc. within a period of 5 years from the date of possession.

Answer: Section 4 and section 11 provide for a detailed list of disclosures on the website of the Authority by the promoter for public viewing. Also, the detailed list is specified in Rule 15 of the Rules

Answer: As per section 12 the promoter is responsible for the veracity of all information contained in the advertisement and the prospectus. In case of any loss sustained by any person due to false information contained therein, the promoter is liable to make good the loss sustained due to the same.

Answer: Yes. Section 13 provides that the promoter cannot accept a sum more than 10 percent of the apartment/plot cost as an advance payment/ application fees. For any further collection towards the apartment/plot cost, the promoter is required to enter into an Agreement for sale with the allottee

Answer: Yes, the format of Agreement for sale to be entered into between the promoter and the allottee has been prescribed as Annexure-A under the Rules. This Agreement is binding on the parties. Internal flexibility as per contractual understanding could be provided in the said Agreement for sale, for determination/ insertion of other provisions as decided between the parties. However, such provisions should not be in derogation of or inconsistent with the terms & conditions of the format of the Agreement or the provisions of the Act and rules/ regulations made thereunder.

Answer: As per section 14 of the Act the promoter can only modify/amend the sanctioned plans or project specifications, after the approval of the competent authority and its disclosure to the allottees, in case of minor additions or alterations. However, in case of major modification/alteration, the promoter can modify the sanctioned plans or project specification only after having taken approval from twothird of the allottees. In addition, for arriving at the number of two-third allottees, the number of apartments held by the promoter will be excluded. Also, irrespective of the number of apartments held by an allottee he/she shall only be entitled to one vote.

Answer: As per section 14(2) the promoter shall be liable for 5 years from the date of handing over of possession to the allottee towards structural defect or any other defect as specified therein.

Answer: As per section 15 the promoter is not entitled to transfer or assign his majority rights and liabilities in the project to a third party, without obtaining the prior written consent of two-third of allottees and the Regulatory Authority. In addition, for arriving at the number of two-third allottees, the number of apartments held by the promoter will be excluded. Also, irrespective of the number of apartments held by an allottee he/she shall only be entitled to one vote.

Answer: Section 17 of the Act provides for detailed provisions regarding transfer of title of the apartment and the project to the allottee and the association of the allottees respectively.

Answer: Yes, in accordance with the provisions of the Act, the promoter, while applying for registration to Regulatory Authority, has to give a declaration cum affidavit, indicating the time period within which he undertakes to complete the project or phase thereof, as the case may be.

Answer: Yes, promoter shall execute a registered conveyance deed in favour of the allottee and association as per section 15 &17.

Answer: The Act makes both the promoters and the landlord or any such parties which are beneficiary of a sale of a project and receive payments from allottees as Copromoters and hence liable to adhere to the provisions of the Act and Rules and Regulations made there under.

Answer: Yes, the promoter can change the plans as per section 14 of the Act.

Answer: The Act protects the interest of all the allottees including those who have executed an agreement before the project is registered under its provisions. Hence, if the promoter wants to change the plans post registration, then consent of all preregistration allottees shall be required as well.

Answer: A promoter should meticulously plan the buildings of the registered phase & common areas and then declare the individual date of handing over possession of the building & common areas. Each phase along with the development works shall have to complete and handed over to the allottee within the time frame defined by the promoter, during registration, for that phase of the project.

Answer: Yes, insurance will be compulsory as per stare Real Estate regulatory authority.

Answer: Yes, if this is declared at the time of registration and subject to provisions of Section 4 of the Act. However, the money withdrawn should be utilized towards project cost.

Answer: The Act makes both the Promoters and the land owner or any such parties which are beneficiary of a sale of a project and receive payments from allottees, as Co- Promoters and hence liable to adhere to the provisions of the Act and Rules and Regulations made there under. The withdrawal of money would be subject to provisions of Section 4 of the Act and Rules made there under.

Answer: The original certificates have to be retained by the promoter because the same are required to be verified and audited by the statutory auditor of the promoter's company at the end of every financial year. Copies may also have to be submitted to the concerned bank, if demanded by bank.

Answer: No. A separate bank account needs to be opened in accordance with the provisions of the Act and rules made there under.

Answer: No. Section 13(1) of the Act prohibits the promoter from taking more than 10% of the cost of apartment without entering into a written agreement for sale, duly registered.

Answer: Provision of termination of agreement is covered in the Form of Agreement for Sale (Annexure -A) attached to Andhra Pradesh Real Estate (Regulation and Development) Rules, 2017.

Answer: The interest payment is in accordance with the Agreement for Sale and hence should be automatically paid. The buyer may have to file a complaint to Regulatory Authority if there is a grievance.

Answer: Section 31 of the Act provides for filing of complaint with Regulatory Authority, by an aggrieved person. The aggrieved person can file an application online as per Form-M prescribed under the Rules.

Answer: The mechanisms for registration, the fees payable, the period of registration, subsequent renewal, rejection of application for registration, revocation etc. are as per state’s Real Estate (Regulation and Development) Rules.

Answer: The registration granted to a real estate agent shall be valid upto five years.

Answer: Yes, the real estate agent can be renewed. The application fees for renewal shall be paid through online mode at the time of online submission of application, for a sum of Rs. 5,000/- in case of the real estate agent being an individual or Rs. 25,000/- in case of the real estate agent being anyone other than an individual. The real estate agent shall also submit all the updated documents as required for new registration as set out in clauses (a) to (f) of sub-rule (1) of rule 10. The renewal granted shall be valid for a period of five years.

Answer: The Authority shall grant a single registration to the real estate agent for the entire State, but the promoter has to specify the name of the real estate agent who will attend the particular project.

Answer: Yes. Where, on the completion of the period of thirty days, if the applicant does not receive any communication about the deficiencies in application for registration or the rejection of such application, the real estate agent shall be deemed to be registered.

Answer: Yes, if any person/agent who refers any transaction by receiving remuneration or any charges are required to register with the authority. The procedure is as specified in section 2(zm) of the Act.

Answer: Yes, if it pertains to a registered project under the Regulatory Authority.

Answer: The fees are in accordance with GO MS no 642 dated 12/09/2017. The registration is valid for a period of five years

Answer: A real estate agent is clearly defined in Section 2(zm) of the Act.

Answer: The responsibility of the real estate agent will be in accordance with Section 10 of the Act.

Answer: It is explained in Section 10 (c) of the Act.

Answer: Under Section 12 of the Act, it is the obligation of the promoter regarding veracity of advertisement and prospectus. The agent is liable if he makes a false or misleading representation concerning the services that he intends to offer.

Answer: Yes, if they intend to facilitate the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a registered real estate project being sold by the promoter in any planning area.

Answer: For working as a real estate agent in a state, registration will be given by the state’s Real Estate Regulatory Authority.

Answer: Section 31 of the Act, provides for filling of complaint by an aggrieved with the Regulatory Authority.

Answer: Section 29 provides that the Authority should endeavour to dispose of the questions/complaints as expeditiously as possible but not later than sixty days from the date of filling the same.

Answer: Yes. An aggrieved person having any interest in the registered real estate project can file complaint.

Answer: The aggrieved person can file an application online or offline as per prescribed Form available at Real Estate Regulatory Authority website.

Answer: An aggrieved person may file a complaint with Regulatory Authority for any violation or contravention of the provisions of the Act or the Rules or Regulations made there under.

Answer: The Regulatory Authority will take action on complaints.

Answer: Promoter has to enable formation of Association of Allottees like Cooperative Society, Company, Association, Federation etc. within three months of the majority of allottees having booked their plot or apartment or building, as the case may be, in the project.

Answer: Regulatory Authority empowers any aggrieved person to file a complaint with respect to a registered real estate project.

Answer: As per section 43 of the Act, Appellate Tribunal is required to be established by the State Government.

Answer: As per section 58 of act, any person aggrieved by the decision or order of the Appellate Tribunal can file and appeal with the High Court.

Answer: Section 44 provides that the Appellate Tribunal should endeavour to dispose of the appeal as expeditiously as possible as but not later than sixty days from filling the appeal. However, where the same could not be disposed of during the said period the Appellate Tribunal is required to record its reasons for the same.

Answer: The Chairman and the Members of the Appellate Tribunal required to be appointed as per section 46.

Answer: As per section 59, where under the Act, it is obligatory for the promoter to register a project with the Authority, and the promoter fails to do the same, he shall be liable to a penalty upto ten percent of the estimated cost of the real estate project. However, in case the promoter consistently defaults or does not comply with the directions/orders of the Authority as regarding registration of the project with the Authority, he shall be liable to additional fine of ten percent of the estimated cost of the real estate project or imprisonment upto 3 years or both.

Answer: As per section 60 if the promoter defaults as regards matters covered under section 4, he shall be liable to a penalty upto five percent of the estimated cost of the real estate project.

Answer: As per section 61 if the promoter defaults any other provision of the Act or the Rules and Regulations made thereunder, he shall be liable to a penalty upto five percent of the estimated cost of the real estate project.

Answer: As per section 63 if the promoter fails to comply with the order of the Authority he shall be liable to a penalty for every day of default, which may cumulatively extended up to five percent of the estimated cost of the real estate project.

Answer: As per section 63 if the promoter fails to comply with the orders of the Appellate Tribunal, he shall be liable to a penalty for every day of default, which may cumulatively extended up to ten percent of the estimated cost of the real estate project or with imprisonment for a term which may extend up to three years or with both.

Answer: As per section 62, where under the Act, it is obligatory for the real estate agent to register himself with the Authority, and the real estate agent fails to do the same, he shall be liable to a penalty of rupees ten thousand per day of default, which may be cumulatively extended up to five percent of the cost the plot/ apartment/building, for which the sale/purchase has been facilitated by him.

Answer: As per section 65, if the real estate fails to comply with the orders of the Authority he shall be liable to a penalty for every day of default, which may be cumulatively extended up to five percent of the cost of the plot/apartment/ building, for which the sale has been facilitated by him.

Answer: As per section 66 if the real estate agent fails to comply with the order of the Appellate Tribunal, he shall be liable to penalty for every day of default, which may be cumulatively extended up to ten percent of the cost of the plot/apartment/ building, for which the sale has been facilitated by him or with imprisonment for a term which may extend upto one year or with both.

Answer: As per section 67 if the allotted fails to comply with the orders of the Authority he shall be liable to a penalty for every day of default, which may be cumulatively extended up to five percent of the cost of the plot/apartment/building.

Answer: As per section 68 if the allottee fails to comply with the orders of the Appellate Tribunal, he shall be liable to a penalty for every day of default, which may be cumulatively extended up to five percent of the cost of the plot/apartment/ building or with imprisonment for a term which may extend upto one year or with both.

Answer: As per section 70 if person is punishable with imprisonment under the Act, the same may be compounded on such terms and conditions which has been prescribed in rule 37 of the Rules, which cannot be more than the maximum fine payable for that offence.

Answer: The Adjudication Officer is a quasi-judicial person who is mandated to adjudicate on disputes arising under section 12, 13, 18 and section 19. The Adjudicating Officer shall be a person who is or has been a District Judge.

Answer: The Adjudicating Officer shall, while deciding the disputes under section 12, 13, 18 and 19 of the Act, have regard to the amount of disproportionate gain or unfair advantage, the amount of disproportionate gain or unfair advantage, the amount of loss, repetitive nature of the default and such other factors that the Adjudicating Officer may consider necessary in furtherance of justice.

Answer: As per section 79 of the Act civil courts are barred from entertaining disputes (suits or proceedings) in respect of matters which the Authority or the adjudicating officer or the Appellate Tribunal is empowered under the Act to determine. However, the consumer forums (National, State or District) have not been barred from the ambit of the Act. Section 71 provision permits the complainant to withdraw his complaint as regards matters under section 12,13, 18 and section 19 from the consumer forum and file it with the adjudicating officer appointed under the Act.

Answer: The laws of the country do not permit forum shopping, thus, an aggrieved can only approach one of the two for disputes over the same matter.

Answer: As per section 81, the Authority is empowered to delegate such of its powers and functions under the Act to any Member, officer or any other person subject to conditions specified in the order issued for the same. However, the Authority cannot delegate the responsibility of making Regulations under section 85 under the Act.

Answer: As per section 85 of the Act, Regulations are required to be notified by the Regulatory Authority within 3 months of its establishment.

Answer: As per section 86 every Rule, Regulation, notification issued by the appropriate Government or the Authority, is required to be laid before the Parliament or the State Legislature, as the case may be.

Answer: The Central Government, under section 91, has been empowered to notify orders towards removal of difficulties while implementing the Act. However, such removal of difficulties order cannot be issued after the expiry of a period of two years since its commencement. The Central Government vide its notification dt.28.10.2016 has issued such order namely, "the Real Estate (Regulation and Development) Removal of Difficulties Order, 2016" which has been published in Gazette of India on dt.28.10.2016.

Answer: The Central Advisory Council, to be headed by the Union Minister for Housing, is a multi-member body comprising of representatives of specified Central Minister, five representatives of State Governments to be selected by rotation, five representatives of Regulatory Authorities to be selected by rotation and any other central government department as notified. The Central Advisory Council is also required to have representatives of consumers, real estate industry, real estate agents, construction laborers, NGOs, and academic/research institutions.

Answer: The Central Advisory council is required to advise the Central Government of matters relating to implementation of the Act, questions of policy, protection of consumer interest, foster growth and development of the estate sector and other matters as may be assigned to it by the Central Government.

Answer: Home Loan eligibility is determined on the basis of income and repayment capacity of the borrower.

Answer: Yes, Home Loan availed from other banks can be taken over by UCO Bank.

Answer: Yes, you have the option to repay the loan ahead of schedule either in part or in full without any prepayment charges in case of floating rate Home Loans.

Answer:The area-specific maximum limits for construction/purchase are as under:

Location/Centre For Construction/ Purchase/ Takeover/Extension For Repair/ Renovation
Metro/Urban/Semi-urban/Rural No upper limit Rs.15 lac

Answer: Maximum period of repayment is 30 years. A moratorium period or repayment holiday may be permitted for a maximum period of 36 months in certain cases.

Answer: No, only interest servicing on monthly basis is required.

Answer: Bank offers floating interest rates linked to MCLR and these rates change with change in the MCLR of the Bank. For latest interest rates please visit our website or contact UCO Bank branch.

Answer: The interest on home loans is usually calculated either on monthly reducing or yearly reducing or daily reducing balance by Bank. UCO charges interest on daily reducing balance.

Specifics are mentioned below: -

  • Annual reducing method: In this system, the principal, for which you pay interest, reduces at the end of the year. Thus, you continue to pay interest on a certain portion of the principal that you have actually paid back to the lender. This means that the EMI for the monthly reducing system is effectively less than the annual reducing system.
  • Monthly reducing method: In this system, the principal, for which you pay interest, reduces every month as you pay your EMI.
  • Daily Reducing method: In this system, the principal, for which you pay interest, reduces from the day you pay your EMI. EMI in the daily reducing system is less than in the monthly reducing system and a year is treated as consisting of 365 days irrespective of leap or non-leap year.

Answer: Borrower has to pay a processing fee equal to 0.5% of the loan amount with minimum Rs. 1500/-, Maximum Rs. 15000/-

Answer: Yes, Loan can be considered in the joint name of wife and husband where husband will be main borrower and wife will be a co borrower.

Answer: EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. You may use our EMI calculator to find out your monthly payments based on the loan amount, rate of interest and the repayment period desired.

Answer: Nearest branch of UCO Bank or Retail Loan Hub of the city or customers can apply online at www.ucobank.com

Answer: You can transfer the EMI from your own Saving Bank Account/ Current Account maintained with UCO bank by using E banking/ M- banking facility/by giving standing instruction to the Branch. You can get ECS mandate registered with our Bank if saving deposit account is maintained with other bank.

Answer: EMI refers to the ‘Equated Monthly Installment’ which is the amount you will pay to us on a specific date each month till the loan is repaid in full. The EMI comprises of the principal and interest components which are structured in a way that in the initial years of your loan, the interest component is much larger than the principal component, while towards the latter half of the loan, the principal component is much larger.

Answer: ‘Own Contribution’ is the total cost of the property less UCO Bank home loan.

Answer: For your convenience, UCO Bank offers various modes for repayment of the home loan.

  • You may issue standing instructions to your banker to pay the instalments through ECS (Electronic Clearing System),
  • Opt for direct deduction of monthly instalments by your employer or,
  • Issue post-dated cheques from your salary account.

Answer: Market value refers to the estimated amount that is expected to be fetched on the property as per the prevailing market conditions.

Answer: You could collect an application form from our nearest office or simply download it from our website and submit it yourself along with the supporting documents and the processing fee cheque at any UCO Bank office that is convenient to you. Alternatively you have the option to make an online application from anywhere in the world on our website and also know your Home Loan eligibility instantly.

Answer: Security of the loan would generally be security interest on the property being financed by us (Equitable mortgage) and / or any other collateral / interim security as may be required by us.

It is extremely important for you to ensure that the title to the property is clear, marketable and free from encumbrance. There should not be any existing mortgage, loan or litigation, which is likely to adversely affect the title to the property.

Answer: Repayment of the principal commences from the month following the month in which you avail full disbursement of your loan. Pending final disbursement, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI.

Any amount over and above the interest which is paid by you goes towards principal repayment, thus helping you repay the loan faster. This is especially useful in case your disbursements are likely to be spread over a longer period of time.

Answer: The ’Agreement to Sell’ in a property transaction is a legal document executed on a stamp paper that records in writing the understanding between the buyer and the seller and all the details of the property such as area, possession date, price etc

In many Indian states, the Agreement to Sell is required to be registered by law. We suggest that in your own interest you should register the Agreement within four months of the date of the Agreement at the office of the Sub-Registrar appointed by the State Government, under the Indian Registration Act, 1908.

Answer: Encumbrance on a property refers to claims or charges on the property due to liabilities such as unpaid loans and bills. It is critical that during your home search you consider properties which are free of encumbrances of any sort.

Answer: You can take disbursement of the loan once the property has been technically appraised, all legal documentation has been completed and you have invested your Own Contribution in full.

Answer: Yes, you will have to ensure that your property is duly and properly insured for fire and other appropriate hazards during the pendency of the loan. You will also have to produce evidence thereof to UCO bank, each year and/or whenever called upon to do so. UCO Bank should be the beneficiary of the insurance policy.

Answer: It is a loan for renovating(without altering the structure/carpet area) your home in ways like tiling ,flooring, internal / external plaster and painting etc

Answer: With a view to facilitate our borrowers not to approach other financial institutes for their needs, present scheme is designed to finance existing Home Loan borrowers to meet their various needs with regards to their children’s education, repair, renovation & furnishing of house, business needs, agriculture purpose etc. by extending mortgage charge on the property already mortgaged to the Bank under UCO Home Loan Scheme as primary security.

Answer: You can apply for a pre-approved home loan which is an in-principal approval for a loan given on the basis of your income, creditworthiness and financial position. Generally, pre-approved loans are taken prior to property selection and are valid for a period of 6 months from the date of sanction of the loan.

Answer: The Pradhan Mantri Awas Yojana (PMAY) (URBAN)-Housing for All was a mission that was launched by the Government of India with the aim of boosting home ownership. The PMAY scheme caters to Economical Weaker Section (EWS)/Lower Income Group(LIG) and Middle Income Groups (MIG) of the society, given the projected growth of urbanization & the consequent housing demands in India

Benefits:
Credit Linked Subsidy Scheme (CLSS) under PMAY makes the Home loan affordable as the subsidy provided on the interest component reduces the outflow of the customer on the home loan. The subsidy amount under the scheme largely depends on the category of income that a customer belongs to and the size of the property unit being financed.

Answer: As per Section 80C of the Income Tax Act, you are allowed separate deductions on the principal and interest amount of the home loan amount, along with other entities like ULIP, EPF, PPF, ELSS and NSC’s. In case of the principal amount, you can claim a deduction of upto Rs 1.5 lakhs while in case of interest, it is upto Rs. 2 lakhs. The amount of stamp duty and registration is also eligible for tax deduction.

It is important to note that the tax break can only be claimed for the year in which the construction of the property has been completed.

Answer: In the fixed interest rate scenario, the interest remains constant throughout the loan period irrespective of the changes in market conditions while in the floating interest rate scenario, the interest can decrease or increase depending on market fluctuations.

Answer: You would be required to submit the following documents:

  • Proof of Identity: PAN, Driving license, Voter ID, Aadhar Card
  • Proof of Income:
  • Salaried Applicants: Latest 3 Months salary slip showing all deductions and Form 16 for the last three years.
  • Self Employed Applicants: IT returns for the past 2 years and computation of income for the last 2 years as certified by a CA
  • Bank Statement: Past 6 months
  • Guarantor Form (Optional)

Answer: The general eligibility conditions are as follows:

  • The borrower should be a resident of India or an NRI
  • He / she should be above 18years of age at the beginning of the loan
  • Repayment should be up to the age of 70 years.

Answer: Home loans are usually accompanied by the following extra costs:

  • Processing Charge: It is the fee payable to the lender upon applying for a loan. It is either a fixed amount not linked to the loan amount or a percentage of the loan amount.
  • Pre-payment Penalty: When a loan is repaid before the scheduled duration, a penalty may be charged by some banks, which is known as the pre-payment penalty. UCO Bank at present does not charge any pre-payment penalty.
  • Miscellaneous Costs: Bank may also ask for documentation or other consultation charges.

Answer: UCO Realty is a dedicated website for home loan borrowers, where projects approved by UCO Bank across India is featured.

Answer: UCO Realty is created to address the need of the customers to find their dream home, sitting at home/office anytime, anywhere on their fingertips at their convenience.

Answer: One can find the following details on the website:

  • Builder details including reputation, rating, sales person etc.
  • Project details including area, city, cost, EMI etc.
  • Customised home search according to cities/ state-wise/ RERA wise/ builder wise/ project wise.
  • Photographs of the projects.
  • Provision to apply for loan.
  • Dial a loan facility
  • EMI calculator.
  • Price range of the properties available in the project.
  • Amenities available.
  • Range of built up-area.
  • UCO Bank branch contact details for further enquiry.

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