Real estate developers will have to furnish additional information regarding the ongoing projects for the benefit of the buyers besides depositing 70% of the unused funds in a separate bank account to ensure their completion. This has been stipulated in the Real Estate (Regulation and Development) (General) Rules, 2016 notified today by the Ministry of Housing & Urban Population and applicable to the five Union Territories without Legislature viz., Andaman & Nicobar Islands, Dadra & Nagar Haveli, Daman & Diu, Lakshadweep and Chandigarh. These Rules were required to be  notified on  October 31, as stipulated in the Real Estate (Regulation & Development) Act, 2016 that was partly brought into effect on May 1stthis year.
●    Some changes have been made in the Draft Rules placed in public domain three months back,  by incorporating some suggestions received from consumer associations and real estate bodies. 
●    In respect of the ongoing projects that have not received completion certificate in specified time,  developers will have to make public the original sanctioned plans with specifications and changes made later, total amount collected from allottees, money used, original timeline for completion and the time period within which the developer undertakes to complete the project, duly certified by an Engineer/Architect/practicing Chartered Accountant. Promoter shall also declare size of the apartment based on carpet area even if it was earlier sold on any other basis. 
●    The developer, within three months of applying for registration of a project with the Real Estate Regulatory Authority shall deposit in a separate bank account , 70% of the amount collected and unused for ensuring completion of ongoing projects. 
●    For registration of projects with the authorities, developers will be required to submit authenticated copy of PAN Card, annual report comprising audited profit and loss account, balance sheet, cash flow statement and auditors report of the promoter for the immediate three preceding years, authenticated copy of legal title deed, copy of collaboration agreement if the promoter is not the owner of the plot. Promoter also has to declare information regarding the number of open and closed parking areas in the project.
●    Promoter shall upload on the webpage of the project, within 15 days of expiry of each quarter information regarding number and type of apartments or plots, garages booked, status of the project with photographs floor-wise, status of construction of internal infrastructure and common areas with photos, status of approvals received and expected date of receipt, modifications in sanctioned plans and specifications approved by the competent authority. 
●    The requirement of disclosing Income Tax returns proposed earlier has been withdrawn in the final  Rules keeping in view the confidentiality attached with them and as pointed out by legal experts and promoters.
 

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