Where the area of land proposed to be developed does not exceed 500 square meters, then registration of real estate project is not needed. Refer S.3 (2) of Real Estate (Regulation and Development) Act, 2016.
When number of apartments proposed to be developed does not exceed eight inclusive of all phases, then registration of real estate project is not needed. Refer S.3 (2) of Real Estate (Regulation and Development) Act, 2016.
For the purpose of S.3 of RE(R&D) Act, 2016, where the real estate project is to be developed in phases, every such phase shall be considered a stand alone real estate project, and the promoter shall obtain registration under RE(R&D) Act, 2016 for each phase separately.
“Sanctioned plan” means the site plan, building plan, service plan, parking and circulation plan, landscape plan, layout plan, zoning plan and such other plan and includes structural designs, if applicable, permissions such as environment permission and such other permissions, which are approved by the competent authority prior to start of a real estate project. Refer S. 2(zq) of Real Estate (Regulation and Development) Act, 2016. What it shows is that sanctioned plan is not just one plan, it comprises of various separate plans.
What S.13 (1) of Real Estate (Regulation and Development) Act, 2016 says is that a promoter shall not accept a sum more than 10% of the cost of the apartment, plot, or building as the case may be, as an advance payment or an application fee, from a person without first entering into a written agreement for sale with such person and register the said agreement for sale, under any law for the time being in force.
What should be content of such agreement for sale ? That is indicated in S.13 (2) of Real Estate (Regulation and Development) Act, 2016 which says that the agreement for sale referred to in sub-section (1) of S.13 shall be in such form as may be prescribed and shall specify the particulars of development of the project including the construction of building and apartments, along with specifications and internal development works and external development works, the dates and the manner by which payments towards the cost of the apartment, plot, or building, as the case may be, are to be made by the allottees and the date on which the possession of the apartment, plot or building is to be handed over, the rates of interest payable by the promoter to the allottee and the allottee to the promoter in case of default, and such other particulars, as may be prescribed.
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