PNS Rera Pro

The real estate and construction sector is the backbone of the Indian economy as it contributes to the increase in gross value added (GVA) at current prices in the service sector. Due to its high impact, regulatory requirements for changing legislation through a uniform code of law ensured consistency and transparency in this sector. Getting an insightful knowledge of these regulatory requirements is what PNSRERA PRO provides.

PNS RERA PRO is the next step of the RERA Basic service provided by us. RERA PRO includes conducting all the services of the RERA Basic. The next step in PNSRERA PRO is the RERA registration that includes all compliance processes required in the upcoming year after the project commences. It is an addition to all the services of PNS RERA Basic and PNSRERA PRO listed below.

Quality
Assurance

Project
Coordination

RERE Registration
of Projects

Quality
Assurance

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Our Offerings

7 Services of PNS RERA Basic + 10 services of PNS RERA Pro.

1. Drafting of the Agreement for Sale

RERA rules describe this term as “Model format of Agreement”. PNS will be drafting an Agreement for sale for the apartment, adhering to all the norms mentioned under RERA Act, 2016. We will put all possible clauses to safeguard the promoter from paying additional compensation under RERA

2. Certificate of Professionals

Whenever a promoter wants to withdraw the money from a separate bank account, Section 4 (2) (l) (d) of the RERA 2016 requires the promoter to obtain certificates from Architect, Engineer and a Chartered Accountant before any such withdrawals.

We, at PNS, will prepare 1^st certificate of approval from the Architect, Engineer and CA for the withdrawal of funds. These certificates will be prepared to adhere to all the RERA Act, rules, notifications and circulars issued by the concerned RERA authorities. We will give you maximum mileage by using our knowledge and experience which will help in allowing you to make maximum withdrawals under RERA.

3. Mitigation of Defect Liability

Section 14 (3) requires promoter “In case of any structural defect or any other defect in workmanship, quality or provision of services is faced by the allottee within five years from the date of handing over possession, it shall be the duty of the promoter to rectify such defects without further charge, within thirty days. This will safeguard the promoter from such losses. We will help in the drafting of mitigation of defect liability agreement with any one of your like RCC, Labour Contractor, plumbing contractor, etc. to mitigate losses if any compensation arises later thereunder.

4. Separate Account Operation

This is the initial set-up of a 70/30 Separate bank account. This will eliminate any mistake in understanding/interpreting the law relating to 70/30 separate accounts and will help to avoid penalty up to 5% of the estimated project cost being levied u/s 61 of the RERA Act, 2016.

5. Quarterly Updations

As required by Section 11 (1) (b) of The RERA Act 2016, we will be doing Four quarterly updations of the registered project on the website of the concerned RERA authority regarding the number and types of flats, plots or garages, approvals obtained or pending, the status of project and documentation work by the authority or any other details as required by RERA.

6. Marketing Collaterals

As per Section 11(2) of RERA Act, 2016, “The advertisement or prospectus issued or published by the promoter shall mention prominently the website address of the Authority, wherein all details of the registered project have been entered and include the registration number obtained from the Authority and such other matters incidental thereto.” Further, as per Section 12 of the RERA Act, in case customers intend to withdraw from the project due to false commitment by the promoter, the promoter shall be liable to return the entire investment along with interest and compensation. Non-compliance with the provisions of Section 11(2) shall attract a penalty of up to 5% of the estimated cost of the project as provided under Section 61 of the Act.

We, at PNS, will verify the content of marketing collaterals like SMS, emails, hoardings, prospectus, brochures, leaflets, circular, etc and suggest probable solutions that will assist in doing the right compliance thereby mitigating the risk of penalty up to 5% of estimated cost under Section 61 of the Act.

7. Sensitising Employees

As per Section 61 of RERA Act, 2016, “if any promoter contravenes any other provisions of this Act, other than that provided under section 3 or section 4, or the rules or regulations made thereunder, he/she shall be liable to a penalty which may extend up to five percent of the estimated cost of the real estate project as determined by the Authority”. So, the promoter’s team needs to have an overall knowledge of the provisions of RERA.

We, at PNS, sensitize the client’s entire team about all the important aspects and Do’s and Don’ts under RERA for a smooth operation of compliance with the RERA Act and Rules.

8. Allotment letter

Allotment letter is the first formal document shared with the customers on booking of the unit in a project. We, at PNS, help in drafting of allotment letter considering all the important facts, terms and conditions related to project like construction plan, architectural details, plot size, financial details, etc. to avoid litigations with the customers in future and thereby to save from penal provisions up to 5% of the estimated cost of project u/s 61 of RERA Act, 2016.

9. RERA Compliant Correspondence

As per Section 61 of RERA Act, 2016, “if any promoter contravenes any other provisions of this Act, other than that provided under section 3 or section 4, or the rules or regulations made thereunder, he shall be liable to a penalty which may extend up to five percent of the estimated cost of the real estate project as determined by the Authority” Therefore, it is necessary that all the correspondence between Promoter-Agent, Promoter-Customers and Agent-Customers are in sync and does not contain any over or wrong commitment to the customer.

We, at PNS, will verify the templates of correspondence between Promoter to the customer, Promoter to Agent and Agent to customer and offer appropriate suggestions as per the provisions of RERA. This is to thereby safeguard the promoter from the risk of litigations with its customers in future. For instance, in one of the cases of RERA, promoter was made liable to honour the over-commitment given by his Sales executive that made the promoter compulsorily offer Italian Marble for the entire flat instead of Vitrified tiles. That is why RERA Complaint Correspondence is necessary to evaluate!

10. RERA Audit

As per the Section 4(2)(l)(k) of RERA Act, 2016 “Promoter shall get his accounts audited within six 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 verified during the audit that the amounts collected for a particular project have been utilised for the project and the withdrawal has been in compliance with the proportion to the percentage of completion of the project.”

We, at PNS, facilitate smoothly completion of annual RERA audit within due date for the first year, thereby safeguarding the promoter from levy of penalty which may extend up to 5% of estimated project cost under Section 61 of the Act.

11. Drafting of Demand Letter:

A demand letter is issued by the promoter to customers on completion of a certain stage of work as mentioned in the ‘agreement to sale’ executed with the customers.

We, at PNS, help in drafting demand letter by incorporating the important terms and conditions to safeguard promoter from penal provisions/compensation in case of any litigation arises in the future.