Annual Report for Financial Year 2017 – 18 Real Estate Regulatory Authority, Punjab
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Annual Report for Financial Year 2017 – 18 Real Estate Regulatory Authority, Punjab ANNUAL REPORT FINANCIAL YEAR 2017-18 Real Estate Regulatory Authority, Punjab First Floor, Block B, Plot No. 3, Sector – 18A (Near Govt. Press UT), Madhya Marg, Chandigarh - 160018. Annual Report for Financial Year 2017 – 18 Real Estate Regulatory Authority, Punjab Table of Contents 1. Executive Summary ............................................................................................................................... 3 2. Background .............................................................................................................................................. 4 2.1. Real Estate (Regulation and Development) Act, 2016 .............................................................................. 4 2.2. Real Estate Regulatory Authority, Punjab ................................................................................................. 5 3. About Us .................................................................................................................................................... 6 4. Year in Review – 2017-18 ..................................................................................................................... 8 5. Key highlights of the year................................................................................................................... 15 6. Annual Report of the Authority as per Form ‘P’ ......................................................................... 17 7. Statement of Accounts as per Form ‘O’ ........................................................................................ 133 7.1 Receipts and Payments Account ............................................................................................................... 133 7.2 Income and Expenditure Account ............................................................................................................ 135 7.3 Balance Sheet ............................................................................................................................................. 137 8. Programmes of work for coming year ......................................................................................... 138 2 Annual Report for Financial Year 2017 – 18 Real Estate Regulatory Authority, Punjab 1. Executive Summary The Annual Report provides an overview of the formation, constitution and functioning of the Real Estate Regulatory Authority, Punjab established under the Real Estate (Regulation and Development) Act, 2016. It has been prepared as per the requirements specified in Rule 39 of the Real Estate (Regulation and Development) Rules, 2017. This report covers the period of August 2017 to March 2018 and provides snapshot of the activities carried out by the Authority during this period along with some of the key highlights of the same. It contains information regarding the registration of real estate projects and real estate agents within the State for the said period as per Form ‘P’ of the Rules. The report also mentions the details about the number of complaints received and disposed during this period, and the steps taken by the Authority to mitigate any non-compliance of the provisions of the Act, Rules and Regulations. 3 Annual Report for Financial Year 2017 – 18 Real Estate Regulatory Authority, Punjab 2. Background 2.1. Real Estate (Regulation and Development) Act, 2016 The Real Estate (Regulation and Development) Act, 2016 was passed by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016. Subsequently, some Sections of the Act came into force with effect from 01 May 2016, while the remaining onse came into force with effect from 01 May 2017. The Act, provides for the establishment of the Real Estate Regulatory Authority (RERA) in every State/ UT for regulation and promotion of real estate sector; and to ensure sale of plots, apartments or buildings, as the case may be, in an efficient and transparent manner; and to protect the interest of consumers in the real estate sector. This Act ensures greater accountability towards consumers and greater transparency in the interest of developers, and significantly reduce frauds, arrest delays and the current high transaction costs. Under this Act, it is stipulated that all Regulatory Authorities would have their dedicated portals as well. This Act makes it mandatory for all ongoing residential and commercial real estate projects, which have not received completion certificate before 01 May 2017, to register with the Real Estate Regulatory Authority before advertising, marketing, booking, selling or inviting persons to purchase in any manner any plot, apartment or building in any real estate project within the state. The purposes behind the promulgation of the Act are as follows: Regulation and promotion of the Real Estate sector To facilitate the growth and promotion of a healthy, transparent, efficient and competitive real estate sector Sale of plots, apartments etc. in a transparent and efficient manner To protect the interests of both the consumers and real estate promoters in the real estate sector To provide an adjudicating mechanism for speedy dispute redressal To publish and maintain a website of records for public viewing for real estate projects and agents which have been registered To provide online facility of registration of real estate projects, agents as well as filling of complaints by aggrieved persons 4 Annual Report for Financial Year 2017 – 18 Real Estate Regulatory Authority, Punjab 2.2. Real Estate Regulatory Authority, Punjab The Punjab Government notified the Real Estate (Regulation and Development) Rules, 2017 on 08 June 2017 vide Notification No. G.S.R -19/C.A.16/2016/Ss.2 and 84/2017. The Real Estate Regulatory Authority, Punjab was established on 10 August 2017 upon the joining of Chairperson with two full-time Members. It took over the responsibilities from the interim authority which was formed under the Department of Housing & Urban Development, Punjab. The Real Estate Regulatory Authority, Punjab strives to fulfill it’s objectives as described under the Act and the Rules, in full measure, and works to promote balanced development of the sector, keeping interests of all the stakeholders in mind. The key powers vested in the authority as per the Real Estate (Regulation & Development) Act, 2016 are as follows: a. The Authority may require the promoter, allottee or real estate agent to furnish in writing any information or explanation or produce any documents as it may deem necessary and document or copy any such record or document from any office. b. The Authority may call upon such experts or consultants from the fields of economics, commerce, accountancy, real estate, construction, architecture, law or engineering or from any other discipline as it deems necessary, to assist the Authority in the conduct of any inquiry or proceedings before it. c. The Authority may in the interest of the allottees, enquire into the payment of amounts imposed as penalty, interest or compensation, paid or payable by the promoter, in order to ensure that the promoter has not,- i. withdrawn the said amounts from the account maintained under the requirements of the act. ii. used any amounts paid to such promoter by the allottees for the real estate project for which the penalty, interest or compensation is payable, or any other real estate project; or iii. recovered the amounts paid as penalty, fine or compensation from the allottees of the relevant real estate project or any other real estate project 5 Annual Report for Financial Year 2017 – 18 Real Estate Regulatory Authority, Punjab 3. About Us 3. Key highlights of the yearAbout Us The Real Estate Regulatory Authority, Punjab is a body corporate having perpetual succession and a common seal. It consists of a Chairperson and two whole time Members appointed by the Government of Punjab on the recommendations of a Selection Committee. In addition, the Authority has appointed a Secretary who is responsible for ensuring due implementation of the decisions of the Chairperson and the Authority. The details of the current composition of the Authority is as follows: a. Chairperson, RERA Punjab Sh. Navreet Singh Kang is the Chairperson of Real Estate Regulatory Authority, Punjab. He joined the Indian Administrative Services in 1983 and was allotted the Punjab Cadre. Sh. Kang has held various important positions in the Government of Punjab and Government of India, and retired from the post of Secretary in the Union Ministry of Social Justice and Empowerment before joining as Chairperson of the Authority in August, 2017. b. Member, RERA Punjab Sh. Sanjiv Gupta joined the Indian Police Service in 1982 and was allotted to Punjab Cadre. Sh.Gupta has held various important positions such as SSP (Tarn Taran, Amritsar, Ropar, Jalandhar), DIG (Security, Intelligence), IG (Security, Provisioning), ADGP (Administration, Crime and Railways) and DGP (V&S, PB. Powercom and Prison Reforms) and retired from the post of DGP, Prison Reforms on 30 June 2017 prior to joining the Authority. 6 Annual Report for Financial Year 2017 – 18 Real Estate Regulatory Authority, Punjab c. Member, RERA Punjab Sh. Jagdish Singh Khushdil is the Member of Punjab Real Estate Regulatory Authority. He retired as District and Sessions Judge from the State of Punjab. He has served the judicial department more than 31 years and during this period he served the judicial department at various positions such as