Home Loan FAQ

Generally, the documents required to process a loan application are almost similar across all banks, however, they may differ depending upon specific requirements and other factors.

The following documents are required by financial institutions to process a loan application:

  • Proof of age
  • Proof of address
  • Proof of income of the applicant & co-applicant
  • Bank statements of the last 6 months
  • Passport size photographs of the applicant & co-applicant

Salaried individuals

  • Salary slip / Form 16 A
  • A photocopy of the first and last pages of Ration card or copy of PAN/Telephone/Electricity bills
  • A photocopy of Investments (FD Certificates, Shares, any fixed assets, etc., or any other documents supporting the financial background of the borrower)
  • A photocopy of LIC policies with the latest premium payment receipts (if any)
  • Photographs (as applicable)
  • A photocopy of bank statements of the last six months


Self-Employed/Businessmen

  • A brief introduction of Business/Profession.
  • Balance Sheet, Profit and Loss account and statement of income with Income Tax returns for the last 3 years certified by a CA.
  • A photocopy of Advance Tax payments (if applicable).
  • A photocopy of Registration Certificate of establishment under shops and Establishments Act/Factories Act.
  • A photocopy of Registration Certificate for deduction of Profession Tax (if applicable).
  • Bank statements of Current and Saving accounts for the last 6 months.
  • A photocopy of Certificate of Practice(if applicable).
  • A photocopy of any bank loan (if applicable).
  • A photocopy of the first and last pages of the Ration card or a copy of PAN/Telephone/Electricity Bills.
  • A photocopy of LIC policy (if applicable).
  • A photocopy of LIC policy (if applicable).

If a flat is purchased from the builder

  • Original copy of your agreement with the builder.
  • 7/12 extract or property register card of the land under construction.
  • Index II extract of your agreement with the builder.
  • Copy of N.A. permission for the land from the collector.
  • Search and title report (with the details of documents) for the last 30 years.
  • Development agreement between the owner of land and the builder.
  • Copy of order under the Urban Land Ceiling Act.
  • Copy of building plans sanctioned by the competent authority.
  • Commencement certificate granted by Corporation / Nagar Palika.
  • Building completion certificate(if available).
  • The latest receipts of taxes paid.
  • Partnership deed or memorandum of association of the builders firm.


If the property being purchased is in a Cooperative Society

  • Original share certificate of the society
  • Allotment letter from the society in the borrower’s name
  • Copy of the lease deed, if executed
  • Certificate of registration of the society
  • Copy of the byelaws of the society
  • No Objection Certificate from the society
  • 7/12 extract or property register card in the society’s name
  • Copy of N.A permission for the land from the Collector
  • Search and title report (with the details of documents) for the last 30 years
  • Copy of order under the Urban Land Ceiling Act
  • Copy of building plans sanctioned by the competent authority
  • Commencement certificate granted by Corporation / Nagar Palika
  • Latest receipts of taxes paid
  • Original agreement to assign / deed of assignment.

If constructing on own land

  • Original sale deed of land and extract of Index II.
  • 12 extract or property register card in your name.
  • Copy of N.A. permission for land from the collector.
  • Search and title report (with the details of documents) for the last 30 years.
  • Copy of order under Urban Land Ceiling Act.
  • Copy of the building plans sanctioned by the competent authority.
  • Building permission granted by Corporation / Nagar Palika.
  • The latest receipts of taxes paid.
  • Estimate of cost of construction certified by the architect.

A home loan is a loan taken for buying or constructing a home or to make improvements to a residential property. You can get a loan from banks and registered housing finance companies.

Your home loan is secured against the property that you buy. This means that in case you are unable to repay the loan, the lending bank will have the right to take possession of your home.

Ans.: The following different kinds of home loans are available:

  • Home Purchase Loan
    A common type of loan taken for purchasing a home.
  • Home Improvement Loan
    A loan given for implementing repair works and renovations at home.
  • Home Construction Loan
    A loan available for the construction of a new home.
  • Home Extension Loan
    Home extension loans are given for expanding or extending an existing home. For example, addition of an extra room, etc.
  • Land Purchase Loan
    This type of loan is sanctioned for purchase of land, for both home construction or investment purposes.
  • Balance Transfer Loan
    This loans help you pay off an existing home loan with a higher interest rate, and avail of a loan with a lower rate of interest.
  • Refinance Loan
    This loan helps you pay off the debt you may have incurred from private sources such as relatives and friends in order to purchase your present home.

Loans for NRIs
This loan is tailored to suit the requirements of NRIs who wish to build or buy a home in India.

Ans.: EMI (Equated Monthly Installment) is the amount payable to the lending institution every month, till the loan is paid back in full. It consists of a portion of the interest as well as the principal.

Ans.: To qualify for a home loan, most of the lending institutions in India require you to be:

  • An Indian resident or NRI
  • Above 24 years of age at the commencement of the loan
  • Below 60 or retirement age when the loan matures
  • Either self-employed or salaried

Ans.: Interest rates are different from institution to institution and generally range from about 8.75% to around 12 %. The interest on home loans in India is usually calculated either on monthly reducing or yearly reducing balance. In some cases, daily reducing basis is also adopted.

  • Annual reducing:
    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 which you have actually paid back to the lender. This means the EMI for the monthly reducing system is effectively less than the annual reducing system.
  • Monthly reducing:
    In this system, the principal, for which you pay interest, reduces every month as you pay your EMI.
  • Daily Reducing:
    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 the monthly reducing system.

Ans: Some institutions have a fixed rate of interest, which means the rate of interest remains unchanged for the entire duration of the loan. This means you do not benefit, even if rates of interest drop in the market

Ans: This is the rate of interest that fluctuates according to the market lending rate. This means you stand the risk of paying more than you budgeted for in case the lending rate goes up

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

  • Processing Charge:
    A fee payable to the lender on applying for a loan. It is either a fixed amount not linked to the loan or may also be a percentage of the loan amount. The loan amount required cannot be less than the processing fee.
  • Pre-payment Penalties:
    When a loan is paid back before the end of the agreed duration, a penalty is charged by some banks/companies, which is usually 2% of the amount being paid.

Miscellaneous Costs:
Some lenders may levy documentation or consultant charges.

Ans: Usually, most companies give up to a maximum of 85% of the cost of the house. The 15%, sometimes called ‘seed money’, will have to be provided by the loan applicant. The amount, for which the applicant is eligible, is determined by the age, income, no. of dependents, monthly outgoing and repayment capacity. This varies from case to case.

Ans: In most cases, the property to be purchased itself becomes the security and is mortgaged to the lending institution till the entire loan is repaid. Some institutions may ask for additional security such as life insurance policies, FD receipts, and share or savings certificates.

Ans.: On an average, loans are disbursed within 3-15 days after satisfactory and complete documentation and completion of all relevant procedures, including proof that 15% of the cost has been paid upfront to the seller of the property.

Ans.: Both principals as well as interest of home loans attract tax benefits. With effect from 1st April 2005 (i.e. assessment year 2005-07) under section 80C of the Income Tax Act 1965:

Principal amount of repayment of loan along with other savings such as PF, PPF, Life Insurance premium, etc up to a maximum of Rs 1, 00,000/- will be eligible for deduction from gross income.

Interest paid up to a maximum of Rs 1, 50,000/- will be eligible for deduction from gross income on loan after completion of construction will be deductible from income from property.

Vaastu is a set of principles that helps home owners lead a happy and peaceful life in their abode. The doctrine of Vaastu is related to architecture and the designs are based on directional arrangements. Vaastu guidelines can be applied during the construction of homes, offices, temples, and other buildings and help bring about positive energy and general well-being for the home owner. As such, it is important to keep in mind a few tips while searching for or building your ideal house.

General Tips:

  • The entrance to the house should be towards the east as it is considered an auspicious direction. The entrance should also be well-kept and nicely decorated
  • The north direction signifies prosperity, as such this part of the house should not be blocked in any way
  • Make sure to never grow a Cactus plant in the house
  • Hinges on doors should work smoothly and should not make noise
  • If the house has a slope, it should be from south to north or from west to east only
  • Avoid putting up paintings or pictures that depict violence or sorrow

Bedrooms:

  • The master bedroom in the house should always be in the south-west direction and not in the north
  • One should always sleep with their head towards the south
  • Make sure the bed is not placed directly below a beam
  • Bedrooms should be absolutely clutter free, especially the area around where you place your head while sleeping

Children’s Room:

  • Children’s rooms should be constructed in the northwest corner of the house
  • Avoid sticking furniture to the wall as it blocks the flow of positive energy
  • The colour scheme in a kid’s room should be mild yet cheerful
  • The study table should be placed in a way so that the child faces the east, north or north eastern corner of the room. The computer should be kept in the southwest corner

Living Room:

  • The living room should always be in the north direction
  • Air-conditioners should be placed in the west and avoided being put in the southeast direction
  • The chairs of dining tables must be even-numbered
  • The south and west corners of the room are ideal for keeping furniture

Kitchen:

  • The kitchen should be located in the southeast corner of the house. Northwest corner is also an ideal location for a kitchen
  • All cooking should be done while facing east or north
  • South, west, southeast and northwest are the ideal locations to place the refrigerator
  • Kitchen appliances such as mixers, juicers, microwaves and toasters should be kept in the southeast corner
  • Make sure the kitchen is equipped for good and adequate cross-ventilation

Bathroom:

  • Bathrooms should be constructed in the north-west direction
  • Make sure the bathroom has sufficient ventilation and natural lighting
  • Sanitary and bath fittings must be of good quality and should work smoothly over the years. If broken, they should be fixed immediately
  • Always keep the bath and toilet areas neat and clean

Our endeavor is to simplify the most important decision of your life – buying a home, shop or office. We combine the power of the internet to provide comprehensive information along with the services of a property advisor who offers genuine and unbiased advice and helps conclude the transaction successfully.

I Step: Check out our website

  • Visit www.brookfieldz.com to see and compare the best suited property from a vast database of properties. We provide comprehensive information on location, unique selling points of the project, layout plan, floor plans, specifications and amenities on all properties.

II Step: Select the property that meets your criteria

Property selection is based on the following:

  • Evaluating various choices available on the basis of your requirement
  • Meeting our staff who will help you shortlist the properties that suit your needs. We will advise you on the location, price and future prospects of the property, home loans, etc.
  • We arrange a site visit to all the shortlisted properties

III Step: Closing the deal

Once you have decided on the property of your choice, we help you:

  • Close the deal by handling all the paperwork
  • Guiding you through the application forms, allotment and arranging home loan from a reputed bank, if required
  • Ensure a convenient and hassle free transaction
  • Our services to you continue till the registry of the flat.
  •  

 

 

General


Ans:Under the Foreign Exchange Regulation Act of 1973, Non-Resident Indians are:

Indian citizens who stay abroad for employment or carrying on business or vocation outside India or for any other purpose in circumstances indicating an indefinite period of stay abroad;https://brookfieldz.com/portfolio/brookfieldz-island/

OR

Government servants who are posted abroad on duty with the Indian missions and similar other agencies set up abroad by the Government of India where the officials draw their salaries out of Government resources;

OR

Government servants deputed abroad on assignments with foreign Governments or regional/international agencies like the World Bank, International Monetary Fund (IMF), World Health Organisation (WHO), Economic and Social Commission for Asia and the Pacific (ESCAP)

OR

Officials of the State Government and Public Sector Undertakings deputed abroad on temporary assignments or posted to their branches or offices abroad.

Ans: A foreign citizen is deemed to be of Indian origin if:
  • he held an Indian Passport at any time or
  • he or his father or paternal grandfather was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955. However this does not apply to citizens of Pakistan, Bangladesh, Afghanistan, Bhutan, Sri Lanka or Nepal.

Buying a Property

Ans:Some of the factors to consider while purchasing a flat are:
  • Locality i.e. transport, schools, hospitals, market, business district, entertainment centers, hotels, restaurants, pollution levels, etc.
  • Quoted area of the flat, i.e., carpet, built up area and super built up area 
  • Car parking space
  • Quality of construction 
  • Reputation of the builder or seller 
  • Sufficient water and electric supply, other utilities
  • Cost components: price, stamp duty, registration charges, transfer fees, monthly outgoings and society charges, costs of utilitie
  • Potential for resale or renting out of the property 
  • Any other distinguishing features or advantages of the property

Ans.: Keep in mind the following things while buying a residential property:

  • Market Trends about prevalent rates of property in the vicinity and last known transactions
  • Ask for photocopies of the all deeds of title related to the property to be purchased. Examine the deeds to establish the ownership of the property by seller, preferably through an advocate. Ascertain the survey number, village and registration district of the property as these details are required for registration of the sale. Previous encumbrances and loans, if any on the property must be cleared before completion of purchase of the property. The title of the Vendor to the property must be clear and marketable.
  • Check for approved layout plan and approved building plan with number of floors
  • Clearance from municipality, electricity, water, pollution and lift authorities
  • Check the building bye-laws in that area to verify any issue with setback, side setback, height, etc.
  • Confirm transfer fees, stamp duty and registration charges to be paid on purchase of the property as well as outgoings to be paid for the property, i.e., property tax, water and electricity charges, society charges and maintenance charges
Ans: No, NRI’s do not require permission to buy any immovable property in India other than agricultural/plantation property or a farmhouse.
Ans:The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from any non-resident accounts maintained with banks in India.
Ans:There are no limits on the number of residential properties that may be bought by an NRI. However, repatriation (the process of converting a foreign currency into the currency of one’s own country) is allowed only in respect of two such properties.
Ans: All requests for purchase of agricultural land/plantation property/farm house by any person residing outside India may be made to:

The Chief General Manager,
Reserve Bank of India, Central Office
Exchange Control Department
Foreign Investment Division (III)
Mumbai 400 001

Selling a Property

Ans: Yes, the Reserve Bank has granted general permission for sale of property. However, where another foreign citizen of Indian origin purchases the property, funds towards the purchase consideration should either be remitted to India or paid out of balances in non-resident accounts maintained with banks in India.
Ans: In the event of sale of immovable property other than agricultural land/farm house/plantation property in India by a NRI or PIO, the authorized dealer may allow repatriation of the sale proceeds outside India, provided all the following conditions are satisfied:

The immovable property was acquired by the seller in accordance with the provisions of the Exchange Control Rules/Regulations/Law in force at the time of acquisition, or the provisions of the Regulations framed under the Foreign Exchange Management Act, 1999; 

NRIs/PIOs can effect remittance of sale proceeds of immovable property in India irrespective of the period for which the property was held. The sale proceeds allowed to be repatriated should, however, not exceed the foreign exchange brought in to acquire the said property. 

In case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties, if the property was purchased from funds held in NRE Account.

The amount sought to be repatriated abroad should not exceed the amount paid for acquisition of the immovable property in the foreign exchange received through normal banking channels or out of funds held in FCNR or NRE Account. In case of investment out of NRE Account the amount to be calculated as foreign currency is equivalent value as on the date of payment for acquisition of the said property.

Loan

Ans: There are guidelines issued by the Reserve Bank of India for grant of housing loans to NRIs. The guidelines are:
  • The loan amount shall not exceed 85% of the cost of the housing unit.
  • Own contribution, which is the cost of housing unit financed less the loan amount, can be met from direct remittances from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India.
  • Reimbursement of the loan, comprising of the principal and interest including all the charges are to be remitted from abroad only through normal banking channels, your Non-Resident (External) [NR (E)] Account and /or Non-Resident (Ordinary) [NR (O)] account and /or Non-Resident Special Rupee account [NRSR] in India.
Ans:Authorized dealers have been granted permission to grant loans to NRIs for acquisition of house/flat for self-occupation on their return to India subject to certain conditions. Repayment of the loan should be made within a period not exceeding 15 years out of inward remittance through banking channels or out of funds held in the investors’ NRE/FCNR/NRO accounts.
Ans.:Yes. Such housing loans availed in rupees can also be repaid by the close relatives in India of the borrower.
Ans: The following documents are normally required to be submitted along with the application:
  • Photocopy of the labor contract and English translation duly countersigned by your employer 
  • Latest salary certificate (in English) specifying the following: name (as it appears in the passport), date of joining, passport number, designation, perquisites and salary. 
  • Photocopy of labor card/identity card 
  • Photocopy of valid resident visa stamped on the passport 
  • Photocopy of monthly statement of local bank account for the last 4 months 
  • Property related documents
Ans:An NRI can borrow against the security of immovable property from an authorized dealer subject to following conditions:
  • the loan should be used for meeting the personal requirements or for borrower’s own business purposes; and
  • Loan should not be used for forbidden activities, namely;
    • business of chit fund, or
    • agriculture or plantation activities or in real estate business, or construction of farm houses, or 
    • trading in Transferable Development Rights (TDRs)
  • The loan amount cannot be remitted outside India,
  • Repayment of loan shall be made from out of remittances from overseas or by debit to NRE/FCNR/NRO account or out of the sale profits of shares or securities or immovable property against which such loan was granted.
Ans: The relaxation of FDI in the construction development sector announced in March 2006 allows NRIs, PIOs and all foreigners equal opportunity with their Indian counterparts in the Indian real estate sector. The new guidelines state that before selling, the site has to be developed, constructed upon or fulfill the criteria of a minimum of one year of development.
  • NRIs, PIOs and foreigners can now invest in land, buy it, construct upon it or develop it, sell constructed buildings/developed plots
  • FDI through automatic route can also flow in not just for the housing sector, but also for townships, housing, commercial area, and infrastructure development
  • Restrictions on minimum area of land, minimum number of units has been removed
  • Minimum constructed area required is 50, designated area is 25 acres
Ans: The norms are quite liberal. It allows you five years to finish at least 50% of your project from the date of getting all the clearances. Under normal circumstances the project can be completed within three years. It helps protect the customer and keeps fly-by-night people at bay.
Ans: The automatic route has simplified much of the cumbersome investment process. Approval from the Reserve Bank is not required anymore and there is also no need to go to the Foreign Investment Promotion Board. The easing of paper work and relaxation of formalities has given a boost to overseas investor confidence for investing in India.
Ans.:Any NRI before investing in the Indian real estate should also focus on the particular segment that he plans to invest in like residential, retail or office space. Consulting legal firms and real estate firms providing professional NRI services can be very useful.
Ans: A lot depends on the segment you want to invest in. It helps to gauge the future state and to know what utilities are available. An office market investment, for instance, requires you to:
  • Get in touch with consultants for advice on the city of choice
  • Outline your objectives, the size of your investments
  • Have an approximate of the returns you are expecting. The yield that has evolved from distinct parameters ranges between of 8 – 8.5% to 12% for office space and 4% – 6% in residential
  • Whether the land is for investment or for development is also a deciding factor, as is the local demand-supply situation. While investing in India, the availability and quality of infrastructure or utilities like power, connectivity, security and long-term future plans need to be scrutinized. 
Ans:Single window in a real estate project in India may be difficult because of the involvement of several authorities. If it is a multistoried building, you need to get clearance from town planning authorities, clearance on design, elevators, firefighting agencies, etc. Efforts are on to make the process simpler and transparent, though.
Ans: In some states, the Municipal authority is the ultimate monitoring authority. In smaller states and in non-urban areas, the town and country planning corporation acts as the monitoring authority. In urban areas where most of the construction takes place, the municipal authority wields power in giving the final permission and sanctioning drawings and plans. Clearances on electricity, water supply and other utilities also come from here.

If you have a wholly owned subsidiary by a foreign company then the minimum capitalization norm is USD 10 million.

If you have a joint venture, the ratio 74:26 or 51:49 is immaterial. For a joint venture, the minimum capitalization is USD 5 million in foreign exchange.

This minimum amount of foreign exchange is required to arrive within six months from the date of commencement of business. The six months can be used to bring that money into India.

STATUS

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.

Section 2, sections 20 to 39, sections 41 to 58, sections 71 to 78 and sections 81 to 92 were notified by the Central Government and came into effect from 1st May, 2016. Sections 3 to 19, Section 40, Section 59 to 70 and Sections 79 and 80 were notified by the Central Government and came into effect from 1st May 2017.

The Government of Gujarat by notification dated 29th October 2016 has notified the Gujarat Real Estate (Regulation and Development) (Matters Relating to the Real Estate Regulatory Authority) Rules, 2016 (“Authority Rules”) and Gujarat Real Estate (Regulation and Development) (Matters Relating to the Gujarat Real Estate Appellate Tribunal) Rules, 2016 (“Appellate Rules”). The Government of Gujarat by notification date 4th May 2017 has notified Gujarat Real Estate (Regulation and Development) (General) Rules, 2017 (“General Rules”).

Section 2, sections 20 to 39, sections 41 to 58, sections 71 to 78 and sections 81 to 92 were notified by the Central Government and came into effect from 1st May, 2016. Sections 3 to 19, Section 40, Section 59 to 70 and Sections 79 and 80 were notified by the Central Government and came into effect from 1st May 2017.

OBJECTS AND REASONS

The real estate sector 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 are only curative, but not preventive. This has affected the overall potential growth of the sector due to absence of professionalism and standardization. 

The Real Estate Act is intended to achieve the following objectives:
a) ensure accountability towards allottees and protect their interest;
b) infuse transparency, ensure fair-play and reduce frauds & delays;
c) introduce professionalism and pan India standardization;
d) establish symmetry of information between the promoter and allottee;
e) imposing certain responsibilities on both promoter and allottees;
f) establish regulatory oversight mechanism to enforce contracts; g) establish fast- track dispute resolution mechanism;
h) promote good governance in the sector which in turn would create investor confidence.

 

PRELIMINARY

Section 2(g) of the Act defines ‘appropriate Government’ to mean as follows:

(i) for the Union territory without Legislature, the Central Government;

(ii) for the Union territory of Puducherry, the Union territory Government;

(iii) for the Union territory of Delhi, the Central Ministry of Urban Development;

(iv) for the State, the State Government.

a) As per section 84 the appropriate Government is required to notify Rules for the implementation of the Act, within six months of its commencement.
b) As per section 20 the appropriate Government is required to establish the Regulatory Authority within 1 year from its commencement i.e. maximum by 30th April, 2017.
c) As per section 20 the appropriate Government is required to designate an officer (preferably Housing Secretary) as interim Regulatory Authority, until the establishment of a full time Regulatory Authority.
d) As per section 43 the appropriate Government is required to establish the Appellate Tribunal within 1 year from its commencement i.e. maximum by 30th April,2017.
e) As per section 43 the appropriate Government is required to 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.
f) The Chairperson and Members of the Regulatory Authority and the Members of the Appellate Tribunal are required to be appointed based on recommendations of a Selection Committee, thus the appropriate Government is required to constitute the Selection Committee.
g) As per section 28 and section 51 the appropriate Government is required to appoint officers and other employees of Regulatory Authority and the Appellate Tribunal. In addition, it is required to identify office space etc. and other infrastructure for its functioning.
h) As per section 41 the Central Government (i.e. the Ministry of HUPA) is required to establish the Central Advisory Council.
i) As per section 75 the appropriate Government is required to constitute a ‘Real Estate Regulatory Fund’.

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, both Development Authorities and the Housing Boards, when involved in sale are covered under the Act.

REGISTRATION OF PROJECT AND AGENTS

The Act covers both residential and commercial real estate. Section 2(e) defines ‘apartment’ and section 2(j) defines ‘building’ which include both residential and commercial real estate.

Section 3(1) first proviso provides that promoters of ‘all ongoing projects which have not received completion certificate will need to register their project with the Regulatory Authority, within 3 months of its commencement’

Section 3(1) provides that all projects within a ‘planning area’ will require to be registered with the Authority. ‘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.

FUNCTIONS AND DUTIES OF PROMOTER

As per section 11 of the Act, the promoter is required to update all project information as furnished at the time of application (as provided under section 4) on the website of the Authority. In addition, section 11 also provides for certain information, which needs to be regularly (quarterly) updated by the promoter, in order to make an informed choice by the buyer. In addition, the promoter is required to carry out all the responsibilities as envisaged under section 11 at various stages of development of the project and upon its completion.

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 10 of the Authority Rules.

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.

RIGHTS AND DUTIES OF ALLOTTEES

Section 19 provides for the various rights of the allottees. This section specifies various rights which the allottees have against the promoters including those which the promoters are liable to fulfill based on the agreement entered into with the allottees, namely – stagewise schedule of completion of the project and the services, claim timely possession of the apartment / plot, entitlement to necessary documents and plans etc. Section 19 provides for the various duties of the allottees, which provide for matters relating to payment regarding the apartment / plot, liability towards interest for delay in payment, responsibility to take possession, participate in formation of association etc

THE REAL ESTATE REGULATORY AUTHORITY

As per section 20 the Regulatory Authority is required to be established within 1 year of the commencement of the said section. As section 20 has been notified with effect from 1 st May, 2016, the Authority is required to be established maximum by 30th April, 2017. However, for speedy implementation of the Act, section 20 empowers the ‘appropriate Government’ to appoint an interim Regulatory Authority, until the establishment of the full time Authority

As per section 22 the Chairman and the Members of the Authority are required to be appointed by the appropriate Government on the recommendations of a Selection Committee comprising of the Chief Justice of the High Court (or his nominee), the Housing Secretary and the Law Secretary. The section also provides for the qualification etc. that are required for the appointment of the Chairman and the Members.

THE REAL ESTATE APPELLATE TRIBUNAL

As per section 43 of the Act, the Appellate Tribunal is required to be established within 1 year of of the commencement of section 43. As section 43 has been notified with effect from 1st May, 2016, the Appellate Tribunal is required to be established maximum by 30th April, 2017. However, for speedy implementation of the Act, section 43 empowers the ‘appropriate Government’ to designate an existing Appellate Tribunal (under any other law in force) to function as an Appellate Tribunal under the Act.

The Appellate Tribunal is a quasi-judicial body, which is empowered to hear appeals from the orders / decisions / directions of the Regulatory Authority or the Adjudicating Officer, as the case may be. The form and manner and the fees payable towards filing the appeal and the manner for hearing and disposing the appeal are provided in Rule 3 of the Appellate Rules made by the Government of Gujarat.

OFFENCES, PENALTIES AND ADJUDICATION

As per section 59, where under the Act, it is obligatory for the promoter to register a project with the Authority, and if 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 regards registration of the project with the Authority, he shall be liable to further ten percent of the estimated cost of the real estate project or imprisonment upto 3 years or both.

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.

MISCELLANEOUS

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 proviso permits the complainant to withdraw his complaint as regards matters under section 12, 14, 18 and section 19, from the consumer forum and file it with the adjudicating officer appointed under the Act.

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.

 

Disclaimer 

We are in the process of re-configuring our website in accordance with Real Estate (Regulation and Development) Act 2016. The present project contents displayed on our website are only for general information purpose and representational view. Nothing on our site is indicative of any type of sales pitch/ offer/intend and nor is to be construed in that term by the visitor on our site. The company will not be liable for any legal course of action by any visitor for relying on the website information.
Please contact our Sales staff on +91 8238001552 for project information.

This is to also inform user(s)/customer(s) that www.brookfieldz.com/ www.brookfieldz.org/ www.brookfieldz.in are the only official websites of Brookfieldz Group. User/Customer(s) are cautioned and advised not to rely upon any information stated on any other websites which may appear to be similar to the company’s official website, including containing company’s logo/brand name. The information contained in such websites may be false and user/customer(s) may get mislead & suffer loss if they rely on such information.

In the event, user/customer(s) come across any such websites similar to company’s official website containing its brand name/logo or any other information, then kindly contact and inform us on mrkt@brookfieldz.com.

The security of all information associated with our Customers is an important concern to us. We, at BROOKFIELDZ Group therefore exercise the utmost care in providing secure transmission of your information from your computer to our servers. Unfortunately, no data transmission over the Internet can be guaranteed to be 100% secure.

As a result, while we strive to protect your information, BROOKFIELDZ Group and its affiliates cannot ensure or warrant the security of any information you transmit to us or from our online products or services, and you do so at your own risk. We use industry-standard efforts to safeguard the confidentiality of your information; however, “perfect security” does not exist on the Internet.

Please also ensure that you deal with only RERA registered real estate agents (“Registered Real Estate Agents”) whose name appear as a real estate agent under the project name on the RERA website.
Thank you for your time!!

Agree Disagree
Open chat
Chat with us!!
Hello,

Welcome to Brookfieldz. How we can help you?