[ecis2016.org] Here is everything you wanted to know about the real estate law in Mizoram
The Real Estate (Regulation and Development) Act, 2016, is a parliamentary act that aims to safeguard the interests of the home buyers, while also assisting in the growth of the real estate business. The bill was passed by the Rajya Sabha on March 10, 2016, and the Lok Sabha on March 15, 2016. In this article, we examine the real estate law in Mizoram – the Mizoram RERA.
You are reading: Mizoram RERA: All you need to know
To offer more transparency in project marketing and execution, the Real Estate Act requires all commercial and residential real estate projects with land sizes bigger than 500 sq metres, or eight flats, to be registered with the RERA. Ongoing projects that have not earned a completion certificate as of the Act’s start date, must apply for registration within three months.
Also read all about the RERA Act
Objectives of the Mizoram RERA Act
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Details, such as the number of flats, carpet area statement, number of sold units, building status, lawsuit history, and all regulatory documents/plans certified by the local municipal authority, will be available on the Mizoram RERA website.
Registration of projects under Mizoram RERA
All corporate and residential real estate projects must be registered, by submitting documentation and paying the required fees, with the exception of those projects that:
- Prior to the start of the act, the promoter got a project completion certificate.
- The intended development area does not exceed 500 sq metres.
- There are no more than eight flats.
- Any repair or restoration of an existing structure or building that does not need the marketing, advertising, or sale of any unit or plot.
Registration forms under Mizoram RERA
Following are the various registration forms one might need to fill, based on their property type and requirements.
- FORM A – This is for the application for registration of a project.
- FORM B – This is for declaration, supported by an affidavit, which must be signed by the promoter or someone authorised by the promoter.
- FORM C – This is for the registration certificate of a project.
- FORM D – This is for the intimation of rejection of application for the extension of registration of project/ revocation of registration of a project.
- FORM E – Through this you can apply for extension of registration of a project.
- FORM F – This form is useful for receiving the certificate for extension of registration of a project.
- FORM G – It can be used to apply for registration as a real estate agent.
- FORM H – Registration certificate of real estate agents can be received through this form.
Cancellation forms under Mizoram RERA
- FORM I – This form is used for the intimation of rejection of application for registration of real estate agent/ rejection of application for renewal of registration of real estate agent.
- FORM J – This is used for the application for renewal of registration of Real Estate Agent.
- FORM K – It is used for receiving the certificate for renewal of registration of real estate agents.
Also read all about Assam RERA
Documents required for registration under Mizoram RERA
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The following documents must be presented in three copies:
- PAN card of the builder
- ITR for the last three years and the builder’s balance sheet
- The flat specifications: Carpet area, number of floors, parking space
- The builder’s declaration of legal ownership to the property, accompanied by proof of ownership (proforma of allotment letter, agreement of sale). If the builder is not the land owner, the true owner’s approval letter and paperwork will be requested
- Details about the property: Rights, title, mortgage
- The project’s details: Location, sanctioned plan, layout plan
- Information of the persons involved such as architects, engineers, and others
Procedure for registering in Mizoram as a real estate agent
- Visit the Mizoram Urban Development & Poverty Alleviation Department to register as a real estate agent. The office’s address and contact information may be found in this Contact Link.
- Visit the office and obtain an application form to register as a real estate agent from the appropriate department, or download the application from the Application Form Link.
- Complete the application with all necessary information and facts and get it signed by the applicant.
- Make sure you have all of the paperwork specified above under the Required Documents section. It should then be submitted to the appropriate authority.
- Pay the needed fees for the application procedure at the office. An acknowledgement receipt will be issued. Please keep it safe for future reference.
- Your application and any accompanying papers will be verified, to see if there are any flaws.
- After all of the procedures are completed, the application will be approved, and the registration process will begin.
- When the licence is ready to be picked up, the applicant will be notified and given instructions on how to do so.
What is the processing time?
The authorities will provide registration certificates to real estate agents within 30 days. If there is no response, it will be assumed that the authority has accepted the proposal.
Mizoram RERA fees
- Rs 10,000, if the real estate agent is an individual.
- Rs 50,000, if the real estate agent is an institution or corporation
What is the validity of the Mizoram RERA licence?
- After a real estate agent gets a RERA licence in Mizoram, it will be valid for 5 years.
- In case of any contravention to the act, it will be cancelled by the authority.
What are the penalties under the RERA Act?
- If the agent fails to comply with the terms of the agreement, he would be fined Rs 10,000 each day, up to 5% of the land or building’s cost.
- If the agent engages in any unfair trading practices, he can be sentenced to one year in jail.
Can a promoter’s RERA registration be revoked?
The Mizoram RERA authority may revoke a registration based on a complaint received or suo moto by giving the promoter of such a real estate project 30 days’ notice in writing, explaining the basis for the proposed revocation and directing the registration holder to show-cause why the registration should not be revoked.
The authority may allow it to be registered or may revoke it based on the promoter’s response. It issues a show-cause notice for the following reasons:
- Default is committed by the promoter under RERA.
- If the promoter violates any of approved terms and conditions.
- If the promoter engages in any type of unethical or improper behaviour.
- If the promoter engages in any deceptive acts.
Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Lifestyle
