REAL ESTATE SECTOR

August 2018

© THE INSTITUTE OF COMPANY SECRETARIES OF INDIA

Disclaimer

Due care has been taken to avoid errors or omissions in this publication. In spite of this, er ors may still persist. Any mistake, er or or discrepancy if noted, may be brought to the notice of the Institute, which shal be taken care of in next edition.

The Institute shall not be responsible for any loss or damage resulting from any action taken on the

basis of the contents of this publication. To avoid any doubt, it is suggested that the reader should

cross-check the contents of this publication with original Government notifications.

This industry specific research report is for wide circulation among experts to receive valuable suggestions and necessary supports for further improving the manuscript. Experts are encouraged to

email their suggestions and contribute any material which they think could value add the manuscript

to research@icsi.edu.

The Section 3, “Legal Framework” is indicative only.

Published by :

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ii

PREFACE

In the liberalized economic policy regime, the corporate sector has been assigned a

major role as the driver of growth and development of the Indian economy. This has

resulted in a number of changes, especial y in the regulatory framework applicable to

specific industry sectors. As an economy is consist of different industries like agriculture,

service, engineering, manufacturing etc., it provides impetus to the economy i.e.

employment generation, production of goods and services, income distribution in the

whole economy.

With the intent to further enhance the competitiveness of India’s services sector and

to boost productivity with the creation of new employment opportunities, the Central

Government has focused attention on 12 sectors in the economy as ‘Champion Sectors’

i.e., IT & ITeS, Tourism and Hospitality, Financial, Accounting and Finance, Transport and

Logistics, Construction and Related Engineering, Communication, Education, Medical

Value Travel, Audio Visual, Legal and Environmental.

As part of its support to government’s policy initiatives, the Institute has started an

initiative by projecting Company Secretary as ‘Corporate Saviour’- a person who can

be relied upon by stakeholders i.e., Corporates, Promoters, Shareholders, Government

and Regulators.

With this basic objective, the institute has initiated the process of developing industry

specific knowledge through research, creating awareness among the members about

the contribution the Company Secretary can make in specific industry, capacity building

of members in the specific industry, securing recognitions for members in specific industry

sector, and sensitisation of regulatory authorities about the contribution the Company

Secretaries can make in specific industry.

For conducting the detailed analysis in a structured manner, a format is designed with

four sections, Section-I covering the industry profile, Section-II Business Scenario, Section-III

legal framework and Section-IV Contribution of Company Secretary in employment and

in practice. The research publications in all the industry sector are based on exploratory

research.

I wish to express my sincere thanks and gratitude to CS Ahalada Rao V, Vice-President, the

ICSI for his efforts in guiding and finalizing industry specific publications.

iii

I also appreciate Dr. Prasant Sarangi, Director (Research), the ICSI-Research Cell for doing in-depth study of Real Estate Sector and bringing out this research publication, under the

guidance of CS Sonia Baijal, Director, Professional Development, Prospective Planning

and Studies and Dr. S.K. Dixit, Mentor, Research Cel .

I am sure this research publication will prove to be of immense value to professionals,

corporates and researchers. The research is an ongoing process, and I welcome the

readers to give suggestions to make this research publication more comprehensive.

I wish all the readers a happy reading

New Delhi

CS Makarand Lele

Date: August 23, 2018

President

The Institute of Company Secretaries of India

iv

TABLE OF CONTENTS

Section No. Title of the Section / Sub Topics

Page

Number

1

Introduction

1

1.1 Introduction

1

1.2 SWOT Analysis

2

1.3 Types of Real Estate Investments

3

1.4 Real Estate Investment Trusts (REITs)

5

2

Business Scenario

7

2.1 Introduction

7

2.2 The Demographic Trends

7

2.3 The Economic Scenario

11

3

Legal Framework

20

3.1 Sector Type

20

3.2 Applicable Laws

20

3.3 Related Ministries

20

3.4 RERA: An Analysis

21

4

Contribution of Company Secretary

40

4.1 Introduction

40

4.2 Role of CS in Practice

42

4.3 Role CS in Employment

42

4.4 Conclusion

43

Bibliography

44

v

vi

SECTION 1

INTRODUCTION

1.1 INTRODUCTION

Real estate sector has been making rapid strides in recent times and has emerged as

one of the most important contributors to Indian economy. The sector besides witnessing

a slowdown trend, continues its metamorphosis from being largely fragmented and

unorganized to become as structured and organized as its peers in developed economies

across the globe.

Real estate is one of the oldest and most preferred assest of by al classes as. It refers

to land as well as any physical property or improvements affixed to the land, including

houses, building, landscaping, fencing, wells, etc. For example, vacant land and

residential lots, plus the houses, outbuildings, decks, trees, sewers and fixtures within the

boundaries of they property are treated as real estate. It is, thus, a property which includes

land, buildings, air rights, above the land and underground rights, below the land.

Adam Smith wrote in ‘The Wealth of Nations’ over 200 years ago that «a dwelling-house,

as such, contributes nothing to the revenue of its inhabitants». The Economist has reported

that most Americans were treating their homes as an investment till 2008. The traditional

belief that home ownership is a necessary milestone to acquiring wealth still holds good. By

owning a home to live in, the owner not only saves on rent but also benefits from any long-

term price appreciation. And investors, those buys a home to rent out, are in it primarily

for financial gains, be it monthly cash flow income, long-term gain, or a combination of

both. But, investors and live-in home owners alike should care for the net returns a home

can yield; since it is, for the most, the single largest investment they will ever make.

With the real estate sector after getting a push from the Union Budget 2017-18, the

implementation of a single regulator RERA, the announcement of ‘infrastructure status’

to the affordable housing sector, can serve as a significant step in achieving the

government’s ‘Housing for All by 2022’ mission. These could be game changing steps

for developers who already have a good presence in the market. Further, the Central

Government has identified 305 cities and towns under the housing for all by 2022 mission

(Pradhan Mantri Awas Yojana), to build 2 crore homes for urban poor by the year 2022.

This mission is expected to need 38 million workforce by 2030 from 29 million at present,

predicted to be the key job creator.

1

2

REAL ESTATE SECTOR

Amandeo (2017) defines real estate as real, or physical, property. A few groups of experts

opined that the word ‘Real’ comes from the Latin root res, or things. To some others, the

word ‘real’ is derived from the Latin word rex, meaning ‘royal’. They argued that since all

the kings used to own al land in their kingdoms.

Being one of the most unorganized sectors in Indian economy, it is the second largest

employer after agriculture. India’s rank in the Global House Price Index has jumped 13

spots to reach the ninth position among 55 international markets, on the back of increasing

prices in mainstream residential sector.

1.2 SWOT ANALYSIS:

STRENGTHS

WEAKNESS

• Announcement of Infrastructure status • Lack of industry status to the real

to affordable housing

estate sector

• Positive attitude of the union • Since the sector is not in industry

government

category, promoters, investors etc.,

• Implementation of RERA as a single

are often compelled to avail loans at

regulator

higher rate of interests

• Huge demographic advantages

• The sector involves several cash

• Increase in investors’ confidence

transactions but after demonetisation

the cautious investors are preferring

• National Housing bank to refinance

for cheque transactions. There seems

Rs. 20,000 crore of loan

to have a short term effect.

• Pradhan Mantri Awas Yojana to get • Lack of public awareness about

around 23 crore of government

government reforms and initiatives

al ocation

• No cash transaction above Rs. 3 lacks

will be allowed

• Inflation control

• Prudent fiscal management

SECTION 1 – INTRODUCTION

3

OPPORTUNITIES

THREATS

• Increase in per capita income of

• Delay in construction due to

Indians

shortage of fund

• Constant growth of GDP

• Supply is more than demand for

the projects

• Housing for all by 2022 mission of

central government

• Less FDI in the sector

• Involvement of private players in

• Lack of investors’ confidence

the sector

in the sector due to delay in

construction for the last few years

• Requirement of 38 million of

workforce by the year 2030

• Slow job creation in the economy

as the sector is dependent on

• One crore rural houses to be built

labour-intensive activities

by the year 2019

• Real estate developers to get tax

relief on unsold stock as liability to

pay capital gains will arise only in

the year a project is completed

• Holding period for capital gains

tax for immovable property

reduced from 3 years to 2 years

• Tax break of 1 year post receipt of

the completion certificate, for the

unsold stock

• Indira Awaas Yojana will be

extended to 600 districts

• Indexation of capital gains shifted

from 01-04-1981 to 01-04-2001.

1.3 TYPES OF REAL ESTATE INVESTMENTS

Real estate as it is known is one of the oldest and most popular asset classes. Any person before

investing on real estate sector, need to understand various types of real estate investments

options available. It is however, the fact that each type of real estate derived below has their

own merits, applicability and demerits. The decision normal y depends on the buyer’s interest

based on his purpose and available purchasing power.

4

REAL ESTATE SECTOR

Multi-purpose

Residential

Real Eatete

Retail Real

Real Estate

Estate

Investment Trust

Types of

Real Estate

Investments

Industrial

Residential Real

Estate

Real Estate

Commercial

Real Estate

( a) Residential Real Estate Investment:

Projects like houses, apartment in buildings, townships and houses constructed on land

which are used for residential or living purposes are of this category. Any purchase by any

person are termed as residential real estate investment.

(b) Commercial Real Estate Investment:

The investment on office buildings and skyscrapers etc., are such type of investment.

(c) Industrial Real Estate Investment:

Any investment from industrial warehouses leased to firms as distribution centres for a long-

term objectives to avail facilities like storage of raw materials and finished products, using

show rooms and service centres, etc.

(d) Retail Real Estate Investment:

These consists of shopping malls, strip malls and other retail storefronts.

(e) Multi-purpose Real Estate Investment:

Any real estate project with a combination of more than one type of above real estates

are cal ed as multi-purpose real estate investment. These types of real estate are now-a-

days getting famous in India.

(f) Real Estate Investment Trusts(REIT):

These types of investments are not on physical assets rather are on virtual assets. Basical y

these are the purchases of shares of a corporation that owns real estate properties and

SECTION 1 – INTRODUCTION

5

distributes practically all of its income as dividends. Here option of choosing an appropriate

industry is openly available to the investors. This type of real estate investment is getting

wider momentum among investors in the globe.

1.4 REAL ESTATE INVESTMENT TRUSTS (REITs):

The REIT is the indirect investment. This mechanism offers an opportunity to participate

directly in the ownership or financing in the real estate projects. These are tradable

interest like share of stock related to real-estate related assets. RETIs are traded in income

producing real estate such as office buildings, apartments, shopping centres, warehouses

and hotels etc.

Globally, REITs are gradually demonstrating the ability to attract and effectively manage

investments in the real estate sector. The history of creation of this trust goes back to the year 1960 when the president of United States signed a law called as Cigar Excise

Tax Extension. This law allowed al investors to invest in large scale diversifies portfolios of

income producing real estate. Based on the law, the first trust ‘American Realty Trust’ was

created in the year 1961. Gradually the concept became worldwide famous and now

a days more and more countries are interested to join in the pool. A brief description on

country wise REITs are derived below.

Table-1: Country Wise Description of REITs

Country

REITs

India

The government of India and SEBI has approved REITs in the year 2014.

the United

Founder of REITs.

States

the United

The Finance Act 2006 (Corporation Tax Act 2010) ensured the

Kingdom

operations of REITs from 2007.

Australia

There are more than 70 trusts existing in Australia by today. General

Property Trust was the first trust launched in Australia in 1971.

Canada

Canadian REITs were established in the year 1993 followed by few

amendments in the year 2010 and 2011.

Mexico

The Mexican Stock Exchange allowed trading of REITs in the year 2011.

Germany

The law in German REIT was introduced in the year 2007.

Malaysia

There are 16 REITs existing in Malaysia.

Kenya

Kenya attached into the trust in the year 2015 with the approval of its

Capital Markets Authority. The REIT is issued by Stanib Kenya with the

name of Fahari I-Reit Scheme.

6

REAL ESTATE SECTOR

Hong Kong

REITs are started trading in this country since 2005 and by July 2012,

there were nine REITs functioning.

Japan

REITs are trading in Tokyo Stock Exchange since 1990.

Singapore

There are 31 REITs are listed in Singapore Exchange. The first REIT was

registered in the year 2002.

Belgium

REITs are introduced in Belgium since 1995.

Finland

REITs in this country was introduced in the year 2010 with too many

qualifications.

France

There are two REITs namely SIIC and Gecina.

Ghana

REITs are existing in Ghana since 1994. The first trust was introduced in

August 1994 by the then Home Finance Company which is presently

known as HFC bank.

Thailand

The Securities and Exchange Commission opened the listing of REITs

since 2013.

United Arab

The Dubai International Financial Centre passed the regulation for

Emirates

listing of REITs in the year 2006.

Nigeria

The first trust cal ed as the N50 billion Union Homes Hybrid Real Estate

Investment Trust was launched in September 2008.

Philippines

Philippines has notified for the existence of REITs in May 2010 but

unfortunately not a single REIT is registered yet.

South Africa

The Johannesburg Stock Exchange has registered 33 REITs by October

2015.

Pakistan

Under consideration to launch REITs in the country.

Saudi Arabia

The Saudi Capital Market Authority had approved listing of REITs in July

2006 with certain restrictions.

Bulgaria

The country introduced the REIT in the year 2004.

Ireland

The Ireland REIT was passed in the year 2013 under the 2013 Finance

Act.

Brazil

REITs were introduced in Brazil in the year 1993.

Source: Compiled Information from Each Country’s Real Estate Acts

SECTION 2

BUSINESS SCENARIO

2.1 INTRODUCTION

India today has a huge demographic and economic advantage in terms of the

young population and steady increase in per capita income of Indians. Real estate is a

labour-intensive sector, with a long backward linkages tail, generating a large multiplier

of economic activity in sectors while significantly aiding in job creation. This also plays very favourably with aspirations of India’s youth, and will help in the realization of the demographic dividend of this segment. Various Indian economic parameters related to

the sector are analysed below.

2.2 THE DEMOGRAPHIC TRENDS:

There is much talk about India’s demographic dividend with debates raising from how

India’s growing young population will make India a world economic leader. To make India

a world economic leader, the contribution of real estate sector could not be ignored. The

impact of demographic dividends on real estate sector are analyses below:

(a) Distribution of Population by Age:

The greatest advantage to the real estate sector is the presence of large proportion of

young generation who are between 15 years of age to 59 years of age. This is the age

group who have high perception towards purchase of houses and real estate investment.

Following table analyses state wise figure of population under different age groups as per

2011 census.

Table-2: Population under Different Age Groups as per 2011 Census

States /UT’s

Age Group 2011

0-14

15-34

35-59

60 and

above

Andhra Pradesh

21790792

30609248

23131065

8278241

Arunachal

493361

512549

312669

63639

Pradesh

Assam

10248899

11123193

7736116

2078544

7

8

REAL ESTATE SECTOR

Bihar

41721188

32264872

22002745

7707145

Chhattisgarh

8183836

88616997

6472641

2003909

Gujarat

17445613

21695832

16272844

4786559

Haryana

7529954

9370426

6225793

2193755

Himachal Pradesh

1775385

2419844

1956201

703009

Jammu

and

4240710

4411400

2951417

922656

Kashmir

Jharkhand

11891118

10992825

7630779

2356678

Karnataka

16024874

22349821

16883719

5791032

Kerala

7830974

10335954

11011254

4193393

Madhya Pradesh

24302242

25176834

17351555

5713316

Maharashtra

29917215

40661653

30280834

11106935

Manipur

861688

1060221

726088

200020

Meghalaya

1177942

1052138

592123

138902

Mizoram

356002

412771

259172

68628

Nagaland

679032

760810

434463

102726

Odisha

12076422

14385953

11408224

3984448

Punjab

7084950

10174719

7576330

2865817

Rajasthan

23725426

23811691

15629580

5112138

Sikkim

165937

251098

151614

40752

Tamil Nadu

17007503

25144641

22418323

7509758

Tripura

1017991

1362144

1002622

289544

Uttar Pradesh

71308266

68153539

43288570

15439904

Uttarakhand

3129008

3602662

2437205

900809

West Bengal

24737475

32655852

26027955

7742382

A & N Islands

92675

147586

114528

25424

Chandigarh

266512

426702

294812

67078

D & N Haveli

107813

147931

73721

13892

Daman & Diu

54985

122110

54435

11361

Delhi

4565319

6534460

4524015

1147445

Goa

318160

503105

471691

163495

Lakshadweep

16457

22857

19774

5270

Puducherry

298392

440449

387575

120436

All India

372444116

421959587 308112432 103849040

Source- Economic Census, GoI.

SECTION 2 – BUSINESS SCENARIO

9

(b) Usage Pattern of Houses:

When the word real estate demand or investment comes, a question arises demand for

which type of property, i.e., whether residential or commercial or offices? The obvious

reason behind this doubt that each of the three types are of different uses. Following table

makes a sketch by distributing censes houses according to the uses.

Table-3: Distribution of Census Houses According to the Uses to Which they Are Put

Occupied

2001

2011

Census Houses

Used as:

Total

Rural

Urban

Total

Rural

Urban

Residence

72.0

72.7

70.2

77.1

77.2

76.9

Residence

3.2

3.4

2.6

2.8

3.0

2.4

cum others

Shop, office

5.4

3.1

10.9

5.8

3.4

10.8

School, college

0.6

0.7

0.4

0.7

0.8

0.4

Hotel, Lodge,

0.2

0.2

0.4

0.2

0.2

0.4

guest house

Hospital,

0.2

0.2

0.4

0.2

0.2

0.3

dispensary

Factory ,

0.9

0.6

1.7

0.8

0.5

1.5

workshop

Place of

1.0

1.1

0.6

1.0

1.2

0.6

worship

Other non-

10.2

12.8

3.9

11.0

13.3

6.0

residential

Vacant census

6.4

5.3

9.0

0.4

0.3

0.7

houses

Source- Economic Census, GoI

(c) Distribution of Households by Type of Occupancy:

It is important to search for an opportunity that which occupation types of houses,

i.e., either owned or hired or others are normal y used in our country. Fol owing table

examines the distribution of households by type of occupancy.

10

REAL ESTATE SECTOR

Table-4: Housing Percentage Distribution of Household by Type of Occupancy

State/Union

NSS 62nd round (July-2005-June

NSS 69th (July-2012-Dec 2012)

Territory

2006)

RURAL

URBAN

RURAL

URBAN

ed

rs

rs

d

d

rs

d

rs

ned

ne

wn

ired

the

ned

w

ired

the

w

ire

the

w

ire

the

O

H

O

O

H

O

O

H

O

o

H

O

1

2

3

4

5

6

7

14

15

16

17

18

19

All India

93.4

3.8

2.7 60.0 34.9 5.1 93.3 5.1

1.6

61.1

35.4

3.4

STATES:

Andhra

86.6

8.6

5.5 46.7 49.5 3.8 82.9 12.9

4.2

42.5

51.7

5.8

Pradesh

Arunchal

81.4

6.1

12.5

NR

NR

NR 88.9 8.7

2.5

25.3

68.5

6.2

Pradesh

Assam

91.0

1.8

7.1 41.1 50.8 8.1 92.5 5.0

2.4

58.8

32.8

8.5

Bihar

99.5

0.1

0.3 70.6 27.2 2.3 98.5 0.6

0.9

66.2

30.4

3.4

Chhattisgarh 96.5

2.0

1.4 63.3 23.7 13.0 93.7 2.2

4.1

1.4

24.5

4.1

Delhi

NR

NR

NR

NR

NR

NR 65.5 34.5

0.0

55.3

40.6

4.1

Goa

Nr

Nr

Nr

Nr

Nr

Nr

80.8 9.1

10.1

75.6

20.3

4.1

Gujarat

91.7

6.1

2.2 66.1 29.3 4.6 94.8 5.0

0.2

71.4

26.5

2.0

Haryana

96.9

2.1

1.0 72.2 25.5 2.3 94.0 5.6

0.3

72.1

26.2

1.6

Himachal

94.0

5.3

0.7 41.9 47.6 10.5 93.1 6.3

0.6

31.6

64.7

3.7

Pradesh

Jammu and 98.3

1.3

0.3 85.8 13.2 1.1 97.9 1.9

0.3

81.1

17.0

1.9

Kashmir

Jharkhand

98.8

1.0

0.2 45.8 39.9 14.3 98.2 1.5

0.4

52.8

42.4

4.8

Karnataka

94.8

4.8

0.5 40.5 55.5 4.0 90.4 8.0

1.6

41.1

54.5

4.3

Kerala

90.4

7.7

1.9 76.3 20.3 3.3 90.7 8.6

0.8

77.1

22.5

2.6

Madhya

97.3

1.1

1.6 64.5 33.4 2.1 94.9 2.4

2.7

69.9

27.5

2.6

Pradesh

Maharashtra 87.1

7.1

5.8 64.1 30.3 5.6 91.1 7.5

1.3

65.9

31.1

3.0

Manipur

96.5

3.5

-

79.7 20.3

-

97.9 1.2

0.9

89.5

10.1

1.2

Meghalaya

Nr

Nr

Nr

Nr

Nr

Nr

97.0 2.6

0.4

65.0

33.9

0.2

Mizoram

93.8

4.5

1.7 68.4 29.5 2.1 94.5 5.3

0.2

69.0

30.8

1.8

Nagaland

Nr

Nr

Nr

Nr

Nr

Nr

98.0 1.7

0.2

56.0

42.2

3.9

Odisha

91.8

1.0

7.1 55.4 40.6 4.1 91.5 5.3

3.1

43.3

52.8

0.9

Punjab

94.6

3.4

2.0 69.7 29.0 1.3 95.0 4.3

0.7

66.4

32.7

4.5

Rajasthan

95.7

2.1

2.2 74.3 22.7 3.0 95.6 3.2

1.2

68.3

27.2

3.7

SECTION 2 – BUSINESS SCENARIO

11

Sikkim

Nr

Nr

Nr

Nr

Nr

Nr

76.7 22.2

1.1

21.3

75.0

3.7

Tamil Nadu 86.8 10.9

2.2 42.5 50.9 6.5 86.4 12.1

1.4

50.2

47.6

2.2

Tripura

96.9

1.9

1.2 68.8 29.4 1.7 95.1 3.5

1.4

71.0

26.5

2.5

Uttar Pradesh 98.6

0.8

0.6 72.1 23.7 4.2 98.4 1.0

0.5

74.7

21.8

3.4

Uttarakhand

Nr

Nr

Nr

Nr

Nr

Nr

81.0 18.7

0.3

61.5

35.6

2.9

West Bengal 93.0

2.1

4.9 63.5 28.4 8.1 97.3 1.1

1.7

70.4

25.2

45.0

North-Estern 93.7

4.4

2.0 56.9 37.0 6.2

-

-

-

-

-

-

Union Territors 58.9 29.01 2.1 47.3 40.4 12.3 51.6 29.4 19.0

37.7

61.9

5.0

A & N islands

Chandigarh

-

-

-

-

-

-

27.4 72.6

0.0

34.2

52.4

13.2

D & N Haveli

-

-

-

-

-

-

57.8 42.2

0.0

48.7

89.5

0.0

Daman & Diu

-

-

-

-

-

-

64.4 35.6

0.0

10.5

51.3

0.0

Lakshadweep

-

-

-

-

-

-

78.7 21.3

0.0

54.6

28.7

21.4

Puducherry

-

-

-

-

-

-

78.7 21.3

0.0

54.6

42.6

29.0

Source-62nd and 69th NSSO Reports, Ministry of Statistics and Programme

Implementation, GoI.

2.3 THE ECONOMIC SCENARIO:

There is ample scope from the real estate sector from the economic point of view. Few

opportunities are discussed below:

(a) Gross Domestic Product:

Real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in the year 2017-

18 is likely to attain a level of Rs.129.85 lakh crore, as against the Provisional Estimate of

GDP for the year 2016-17 of Rs. 121.90 lakh crore, released on 31st May 2017. The growth

in GDP during 2017-18 is estimated at 6.5 per cent. With GDP at current prices in the year

2017-18 is likely to attain a level of Rs. 166.28 lakh crore, as against Rs. 151.84 lakh crore

in 2016-17 showing a growth rate of 9.5 per cent.

The table derived below shows some important countries gross domestic product

calculated at purchasing power parity per capita calculated by the International

Monetary Fund and the World Bank. The purchasing power parity value of all final

goods and services produced within a country in a given year is calculated by

dividing the average (or mid-year population). It can be seen from the figures that,

even though India ranks at a higher side in the world but still its ranking is improving

contentiously. This could be considered as a positive sign due to backward linkages

for the real estate industry.

12

REAL ESTATE SECTOR

Table-5: List of Countries by GDP (PPP) Per Capita

Country

International Monetary fund

World Bank

Australia

48,899

46,790

Canada

46,437

44,025

France

42,314

41,466

Germany

48,111

48,730

India

6,616

6,572

Italy

38,161

36,833

Japan

41,275

41,470

New Zealand

37,294

39,059

Singapore

87,855

87,856

South Korea

37,740

35,751

Switzerland

59,561

62,882

United Kingdom

42,481

42,609

United Kingdom

42,609

United states

57,436

57,467

Source- Compiled from IMF and World Bank Data, 2017-18

(b) GDP Nominal:

The nominal GDP are calculated at market or government exchange rates. The ranks of

some of the major countries of the world calculated by the International Monetary Fund

and the World Bank are figured in table derived below. From the table, it can be seen that

as per both the organizations ranking, India is amongst the top 10 countries in the world.

Table-6: List of Countries by GDP (Nominal)

Country

International Monetary fund

World Bank

Australia

1,390,150

1,204,616

Canada

1,640,385

1,529,760

France

2,574,807

2,465,454

Germany

3,651,871

3,466,757

India

2,439,008

2,263,522

Italy

1,921,139

1,849,970

Japan

4,884,489

4,939,384

New Zealand

200,837

185,017

Singapore

305,757

296,966

South Korea

1,529,743

1,411,246

Switzerland

680,645

659,827

SECTION 2 – BUSINESS SCENARIO

13

United Kingdom

2,565,051

2,618,886

United Kingdom

2,565,051

2,618,886

United states

19,362,129

18,569,100

Source- Compiled from IMF and World Bank Data, 2017-18

(c) GDP Growth rate:

Some important countries are listed in the following table ranked by their real gross

domestic product growth rate. The real growth rate is calculated by considering the

values of all final goods and services produced within a country in a given year. From the

ranks of International Monetary Fund, it can be seen that India’s position is between top

five countries of the world.

Table-7: List of Countries by GDP Growth Rate (Nominal)

Country

International

Monetary fund

Australia

2.50

Canada

1.40

France

1.20

Germany

2.05

India

8.50

Italy

0.90

Japan

6.83

New Zealand

4.00

Singapore

2.00

South Korea

2.80

Switzerland

1.30

United Kingdom

1.80

United Kingdom

1.65

United states

1.60

Source- Compiled from IMF and World Bank Data, 2017-18

(d) Per Capita Income:

The per capita net national income during 2017-18 is estimated to be Rs 111,782 showing

a rise of 8.3 per cent as compared to Rs. 103,219 during 2016-17 with the growth rate of

9.7 percent.

The per capita income in real terms (at 2011-12 prices) during 2017-18 is likely to attain a

14

REAL ESTATE SECTOR

level of Rs. 86660/- as compared to Rs. 82269/- for the year 2016-17. The growth rate in

per capita income is estimated at 5.3 per cent during 2017-18, as against 5.7 per cent

in the previous year.

(e) Gross Value Added (GVA) at Basic Prices

The estimated growth in GVA for this sector during 2017-18 is placed at 7.3 percent

as compared to growth of 5.7 percent in 2016-17. The key indicators of this sector are

the growth of corporate sector for real estate and computer related activities which

are estimated using latest available information on listed companies for the first half of

financial year 2017-18. The combined growth in aggregate bank deposits and credits

as on 10 November 2017 was 8.4 per cent. The table -8 and 9 derived below shows the

contribution of financial, real estate and professional services estimated by first advance

estimates of Gross value added by economic activities at basic price at 2011-12 and

current price respectively.

Table-8: First Advance Estimates of GVA at

Basic Price by Economic Activity

(At 2011-12 prices) (Rs. crore)

Industry

2015-16

2016-17

2017-18

Percentage change

(PE)

(Ist AE)

over previous year

2016-17 2017-18

1. Agriculture, forestry & 1,617,208

1,696,175

1,732,371

4.9

2.1

fishing

2. Mining & quar ying

324,740

330,485

339,972

1.8

2.9

3. Manufacturing

1,872,115

2,019,227

2,112,345

7.9

4.6

4. Electricity, gas, water

224,447

240,590

258,672

7.2

7.5

supply & other utility services

5. Construction

879,782

894,668

927,085

1.7

3.6

6. Trade, hotels, transport, 1,989,161

2,143,956

2,329,801

7.8

8.7

communication

and

services

related

to

broadcasting

7. Financial, real estate & 2,298,798

2,429,638

2,606,602

5.7

7.3

professional services

8. Public administration, 1,284,263

1,430,002

1,564,473

11.3

9.4

defence and Other Services

GVA at Basic Price

10,490,514

11,185,440

11,871,320

6.6

6.1

Source- Draft Estimate of National Income, 2017-18, GoI.

SECTION 2 – BUSINESS SCENARIO

15

All these demographic and economic indicators and more are enough to convince that

the real estate sector is having an ample scope for growth in the coming years.

Table-9: First Advance Estimates of GVA at Basic Price by Economic Activity

(At current prices)

Industry

2015-16

2016-17

2017-18

Percentage

change over

previous

year

2016-17

2017-18

1. Agriculture, forestry 2,175,547 2,372,085

2,438,546

9.0

2.8

& fishing

2. Mining & quarrying 296,253

301,921

341,843

1.9

13.2

3. Manufacturing

2,064,820 2,257,413

2,422,101

9.3

7.3

4. Electricity, gas,

321,651

342,422

368,269

6.5

7.5

water supply & other

utility services

5. Construction

1,006,403 1,041,343

1,109,608

3.5

6.6

6. Trade, hotels,

2,294,364 2,519,999

2,825,708

9.8

12.1

transport,

communication and

services related to

broadcasting

7. Financial, real

2,631,120 2,889,048

3,186,115

9.8

10.3

estate & professional

services

8. Public

1,668,486 1,945,683

2,205,463

16.6

13.4

administration,

defence and Other

Services

GVA at Basic Price

12,458,642 13,669,914 14,897,653

9.7

9.0

Source- Draft Estimate of National Income, 2017-18, GoI.

(f) FDI Inflow:

In Construction Sector FDI is permitted upto 100 per cent under automatic route for development of

Townships, Infrastructure & Construction Development project like Housing, Commercial Premises,

16

REAL ESTATE SECTOR

Hotels, Hospitals, Educational Institutions, and Recreational facilities. FDI is prohibited in Real Estate Business, Construction of Farm Houses, Trading in Transferable Development Rights (TDRs). However,

the prohibition is not applicable to the construction of a Farm House by an NRI for his personal use

or for purchase of TDR to be used in construction for personal use.

In the post-liberalization era, India attracts a quantum amount of FDI, especially after the

liberalization of the construction sector. FDI inflows to construction activities have led to a

phenomenal growth in the economic life of the country. India has become one of the

most prime destinations in terms of construction activities. The fol owing Table-10 presents

the yearly FDI inflows in Construction sector of the period of study.

Construction sector is the third largest sector in attracting FDI inflow in India during the period of study from 2000-01 to 2012-17. Construction sector has attracted US $7508 mil ion FDI inflow

and accounted to 20.0 per cent of total FDI inflow in India during 2013-14. In the year 2006-

07 the FDI inflows to the construction sector of US $3,985 million is the highest FDI inflow to the

construction sector. In the year 2000-01 construction sector received US $260 mil ion and in

the year 2016-17 it received US $ 659 mil ion. The standard deviation is calculated at 1983.25

US$ million for the sector and total FDI inflow it is US$ 18251 million.

Table-10: FDI Inflow after Construction Sector Reforms

(amount in US$ million)

Year

FDI Inflow

Share to total FDI

Total FDI Inflow

2000-01

260

6.45

4029

2001-02

804

13.12

6130

2002-03

537

10.66

5035

2003-04

472

10.92

4322

2004-05

562

9.29

6051

2005-06

691

7.71

8961

2006-07

3985

17.46

22826

2007-08

3743

10.74

34843

2008-09

2028

4.84

41873

2009-10

2862

7.58

37745

2010-11

1663

4.76

34847

2011-12

3141

6.75

46556

2012-13

1332

3.61

36860

2013-14(P)

7508

20.00

36046

2014-15 (P)

4652

10.00

45148

2015-16 (P)

727

1.31

55457

2016-17 (P)

659

1.37

48032

Standard Deviation

1983.25

18251

Mean

2095.647

27927

SECTION 2 – BUSINESS SCENARIO

17

Source: Dept. of Industrial Policy and Promotion, MCI

Figure-1: FDI inflow into Construction Sector

Source: Dept. of Industrial Policy and Promotion, MCI

Mauritius has invested the highest FDI inflows in construction sector in India. Top five sectors

collectively have accounted to 81 per cent of total FDI inflows in construction sector.

Other sectors have attracted only US $4195 million (19 per cent) during 2012-13. The New

Delhi region has attracted the highest FDI inflows through construction sector. Top five

countries col ectively have accounted to 86 per cent of Construction sector FDI inflow.

Indian Construction company W.S. Electric Ltd has received the highest FDI inflow of US

$397.05 million from the Bermuda Company Schroder Credit Renaissance Fund Ltd, DLF

Assets Ltd has received US $387.37 million from the Singapore company DAL Singapore

Investments PTE Ltd, DLF Assets Ltd has received US $384.84 million from the Mauritius

company DE Shaw Composite Investment, Larsen & Toubro Ltd has received US $380.51

million from the Mauritius’s various investors, and DLF Assets P. Ltd received US $196.65

million from the Mauritius company New Opportunities I Ltd. PLC.

(g) Housing Shortage:

Table-11 depicts various interesting facts on the housing condition in India. The comparative

figure has been done based on the estimations of two government departments like

census of India and National sample survey Office. Ten decile groups are identified based

on the nature of their economic status. The table details about urban households in our

country as per census and NSS studies, per centage share of total households to total

households in urban area, average monthly per capita income, average household size

of Indian families on basis of decile categories, average household income based on

18

REAL ESTATE SECTOR

TG-12 method, households facing housing shortage, census and NSS estimate of housing

shortage and etc.

Table-11: Housing Shortage among Various Income Groups in Urban India

s

e

s)

s)

up

m

p

ile

ing

n

-12

c

c

ro

o

to

e

s (%)

tio

d

ge

la

to

n fa

r inc

nsus ( in

n TG

m

m

e

(in lakh

s %

(in lakh

in d

hol

tio

pu

SS

ld

o

e

e

o

the

la

o

tto

r c

d

p

O

e

r N

ho

se

use

pu

r inc

&

Bo

e

size

rtag

rtag

s (%)

s &

d

ho

o

G

m

s p

use

ba

ld

ld

a

s p

p

the

PCE

e

sho

sho

ile

o

ia

a

hol

m

ho

ce

s &

ho

S, LI

s Fro

hs)

ia

n ho

M

&

e

use

o

s (%)

thod

use

ld

use

EW

up

using

using

IG

inc

e

ho

(%)

up

ro

lak

ho

ho

ng

s in Ind

l urba

rag

e

d

M

ho

ho

nsus d

S, L

: ho

o

ro

G

in Ind

SS

e

use

ta

G

e

ld

ld

ta

Ave

m

rag

hol

ing

ing

N

c

EW

m

ho

c

c

: ho

a

o

h o

e

in to

ve

use

ta

ng

use

A

s fa

s fa

using

o

Inc

o

use

re

ho

using

m

e

ld

ld

e

da

nsus da

rtag

a

e

ile

H

ho

Sha

ho

ho

SS

e

c

sho

ec

rag

rtag

N

g

m

D

use

use

o

Urban

ve

o

o

m

rta

ing

Urban

A

H

H

Sh

Fro

Fro

c

sho

fa

1

82.5

67.4

10.1

521

5.9

3050

37.7

55.9

45.7

42.5

36.3

2

84.6

69.1

10.4

722

5.3

3821

32.5

47.1

38.4

(43.2*)

(36.9*)

3

74.1

60.5

9.1

870

5.1

4392

22.3

36.9

30.1

4

132.6

108.3

16.3

1028

4.7

4872

37.2

34.4

28.1

5

33.9

27.7

4.2

1420

4.6

6904

8.6

31.1

25.4

20.8

13.8

6

76.0

62.1

9.3

1688

4.2

7354

16.8

27.0

22.1

(21.8*)

(14.2*)

7

86.9

71.0

10.7

2051

4.0

8551

13.5

19.0

15.5

8

89.8

73.4

11.0

2681

3.6

10245

9.9

13.6

11.0

9

86.5

70.7

10.6

5673

3.3

6.5

9.2

7.5

8.2

7.0

10

66.5

54.3

8.2

1786

2.7

1.7

3.1

2.6

(8.5*)

(7.2*)

Total

813.5

664.5

100.0

1856

4.4

186.7 28.1

23.0

28.1

23.0

(31.3*)

(25.6*)

Note:-

1. Positive figures mean shortage, while negative means surplus.

2. *Figures in parentheses in these last two columns represent shortage of houses as

% for population; while figures without parentheses represents shortage as % of

households.

3. MPCE: Monthly Per Capita Consumption Expenditure.

4. Housing shortage is faced by 28.1 per cent of urban households, which constitutes

31.3 per cent of the Indian urban population.

SECTION 2 – BUSINESS SCENARIO

19

5. 42.5 per cent of households and 43.2 per cent of the population among EWS

face housing shortage in urban India.

6. 20.8 per cent of household and 43.2 per cent of the population among LIG face

housing shortage in urban India.

7. Only 8.2 per cent of households and 8.5 per cent of the population among

income group higher than LIG face housing shortage in urban India.

8. In the lowest decile household income group, 55.9 per cent of households face

housing shortage, while the top income decile household group faces only 3.1

per cent shortage in housing.

Source: TG 12, NSS and Census data.

SECTION 3

LEGAL FRAMEWORK

3.1 SECTOR TYPE

Real Estate is having similarity with construction sector with different scope, as the Real

Estate Investment is under Financial Sector.

3.2 APPLICABLE LAWS

Specific Laws

• Real Estate (Regulation and Development) Act, 2016 (RERA)

• Transfer of Property Act, 1882

• Registration Act, 1980

• Indian Stamp Act, 1899

• Indian Contract Act, 1872

• Foreign Exchange Management Act (FEMA)

State Law

• Each state is empowered to enact its own laws. Even RERA specifies for the state

specific RERA.

3.3 RELATED MINISTRIES

• The administration of the RERA is under the Housing and Urban Affairs Ministry,

Government of India.

• The development, operation and maintenance of the National Public Procurement

Portal Government e-Marketplace have been brought under the Government of

India, Ministry of Commerce.

20

SECTION 3 – LEGAL FRAMEWORK

21

3.4 RERA: AN ANALYSIS

3.4.1 What is RERA, 2016?

The Real Estate Regulation and Development Act (RERA) gives the real estate sector its first

regulator. RERA was implemented from 1st May, 2017, and subsequently the Goods and

Services Tax (GST) become applicable from 1st July, 2017 on it. The Act was introduced

with the intent of bringing in more transparency in the existing real estate sector in the

country with rebalancing the lopsided buyer-builder relationship.

3.4.2 Objectives of RERA:

The objectives of the Act are:

Ø To provide to the nation a unified legal regime in the real estate sector

Ø To standardise the practice related to purchase and sale of real estate in the

country

Ø To establish a proper regulator for the real estate sector

Ø To reduce fake sale due to compulsory registration of the projects

Ø To reduce delay in possession by creating reserve account under the Act

Ø To monitor the progress of the project due to continual disclosure by promoters

Ø To standardise sales agreement

Ø To make clarity in various terminology used in the real estate sector

Ø To make real estate purchase simpler

Ø To bring better accountability and transparency

Ø To guide state/UTs and monitor their activities based on a central regulation

3.4.3 Scope of RERA:

The scope of RERA includes:

• To adopt better corporate governance and disclosure practices in the sector

• To increase financial transparency in the sector

• To attract investments in the sector

• To manage effectively the investments in the sector

• To increase in quality in the sector

• To increase demand of real estate projects than its supply

• To attract more and more middle class families into the sector

22

REAL ESTATE SECTOR

3.4.4 Real Estate Acts in Selected Countries:

Country

Single

The Regulators

Regulator

The United

No

• The Department of Housing & Urban Development (HUD)

States of

protects the interest of residential property consumers

America

under the Real Estate Settlement Procedure Act

• There are licensing laws at the sates level

Germany

No

• The real estate settlements are done according to

German Civil Code

• The Hereditary Building Rights Act

• The Condominium Act

• The formal part is, inter alia, ruled by the Notarisation Act

and the Land of Registration Act

China

Yes

• Regulated through State Department of Real Estate known

as “New State 10”

• It is the accountability of the local governments to control

and stabilize real estate prices

• Each locality has their specific rules

• The sales agreement specifies the area of the property,

terms and conditions of sale, legal rights of buyers and

sellers etc.

Singapore

No

• Control ed by Housing Development Board (HDB) for

residential property

• For industrial spaces controlled by Jurong Town Corporation

(JTC)

• Most of the activities related to real estate are under

the control of public sector, hence, there is clarity in

documents.

South Africa

Yes

• The registration of rights in land and other immovable

property is registered by the Deeds Registration Act, 1937

• Al regions’ and cities’ planning registration which is cal ed

as provincial ordinances/law and bylaws are under Special

Planning land Use management Act, 2013 (SPLUMA)

Ajman

Yes

• Regulated by Ajman real estate regulatory Authority (ARRA)

SECTION 3 – LEGAL FRAMEWORK

23

The United

No

• In the process of establishment of a single act

Arab

Emirates

• There does not exist any specific law at federal lvel

Canada

No

• Each provinces are having their own law

• Each law save for Quebac where property law is governed

by Civil Code of Quebec (CCQ)

• The CCQ is based on civil law which is derived from the

Napoleonic Code

Scotland

No

• Her Majesty's Land Registry system like London

and

Netherlands

Israeli

No

• Two basic law like Human Dignity and Liberty and Israel

Lands regulates the real estate sector

• For real estate transactions and rights in real estate

property, Land Law is in force

• Real Estate Taxation Law regulates property tax issues

• The Rental and Borrowing Act regulates the rental aspects

of real estate

• For newly apartment there is Sales Act (Apartment)

Austria

No

• The regulations that regulates real estate includes the

Austrian Civil Code, The land Registry Act, the condominium

Ownership Act and the Real Estate Developer Act

Brazil

No

• The primary law is Brazilian Civil Code (law No. 10406/2002)

deals with ownership

• Some other Federal laws are also applicable like the

Real Estate development Law, the Land Statute, the City

Statute, the Parceling of Real Estate Property Law and

Public Registry Law

Finland

No

• The acquisition and registration of real estate is regulated

by the Code of Real Estate

• The Real Estate Formation Act governs on the formation of

real estate units

• The Housing Companies Act regulated more on residential

housing activities along with other provisions also

24

REAL ESTATE SECTOR

France

No

• The Planning Code for using the French territory

• The Construction and Housing Code regulates

construction, development and social housing rules.

• The Civil Code governs rules related to ownership, transfer

of ownership, etc.

• The Trade Code applicable for commercial or agricultural

real estate uses

Hong Kong

No

• The Conveyancing and Property Ordinance (CPO),

Chapter-219, governs on maximum issues related to real

estate sector like ownership of, and rights in , property

including land and building, etc.

• For administration and regulation of new territories, New

Territories Ordinance (Chapter-97) is applicable

• The registration of land has been done as per the Land

Registration Ordinance (Chapter-128).

Ireland

No

• Irish real estate law is governed by Conveyancing Acts,

1881-1911 and subsequently the Land and Conveyancing

Law Reform Act, 2009

• The Settled Land Acts, 1882-1890

• For registration the new act is the Registration of Deeds

and Title Act, 2006

Japan

No

• The Japanese Civil Code (Book-2 regulates on property

rights like ownership, joint ownership etc. & Book-3 deals

with law of contracts like transfer of contracts, the rights

and duties of the parties etc.)

• Some other laws like the Commercial Law (for real estate

transaction between companies), the Land Lease and

Housing Lease Law (explains the relationship between

land lord and tenants), the Law of Real Estate Registration

(Registration Purpose), the law of Condominiums, the Real

Estate Transactions Business Law, The Building Standard

Law, the City Planning Law and the Financial Instruments

and Exchange Law etc., are to regulate some specific

issues related to the real estate sector.

SECTION 3 – LEGAL FRAMEWORK

25

Slovakia

No

• The Act No. 40/1964 of the Civil code, Act No. 513/1991

of the Commercial Code, Act No. 50/1976 are the main

acts that regulates the real estate issues in the republic

• Other acts like the Building Act, 1995, the cadastral Act,

1993, the Foreign Exchange Act, 1995, the Acquisition

of Ownership of agricultural Land Act 2014 etc., are also

regulates the real estate sector

Slovenia

No

• The sector is governed by the Law of Property Code, the

Land Register Act, the Real Estate Recording Act, the

Agricultural Land Act, the Housing Act, and the Protection

of Buyers of Apartments and single Occupancy Building

Law, etc., in the country

Spain

No

• The rights of the property is governed by the Constitution

1978

• The general real estate issues like contracts, lease etc.,

are regulated by the Civil Code 1889

• The Mortgages Act 1946 governs on land registration

• The Cadastral Act 1/2004 governs registration with

Cadastre

• The Condominium Act 1960 deals with independent and

separate use of property

• The Consolidation Text of the land Act 8/2007 & 8/2013 etc.,

deals with issues related to economic and environmental

principles

Switzerland

No

• Real estate is mainly ruled by federal level such as the

Swiss Civil Code, the Swiss Code of Obligation, the Act on

the Acquisition of Real Estate by Persons Abroad, etc.

Turkey

No

• The Turkish Civil Code and the Turkish Code of Obligation

are the main laws regulate the sector

3.4.5 The Act: A Brief Outline

The RERA is an Act passed by the Indian Parliament. The Rajya Sabha passed the RERA

bill on March 10, 2016 followed by the Lok Sabha on March 15, 2016 and it came into

force from 1st May, 2017. Under the Act, the Central and State Governments are required

to notify their own rules within the six months of the implementation of the Act as per the

model rules framed under different sections of the central RERA Act. Brief outlines of the

sections are compiled below.

26

REAL ESTATE SECTOR

Table-12: A Brief Outline of RERA

Section No.

Summary of the Section

Chapter-II: Registration of Real Estate Project and Registration of Real Estate Agents

Section-3 Prior Registration of Real estate projects with RERA

Before registering the real estate project with Real Estate Regulatory

Authority (RERA), any promoters are not al owed to advertise, market, book,

sell or offer for sale any plot/apartment/building of the introduced projects.

In case the project is already introduced before the commencement of

the ACT, promoters are required to register the project within 3 months.

Registration of the projects either introduced newly or existing are not

required where the size of the land is within 500 sq. meters, or when number

of apartments in total does not exceed 8, or where completion certificate

has already been received for any project.

Section-4 Application for Registration

While applying for registration, the documents like details of the promoter,

details of the projects launched in the preceding five years, authenticated

copy of the approvals and commencement certificate, details of the project,

ownership documents, details of the real estate agents, details of the persons

involved in development and declaration by the promoter.

RERA shall have an operational online system for submitting application for

registration, within a period of one year from the date of its establishment.

Section-5 Grant of Registration

The authority has to grant or reject the registration within the 30 days

from receipt of the application from the promoter. When registration is

granted, then RERA provides a registration number, including a login Id

and password to the applicant for accessing the website of the authority.

With this, the promoter could open his web page and insert all the required

details of the proposed project.

Further, no application could be rejected unless the applicant has been

provided with an opportunity to be heard.

Further, if there was a delay by a period of 30 days while granting the

registration, then the said application of the promoter shall be deemed to

be granted registration.

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27

Section-6 Extension of Registration

The validity of the registration is the duration of time as mentioned by

the promoter in the application, the time in which the project is to be

completed. However, upon the request of the promoter, the validity of

the application may be extended by mentioning proper reasons of force

majeure (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).

Section-7 Revocation of Registration

The Regulatory authority may, suo motu or on receipt of a complaint or on

the recommendation of the competent authority, revoke the registration

granted under section 5, on the following grounds as:

(a) the promoter makes default in doing anything required by or under

this Act or the rules or the regulations made thereunder, or

(b) the promoter violates any of the terms or conditions of the approval

given by the competent authority;

(c) the promoter is involved in any kind of unfair practice or irregularities

(false representation of approval or affiliation of the project that

does not exist in reality or regarding the services, practices or

standard of services etc.)

For revocation, a 30 days’ notice period would be issued by RERA to the

promoter by clearly mentioning the causes of proposed revocation and

consideration of any cause shown by the promoter within the notice period.

Section-9 Registration of Real Estate Agent

An agent must apply to RERA by submitting specified fee and relevant

documents as desired. Registration is valid for the respective state/UTs and

would remain valid for the specified period. Renewal of the registration

could be done by producing applicable fee and required documents.

Registration could be revocable or suspendable on various grounds as

specified by the act. However, the agent would be given appropriate

opportunity to put its case before the action taken.

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REAL ESTATE SECTOR

Section-10 Functions of Real Estate Agent

The agent along with the other functions prescribed in the act maintains

proper books of accounts and records, restricts the sale or purchase of any

unregistered planning area, avoids unfair trade practices and provides all

documents/information to the allottee required at the time of booking.

Chapter-III: Functions and Duties of Promoter

Section-11 Functions and Duties of Promoter

a. Has to provide all the details of the project in the web site provided

by RERA along with details of advertisement/prospectus issues etc.

b. Has to provide sanctioned plans, layout plans with specifications

of approval of the competent authority, stage wise schedule

of completion of the project etc. at the time of booking and

issuing of allotment letter.

c. Responsible for al obligations until the conveyance of the

apartment/plot has been made available to the al ottee

d. Has to obtain completion certificate or occupancy certificate,

complete lease certificate and make it available to the al ottee

e. Has to execute a registered conveyance deed of the apartment,

plot or building in favour of the allottee along with undivided

proportionate title in the common areas to the association of

al ottees or competent authority as the case may be

f. Has to pay al outgoing until it transfers the physical possession of

the project to the allottee.

g. Has the right to cancel allotment, but on the terms of agreement

of sale, however, allottee could approach the authority on

cancel ation

Section-12 Incorrect or False Information in Promotions

Appropriate compensation would be paid by the promoters to the person

who makes a payment on the basis of false or incorrect information in

the notice advertisement or prospectus, or on the basis of any model

apartment, plot or building, as the case may be done by the promoters.

Upon the prove of false/incorrect information, if, the person who invested

any amount cancels his/her booking, then the promoter has to return all

his investment amount along with interest and compensation.

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29

Section-13 Upto 10% Deposit or Advance without Agreement for Sale

Promoters could demand upto 10% of the cost of the apartment as

advance payment/application fee without entering into a registered

agreement for sale. The agreement of sale clearly mentions details of the

projects, payment plan, possession date and interest to be paid by either

party in case of default.

Section-14 Adherence to Sanctioned Plans and Liability to Rectify the Defects

The promoter has to complete the project work as per the sanctions of

the competent authority. Further, in case of any urge either to change or

alter any item from the sanctioned plans, promoter has to take the prior

consent of the person taking one or more apartments/plots.

Furthermore, in case of urge of rectification/repair of defects which are

brought into its notice within 5 years, within a period of 30 days from notice.

If the promoter fails to carry out its defect liability, promoter has to pay

compensation to the allottee.

Section-15 Transfer of Rights and Liabilities in Project to Third-Party

Promoter before transferring or assigning his major rights and liabilities of

the project to third-party, should take consent from two-third allottees and

written approval of the competent authority.

Section-16 Insurance of Real Estate

Along with the insurances notified by the appropriate governments,

promoters should also insure (a) title of the land and building as a part

and (b) construction of the real estate project. Further, upon formation of

the association of the allottees, all documents relating to the insurance

specified should be handed over to association of the al ottiees.

Section-17 Transfer of Title of the apartment/Plot

The promoter has to execute a registered conveyance deed with the

al ottee and hand over the physical possession of the plot/apartment to

the allottees in the project. In case where there is absence of any law

on the physical possession, the promoter has to hand over the physical

possession to the allottees within three months from the date of receiving

occupation certificate.

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Section-18 Compensation Policy in case of Failure to Complete the Project

The act strictly underlines compensation policy to the promoter who fails

to complete or give possession on time as stipulated in the agreement

for sale. The causes of delay may be due to discontinuance of business

as a developer on account of suspension or revocation of the registration

under this Act or for any other reason. In such cases, if the allottee

wishes to withdraw his application from the project, promoter has to

return the investment amount with applicable rate of interest along with

compensation.

However, in case the allottee does not wish to withdraw the booking, then

the responsibility of the promoter is to pay interest for every month of delay

till possession.

Further, any loss causes to the promoter due to defective title of land or

failure to discharge any other obligations as per the Act, promoter has to

pay compensation to the allottee as specified by the Act.

CHAPTER-IV: RIGHTS AND DUTIES OF ALLOTTEES

Section-19 Rights and Duties of Allottees

As per the Act, allottee shal be entitled

• To obtain information regarding sanctioned plans, layout plans

with specifications as approved by the competent authority

• To obtain stage wise schedule of completion of project

• To claim possession of the apartment on due date

• To claim compensation under section 18

• To make payment to promoter as per the agreement

• To participate in forming the association of allottees

• To take physical possession of the apartment within 2 months of

insurance of the occupancy certificate

• To participate towards registration of the conveyance deed of the

apartment

SECTION 3 – LEGAL FRAMEWORK

31

CHAPTER-V: THE REAL ESTATE REGULATORY AUTHORITY

Section-20 Formation of RERA

The Regulatory authority will come into force by the appropriate government

within one year of the commencement of the Act. The government (s)

have the discretion of establishing one regulator for one or more states or

even can establish more than one regulator in one state.

In case of non-appointment of fixed regulator, government can appoint

any authority as regulator. However, after formulation of Regulator, all the

cases required to be transferred to the newly appointed regulator.

Section-21 Composition of RERA

The regulator should consist of one Chairperson and minimum two whole

time Members.

Section-29 Meetings of Authority

1. The authority shal meet at a place as specified by the regulations

made by the authority.

2. 2In the absence of the chairperson, a person selected by the

members is to preside over the meeting.

3. Over any issue, the majority concern would be considered. In

case of tie, the chairman or person who is presiding has the right

to cast second vote.

4. The questions raised is to be answered within 60 days else proper

reason for the delay is required to be noted down.

Section-32 Functions of Authority for Promotion of Real Estate Sector

The authority in order to facilitate the growth and promotion of a

healthy, transparent, efficient and competitive real estate sector could

recommend creation of a single window system, creation of a transparent

and robust grievance redresses mechanism, measures to encourage

investment in the real estate sector, measures to encourage construction

of environmentally sustainable and affordable housing, measures to

facilitate digitization of land records and system, any other issue that the

Authority may think necessary, etc., with appropriate government.

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REAL ESTATE SECTOR

Section-33 Advocacy and Awareness Measures

Upon the requirement of any suggestions while formulating real estate

policies, laws etc., by the appropriate government, the Authority has to

respond within 60 days and should act for the promotion of advocacy,

creating awareness and imparting training about laws relating to real

estate sector and policies.

Section-35 Powers of Authority to call for Information, Conduct Investigations

Authority may have the following powers, same as a civil court, namely:

(a) Direct the discovery and production of books of accounts and

other documents

(b) Summon and enforce the attendance of persons and examine

them on oath

(c) Issue commission for the examination of witnesses or documents.

Section-36 Power to issue interim orders

The Authority may, by order, restrain any promoter, allottee or real estate

agent from carrying on such act until the conclusion of such inquiry of

until further orders, without giving notice to such party, where the Authority

deems it necessary.

Section-37 Power to Issue Directions

The Authority has the power to issue directions from time to time, to the

promoters or allottees or real estate agents, as the case may be.

Section-38 Powers of Authority

The powers include (a) impose penalty or interest on promoter/allottee/

agents, (b) regulate its own procedure, (c ) to, suo motu make reference to

Competition Commission of India of any matter that has effect of market

power of monopoly situation, etc.

Section-40 Recovery of interest or penalty or compensation and enforcement of

order, etc.,

In case of failure, it shall be recoverable from such promoter or allottee or

real estate agent, in such manner as may be prescribed as an arrears of

land revenue.

When the competent authority issued any order or directs to any person to

do any act, and in case of failure by any person to comply with such order or

direction, the same shal be enforced, in such manner as may be prescribed.

SECTION 3 – LEGAL FRAMEWORK

33

CHAPTER-V: CENTRAL ADVISORY COUNCIL

Section-41 Establishment of Central Advisory Council (CAC)

This council consists of: the Central Minister of Housing as ex offico

Chairman along with representatives of the Ministry of Finance, Industry

and Commerce, Urban Development, Consumer Affairs, Corporate Affairs,

Law and Justice, representative from Niti Aayog, National Housing Bank,

Housing and Urban Development Corporation, five representatives of

State Governments to be selected by rotation, five representatives of the

Real Estate Regulatory Authorities to be selected by rotation, and any other

Central Government department as notified.

It shall also consist of not more than ten members to represent the interests

of real estate industry, consumers, real estate agents, construction

labourers, non-governmental organisations and academic and research

bodies in the real estate sector.

Section-42 Functions of the CAC

To advise and recommend the Central Government (a) on all matters

concerning the implementation of this Act; (b) on major questions of

policy; (c) towards protection of consumer interest; (d) to foster the growth

and development of the real estate sector; (e) on any other matter as may

be assigned to it by the Central Government.

CHAPTER VII : THE REAL ESTATE APPELLATE TRIBUNAL

Section-43 Establishment of the Real Estate Appel ate Tribunal

States to establish Tribunal within one year of implementation of the Act to

be known as (name of the sate/Uts) Real Estate Appellate Tribunal

Usually one state can establish one REAT. One may have more than one

tribunal and more than one state may have one sole Tribunal.

Section-44 Settlement of Disputes and Appeals

Appeals may be filed by appropriate government or the competent

authority or any person aggrieved. Appeals need to be filed within 60 days

from the date of order of authority and in case of a delay, proper cause

may be mentioned.

Based on the priority, the tribunal may heard, pass such orders, including

interim orders, as it thinks fit.

Section-45 Composition of Appel ate Tribunal

It consist of a Chairperson and not less than two whole time Members of

which one shall be a Judicial member and other shall be a Technical or

Administrative Member, to be appointed by the appropriate Government.

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REAL ESTATE SECTOR

Section-53 Power of the Tribunal

(a) To regulate its own procedure

(b) Powers are same as of the civil court

However, there is no compulsion to the tribunal to fol ow the procedures of

the Code of Civil procedure, 1908 or by the rules of evidence mentioned

by the Indian Evidence Act, 1872 but shall be guided by the principles of

natural justice.

Section-54 Administrative Power of the Chairperson

The Chairperson shall have powers of general superintendence and

direction in the conduct of the affairs of Appel ate Tribunal and he shal , in

addition to presiding over the meetings of the Appellate Tribunal exercise

and discharge such administrative powers and functions of the Appellate

Tribunal as may be prescribed.

Section-56 Right to Legal Representation

Applicant or appellant may either appear before the tribunal in person or

authorise one or more of a professional like- (1) Chartered Accountant, (2)

Company Secretaries, (3) Cost Accountants and (4) Legal Practitioner, or

any of its officers.

Section-57 Orders Passed by Tribunal to be Executed as Decree

The tribunal has to execute its own orders by itself or via civil court having

local jurisdiction, as if it is a decree made by the court.

Section-58 Appeal to High Court

Any person could file an appeal to High Court within a period of sixty days

on one or more grounds as specified in section 100 of the Code of Civil

Procedure, 1908 from the date of communication of the decision or order by

the Appel ate Tribunal.

No appeal shall lie against any decision or order made by the Appellate

Tribunal with the consent of the parties.

CHAPTER VIII: OFFENCES, PENALTIES AND ADJUDICATION

Section-59 Punishment of Non-registration Under section-3

(1) A promoter found guilty under section-3 (Registration) will have to

bear monetary penalty up to the extent of 10% of the estimated

cost of the project.

(2) In case of found guilty for repeated violation or non-compliance

of the above will be punishable with an imprisonment of up to 3

years or with a monetary fine of upto 10% of the project cost or

both.

SECTION 3 – LEGAL FRAMEWORK

35

Section-60 Penalty for Contravention of Section-4 (Application of Registration)

A promoter found guilty by furnishing false information or contravention of

section-4, will be liable to a monetary penalty of up to 5% of the estimated

project cost.

Section-61 Penalty for Contravention of Other Provisions

A promoter found in contravention of provisions other than section-3 & 4,

will be liable to pay a monetary penalty of 5% of the estimated project

cost.

Section-62 Penalty for Agents Under Section- 9 & 10

Any agent found guilty under section-9 (Registration) or Section-10

(Functions), will be liable to pay monetary penalty of RS. 10,000/- for every

day during which default continues, which may cumulatively extend up to

5% of the cost of the plot/building/apartment.

Section-63 Penalty for Failure to Comply with Orders of Authority

Promoter will be liable to a penalty for every day during which such default

continues which may cumulatively extend up to 5% of the estimated cost

of apartment/plot/building

Section-64 Penalty for Failure to Comply with Orders of Tribunal

Promoter will be punishable with imprisonment for a term which may extend

upto 1 year or with a monetary penalty of on every day basis during which

such default continues, which may cumulatively extend up to 10% of the

estimated cost of the plot/apartment/building.

Section-65 Penalty to Agents for Failure to Comply with Orders of Authority

For failure of orders or directions of the authority, the agent is liable to

a monetary penalty for every day for the period which could extend

cumulatively upto 5% of the cost of the plot/apartment/building as

determined by the authority.

Section-66 Penalty to Agent for Failure to Comply with Orders of Tribunal

For failure of orders or directions of the Appellate Tribunal, the agent is

punishable with imprisonment for a term which could extend up to 1 year

or with fine for every day during which such default continues. This fine

could cumulatively extend up to 10% of the plot/apartment/building.

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REAL ESTATE SECTOR

Section-67 Penalty to Al ottee for Failure to Comply with Orders of Authority

Allottee will be liable to a monetary penalty for the period during which

such default continues which could cumulatively extend up to 5% of the

plot/apartment/building.

Section-68 Penalty to Al ottees for Failure to Comply with Orders of Tribunal

Allottee will be punishable with imprisonment for a term which may extend

up to 1 year or with a monetary fine for every day basis during which such

default continues. Such monetary fine could extend up to 10% of the cost

of the plot/apartment/building.

Section-69 Offences by Companies

In case any offence is committed either by a company or all persons in

charge during that time in the company wil be proceeded against and

punished accordingly.

If consent or connivance or any neglect will be noticed by any Director,

manager, secretary or other officer of the company, such officer of the

company could be treated as guilty.

However, the section allow defence which will lie in the establishing the

fact that the offence was committed without one’s knowledge and that

due diligence was exercised to prevent commission of such offence.

Section-70 Compounding of Offences

Notwithstanding anything contained in the Code of Criminal Procedure,

1973, if any person is punished with imprisonment under this Act, the

punishment may, either before or after the institution of the prosecution, be

compounded by the court on such terms and conditions and on payment

of such sums as may be prescribed with certain conditions.

CHAPTER IX: FINANCE, ACCOUNTS, AUDITS AND REPORTS

Section-73 Grants and Loan by Central Government

After due appropriation made by Parliament the central government

could make to the authority grants and loans of such sums of money as

that Government may consider necessary.

Section-74 Grants and Loan by State Government

The State Government may, after due appropriation made by State

Legislature by law in this behalf, make to the Authority, grants and loans of

such sums of money as the Government may think fit for being utilised for

the purposes of this Act.

SECTION 3 – LEGAL FRAMEWORK

37

Section-75 Constitution of Fund

(1) The Real Estate Regulatory Fund to be constituted by appropriate

government and amount to be credited from three sources as

specified

(2) Specifies on use of fund

(3) Fund should be administered by a committee of members

(4) Fund to be utilised by the fund committee for the specified

purpose

Section-76 Consolidated Fund of India to be Created

(1) All sums realised, by way of penalties, imposed by the Appellate

Tribunal or the Authority, in the Union territories, shall be credited to

the Consolidated Fund of India.

(2) In case state, such amounts are to be credited as specified by

state government

Section-78 Annual Report

(1) The authority has to prepare an annual report consisting details of

al the activities of the authority for the previous year, the annual

accounts and the programmes of work for the coming year.

(2) A copy of the annual report is to be presented in both the houses

of the parliament or respective state and union territory legislators

CHAPTER X: MISCELLANEOUS

Section-79 Bar of Jurisdiction

No civil court shall have jurisdiction to entertain any suit or proceeding in

respect of any matter which the Authority or the adjudicating officer or the

Appellate Tribunal empowered by or under this act

Section-80 Cognizance of Offences

(1) No court shall take cognizance of any offence punishable under

this Act or the rules or regulations made thereunder save on a

complaint in writing made by the Authority or by any officer of the

Authority duly authorised by it for this purpose.

(2) No court inferior to that of a Metropolitan Magistrate or a Judicial

Magistrate of the first class shall try any offence punishable under

this Act.

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REAL ESTATE SECTOR

Section-81 Delegation

The Authority may, by general or special order in writing, delegate to

any member, officer of the Authority or any other person subject to such

conditions, if any, as may be specified in the order, such of its powers

and functions under this Act (except the power to make regulations under

section 85, as it may deem necessary.

Section-82 Power of Appropriate Government to Supersede Authority

Any appropriate government, could supersede the authority not exceeding

six months, by appointing a person or persons as the President or the

Governor, on account of circumstances, public interest etc.

The government has to reconstitute the authority with fresh appointment of

the chairperson or other members before expire of the date notified by it.

The government has to produce a copy of the notification, ATR and

the circumstances that forced to do so before both the houses of the

parliament or state/UT legislatures

Section-84 Power of Appropriate Government to make Rules

The respective state government has to make rules for carrying out the

provisions of the Act within six months of enactment of the act as specified

on numbers of grounds

Section-85 Powers to Make Regulations

The Authority (RERA) has to carry out all provisions of the Act as specified on

various matters within three months of its establishment.

Section-87 Members etc., to be Public Servant

The Chairperson, Members and other officers and employees of the

Authority, and the Appellate Tribunal and the adjudicating officer shall be

deemed to be public servants within the meaning of section 21 of the

Indian Penal Code.

Section-88 Application of other Laws not Barred

The provisions of this Act shall be in addition to, and not in derogation of,

the provisions of any other law for the time being in force

Section-89 Act to Have Overriding Effect

The provisions of this Act shall have effect, notwithstanding anything

inconsistent therewith contained in any other law for the time being in

force.

SECTION 3 – LEGAL FRAMEWORK

39

Section-90 Protection of Action Taken in Good faith

No suit, prosecution or other legal proceedings shall lie against the

appropriate Government or the Authority or any officer of the appropriate

Government or any member, officer or other employees of the Authority

for anything which is in good faith done or intended to be done under this

Act or the rules or regulations made thereunder

Source: Compiled from the Gazette of India, No-17, Ministry of Law and Justice

SECTION 4

CONTRIBUTION OF COMPANY SECRETARY

4.1 INTRODUCTION

India is witnessing a phenomenal growth and expansion in the corporate sector. The

growing demand for specialists in almost every sphere of the corporate functions has

led to the emergence of professionals who can perform specialized functions with near

perfection in their respective fields. A Company Secretary is one such professional who

is responsible for efficient management of the corporate sector. He ensures compliance

of various company legislations and advises directors on statutory requirements of the

company. Apart from carrying out these functions, he also looks after finance, accounts,

legal, secretarial, personnel and administrative functions in private as well as public

sectors.

Besides embarking upon traditional areas of practice, Company Secretaries in Practice are

increasingly required to advise and guide on legal aspects of real estate business such as

registration under RERA, production, drafting of various documents, sales, marketing and

administration for identifying expansion opportunities, issuing due diligence or comfort

certificate, arranging foreign col aborations, amalgamations, mergers, acquisition,

takeovers, setting up of subsidiaries and joint ventures within and outside India etc.

Section-56 of the RERA permits Company Secretaries to act legal representative on

matters related to real estate sector. Thus the professionals are having wider scope in

most of all the states of India to expand their profile of services.

4.2 ROLE OF CS IN PRACTICE

Representation

Represent a person (promoter) before any Real Estate Regulatory Authority for registration

of real estate project,

• Represent a person before real estate appellate tribunal.

40

SECTION 4 – CONTRIBUTION OF COMPANY SECRETARY

41

• Represent a person before any other competent authority for any other purpose

under Real Estate (Regulation and Development) Act, 2016.

Advisory Services

• Conduct Board Meetings and Internal and statutory committee meetings as per

Company requirements

• To explain variously applicable provision under real estate project.

Compliance Services

Registration and extension procedure of real estate project with competent authority

• An Applicant has to file an application for registration with RERA in the prescribed

form with fees.

• Application for registration either approved or rejected by the authority within 30

days from the receipt of the application.

• On successful registration, the promoter of the project will be provided registration

No, login id and password.

• Compliance of al applicable laws to real estate business.

Details Required for application

Ø A brief Details of enterprise name, registered address, types of the enterprise,

name and photograph of the promoter.

Ø Details of the project launched in last 5 years including current project, in case

any of the pending project, type of land and payment pending.

Ø Certified true copy of the commencement certificate from appropriate authority.

Ø Layout plan- whole project and each sanctioned phase by the appropriate

authority.

Ø Development work plan and proposed facility.

Ø Location of the detailed project.

Ø Allotment letter, an agreement for sale, conveyance deed proposed to be signed

with allottees.

Ø Number and the carpet area of apartments in the project.

Ø Name and address of the real estate agent if any of the proposed project.

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REAL ESTATE SECTOR

Ø Name and address of the contractor, architecture, structural engineer or any

other person for the concerned of this project.

Ø A declaration supported by an affidavit, and signed by the promoter or any other

person authorized by the promoter.

Ø Legal & Regulatory Compliance

Ø Drafting various documents, relating to projects

Audit

Ø To interact with Statutory and Internal auditors for secretarial and legal function.

Ø Taxation aspect of real estate of project

In a recent IBC ordinance, home buyer can now file suit against an errant builder to NCLT.

This has opened broader scope for the insolvency professionals. The summary is :

Advisor to New Projects

Company Secretaries could act as an advisory to the real estate companies while starting

new real estate projects.

The ordinance to amend the insolvency and bankruptcy code (IBC), promulgated

by the hon ble’ president of India, put home buyers on a par with financial creditors.

Homebuyers now a part of the committee of creditors (CoC) in the bankruptcy

proceedings.

Now even one home buyer can drag an errant builder to the National Company Law

Tribunal (NCLT).

Business Standard, 7th June, 2018

4.3 ROLE CS IN EMPLOYMENT

Advisory Service

Performs independent reviews across various verticals of compliance viz. statutory,

regulatory, product, legal, HR, Administration, etc., and submits a quarterly/periodic report

to management for review.

Compliance

Develop, maintain and refresh the company’s compliance program/ framework to ensure

al key risks are objectively assessed & dealt with.

SECTION 4 – CONTRIBUTION OF COMPANY SECRETARY

43

Procedural

Identify risks for the Company and preparation of mitigation plan for risks pertaining

to non-compliance of Indian regulations, licensing requirements and Code of Ethics

violations. Representation Take on legal department projects related to contracts, contract

management & commercial transactions.

4.4 CONCLUSION

The Indian real estate sector is in the growth phase of a product life cycle. The Indian

economy is constantly favouring this sector to boost further. This sector has got momentum

soon after implementation of the RERA. On one hand, the economy is showing favourable

indication to boost the sector and on the other hand, the regain of faith of the investors in

this sector, seems to be double the power of growth.

It is however true that; the sector is ful of complexities in its operations. Hence, there is no

doubt that this sector is full of opportunities for the Company Secretaries profession.

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REAL ESTATE SECTOR

BIBLIOGRAPHY

• FICCI, Survey Report on “IMPACT of FDI Reforms on Indian Real estate sector”,

2015.

• Government of Andhra Pradesh, Municipal Administration and Urban Development

(H) Department, Andhra Pradesh Real Estate (Regulation and Development) Rules,

2017, No-115, 2015.

• Government of Bihar, Urban Development and Housing Department, Bihar Real

Estate (Regulation and Development) Rules. 2017.

• Government of Haryana, Town and Country Planning Department, The Haryana

Real Estate (Regulation and Development) Rules, 2017, No. MISC-107(A)/

ED(R)/1/55/2016-1TCP, 2017.

• Government of India, The Gazette of India, Ministry of Law and Justice, The Real

Estate (Regulation and Development) Act, 2016, No-16, 2016.

• Government of Karnataka, Housing Secretariat, The Karnataka Real Estate

(Regulation and Development) Rules, 2016, No. 662, 2017.

• Government of Maharashtra, Housing Department, the Maharashtra Real Estate

(Regulation and Development)(Registration of real estate projects, Registration of

real estate agents, rates of interest and disclosures on website) Rules, 2017, April,

2017.

• Government of Rajasthan, Urban Development Department, the Rajasthan Real

Estate (Regulation and Development) Rules, 2017.

• IBEF study on Real Estate, 2017.

• IBEF Study, The Real Estate, November, 2016 and KPMG in India’s Analysis, 2016-

17.

• Jejaswi, Mini, (2017), “Real Estate Awaits Return of FDI Wave”, mydigit’fc.com.

• Uttar Pradesh Shashan, The Uttar Pradesh Real Estate (Regulation and Development)

Rules, 2016, No. 1138, 2016.

Document Outline

Contents

Real Estate Sector