Income Tax
We will provide income tax return preparation, Revised return, Responding to Department notices and solving other Income Tax related issues.
TN RERA Registration
RERA India is a Government body whose main work is to safeguard the buyer’s interest and lay a path. Therefore, the real estate agents and promoters get an opportunity to come up with the better service. The current real estate structure is quite messy because of the corruption in the Government bodies as well as opaqueness of the information. The policies in RERA made by keeping in mind that because of lack of activeness in the Government work like project approval.
Project Registration and Agent Registration
What is RERA?
The Real Estate sector has grown in the recent years but has largely been unregulated from the perspective of consumer protection. Though, consumer protection laws are available, the recourse available therein are only curative, but not preventive. This has affected the overall potential growth of the sector due to absence of professionalism and standardization. The Real Estate (Regulation and Development) Act, 2016 (the Act, from hereon) is an initiative by Indian Government to enhance transparency in the real estate related transactions by creating a systematic and a uniform regulatory environment, thereby protecting consumers’ interest and making real estate developers liable for timely completion of projects.
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What Is Real Estate (Regulation And Development) Act (RERA), 2016?
Yes, A Central Advisory council will be set up to advice the Central Government on the implications of the Act to recommend policies in order to protect consumers’ interest and to supervise the growth & development of the real estate sector. In addition, there will be a dedicated Appellate Tribunal set up for RERAs to hear appeals from orders of the RERAs and the adjudicating officer.
The Real Estate (Regulation and Development) Act, 2016 (the Act, from hereon) is an initiative by Indian Government to enhance transparency in the real estate related transactions by creating a systematic and a uniform regulatory environment, thereby protecting consumers’ interest and making real estate developers liable for timely completion of projects.
In order to escalate the responsibility and accountability of real estate developers towards consumers, the RERA has made the following compulsory for them:
It is mandatory for the real estate developer to register the project with the RERA and obtain a valid registration number before proceeding
Any kind of marketing, advertising or selling of units is strictly prohibited before the registration of the project
It is mandatory for the real estate developer to register the project with the RERA and obtain a valid registration number before proceeding
Any kind of marketing, advertising or selling of units is strictly prohibited before the registration of the project
Initially, the bill was supposed to cover only residential projects. On further amendments, commercial projects including shops, offices and buildings were also included.
These are the five major objectives of RERA, 2016.
To establish the Real Estate Regulatory Authority (RERA)
To promote transparency and efficiency in the sale of real estate projects
To protect the interest of consumers in the real estate sector
To establish an adjudging mechanism for speedy dispute settlement
To establish the Real Estate Regulatory Authority (RERA)
To promote transparency and efficiency in the sale of real estate projects
To protect the interest of consumers in the real estate sector
To establish an adjudging mechanism for speedy dispute settlement
RERA Project Registration
Advantages
01.
Developers / Builders
The customers will regain trust on builders and the real estate sector as a whole, which will also increase the investment by the customers. RERA mandates the possession within two months after issuing occupancy certificate. This reduces the number of unoccupied properties and increases the credibility of Builders.
- Foreign Investment will also escalate due to an authentic and regulated sector.
- As per RERA rules, the customers are bound to make the payments on time to the builders as per the agreement.
- The customers also should pay the share of registration charges, municipal taxes, maintenance charges, electricity charges, water supply charges etc.
- The value of the reputed builders will greatly enhance as the RERA has made
- it mandatory to invest 70% of the collected amount from the customers in the approved and planned project.
- RERA will not entertain builders to use the collected amount as pre-investment in upcoming projects.
- This will suffocate the number of unreliable and untrustworthy builders and developers.
- So, it is wrong to say that RERA only benefit a certain targeted group of people.
- RERA is for all and for the economic growth of the country.
02.
Home Buyers
All real estate developers/promoters have to compulsorily register ongoing and upcoming real estate projects with RERA. Home buyers will have to pay only for carpet area. Developers/promoters will have to disclose project related details, including: project plan, layout, and government approvals related information to the customers such as sanctioned floor space index (FSI), number of buildings and wings, number of floors in each building, etc., Developers/promoters will have to transfer 70% of the money received from buyers for particular project to an escrow account.
- The real estate act includes projects that are ongoing on the date of commencement of the Act that is May 1, 2017 and for which the completion certificate (CC) has not been issued.
- RERA 2016 recommends imprisonment for a term which may extend up to three years, or fine which may extend up to 10% of the estimated cost of the real estate project, or both, in case of non-compliance with the Act.
- If any developer/promoter provides false information or contravenes the provisions of registration of real estate projects – has to pay penalty upto 5% of the estimated cost of the project.
- Developers/promoters have to update project details quarterly on the RERA website
- Any structural defect, or any other obligations of the developer/promoter as per the agreement for sale, brought to notice of developer/promoter within five years from possession to be rectified free of cost.
RERA Project Registration
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Thewealthbridge.in is web portal of the Virutchamwealth Bridge Private Limited is one stop business setup and consulting company, managed by specialized team of Business Analysts,Company Secretaries, Chartered Accountants, Corporate Lawyers and Financial Professionals company headquartered in Vellore,Tamilnadu, India. Having known for our quality of services, delivering the projects on time, we have clients spread across the globe
Business Licenses
Our Professionals Will help you in getting your business licenses and Business licenses necessary for smooth running of businesses
Financial Services
we will Provide Funds for both personal and Business. Our funding system gives a credit line facility, enabling you to expand your business to new heights
GST Returns
We will make your business to GST Compliance. Returns are required to be filed digitally online through a common portal to be provided by GSTN
Documents required for TN RERA Project Registration?
- Authenticated copy of the PAN card of the promoter
- Copy of the legal title deed reflecting the title of the promoter to the land on which development is proposed to be developed along with legally valid documents with authentication of such title, if such land is owned by another person
- Where the promoter is not the owner of the land on which development is proposed, the details of the consent of the owner of the land along with a copy of agreement between promoter and such owner of the land and Detailed design and drawing for Structural Stability, Electrical Wiring, plumbing, Sewage Treatment Plans, etc. Including parking spaces.
- Copies of the approved plan and approval letter along with the No objection Certificates submitted while obtaining planning permission and building licence
- Audited balance sheet of the promoter firm/company for the preceding financial year and income tax returns of the promoter firm/company for three preceding financial years
- The details of encumbrances on the land on which development is proposed including any rights, title, interest or name of any party in or over such land along with details
What Includes in this package?
- Verification of Documents
- Filing the TN RERA Application form as required
- Following until Certificate is allotted
- Delivery of RERA Registration Certificate
Agent Registration
Under RERA Act It is mandatory that all real estate agents to get TN RERA Registration. It prohibits any real estate agent to facilitate any real estate business such as the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot or apartment or building in a real estate project or part of it, without obtaining registration under this section.
What is TN RERA Agent Registration
- Under RERA Act, It is mandatory that all real estate agents to get TN RERA Registration.
- It prohibits any real estate agent to facilitate any real estate business such as the sale or purchase of or act
- on behalf of any person to facilitate the sale or purchase of any plot or apartment or building in a real estate project or part of it
- without obtaining registration under this section.
- If any real estate agent fails to register with the authority, he shall be liable to a penalty of ten thousand rupees for every day during which such default continues
- which may cumulatively extend up to five per cent of the cost of plot, apartment or buildings of the real estate project, for which the sale or purchase has been facilitated.
RERA Project Registration
Process
Documents required
Send Documents list required for registration which will be informed by our support team
Verification of Documents
Verifying the required documents sent by the client
Filing Online Application
Application filing as per given details
Processing of Application
Application will be sent to Authorities for Registration
RERA
FAQ's
The Real Estate (Regulation and Development) Act, 2016 (the Act, from hereon) is an initiative by Indian Government to enhance transparency in the real estate related transactions by creating a systematic and a uniform regulatory environment, thereby protecting consumers’ interest and making real estate developers liable for timely completion of projects.
These are the five major objectives of RERA, 2016. To establish the Real Estate Regulatory Authority (RERA) To promote transparency and efficiency in the sale of real estate projects To protect the interest of consumers in the real estate sector To establish an adjudging mechanism for speedy dispute settlement To set up an Appellate Tribunal to hear appeals from the decisions, directions or orders of the RERA
Initially, the bill was supposed to cover only residential projects. On further amendments, commercial projects including shops, offices and buildings were also included.
Yes, A Central Advisory council will be set up to advice the Central Government on the implications of the Act to recommend policies in order to protect consumers’ interest and to supervise the growth & development of the real estate sector. In addition, there will be a dedicated Appellate Tribunal set up for RERAs to hear appeals from orders of the RERAs and the adjudicating officer.
In order to escalate the responsibility and accountability of real estate developers towards consumers, the RERA has made the following compulsory for them: It is mandatory for the real estate developer to register the project with the RERA and obtain a valid registration number before proceeding Any kind of marketing, advertising or selling of units is strictly prohibited before the registration of the project The real estate developer is required to submit all documents related to the project which is considered necessary by the RERA The real estate developer must deposit 70% of the payment received from the consumers in an escrow account and ensure that the amount is solely used for the development of the project for which it was taken Must adhere to the project plan at all times Refund the money taken from the consumers with an applicable interest in case the project cannot be completed. Compensate the consumer for the time delay if any To repair any structural defects in the construction even after 5 years of handover of the project
Yes, a partnership firm can be converted into private limited company by following the procedure laid down in Companies Act 2013.
Following actions will be taken by the RERA after an application has been submitted for project registration: The RERA is required to either grant registration or reject the application within 30 days of its submission On acceptance of application, the real estate developer will be provided with a login id and password to access the RERA portal for the submission of documents and details If the application is not in conformation with the guidelines then the RERA may reject it after hearing the applicant’s plea
The real estate developer has to specify the project completion time in the RERA application form. Hence, the real estate developer is accountable to follow the timelines otherwise, he will suffer losses/ penalties.
The real estate developer who will violate the order of the appellate Tribunal of the RERA may face imprisonment up to three years with a fine of up to 10% of the total estimated cost of the project in question.
About Wealth Bridge
We Help You To Form Your Company In A Simple Way Wealth Bridge Will Making More Possibilities which aims at providing much-needed funds to businesses across the trading and service industry
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Gandhinagar, Katpadi, Vellore
(+91) 416 2241199
(+91) 86677 53901
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# 10/1, Thiruthani High Road ,
Upstairs to Central Bank ,Jothi Nagar,
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Phone:+91 6381184522 , +91 8012747723.
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First Floor, Muthukadai,
(NearDarling bakery) Ranipet - 632401
Phone : +91 417 2295006 +91 86675 42148