CHAPTER II - REAL ESTATE PROJECT

No: DOH 109KHB2017 Karnataka Government Secretariat VikasaSoudha, Bangalore, Dated: 10-07-2017

NOTIFICATION - Whereas the draft of the Karnataka Real Estate (Regulation and Development) Rules, 2016 was published vide Government Order No. DOH 128 KHB 2016, dated: 24th October, 2016, in part I of the Karnataka Gazette ( Extra Ordinary Number 1193), dated 24th October, 2016 inviting suggestions from all persons likely to be affected thereby within fifteen days from the date of its publication in the Official Gazette And whereas, the said Gazette was made available to public on 24th October, 2016And whereas, suggestions have been received and considered by the State Government And whereas, the Government of India vide S.O No.3347, dated 28thOctober 2016 had made the order for removing certain difficulties in implementing the provisions of the Act

Rule 3 - Information and documents to be furnished by the promoter for registration of project

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(1) The promoter shall furnish the following additional information and documents, along with those specified in sub-section (2) of Section 4 of the Act for registration of the real estate project with the regulatory authority namely

(a) self attested copy of the PAN card of thepromoter

(b) annual report including audited profit and loss account, balance sheet, cash flow statement, directors report and the auditors report of the promoter for the immediately preceding three financial years; and where annual report is not available, the audited profit and loss account, balance sheet, cash flow statement and the auditor report of the promoter for the immediately preceding three financialyears

(c) the number of parking slots available in the said real estateproject

(d) authenticated copy of the of the legal title deed reflecting the title of the promoter to the land on which development of project is proposed along with legally valid documents for chain of thetitle

(e) the details of encumbrances on the land for which permission given under section 109 of the Karnataka Land Reforms Act, 1961 if applicable, the Certified copy of the conversion order under section 95 of the Karnataka Land Revenue Act, 1964 and permission of change in land use granted under section 14 of the Karnataka Town and Country Planning Act, 1961, if applicable on which development is proposed including any rights, title, interest or name of any party in or over such land along withdetails

(f) where the promoter is not the owner of the land on which development is proposed details of the consent of the owner of the land along with self attested the collaboration agreement, development agreement, joint development agreement or any other agreement, as the case may be, entered into between the promoter and such owner and copies of title and other documents reflecting the title of such owner on the land proposed to be developed, and

(g)name, photograph, contact details and address of the promoter if it is an individual and the name, photograph, contact details and address of the chairman, partners, directors, as the case may be, and the authorised person in case of otherentities

(2) An application to the Authority for registration of the real estate project shall be made in writing in Form ‘A’, in triplicate, until the procedure is made web based for filing of such application

(3) The promoter shall pay a registration fee at the time of application for registration by way of a demand draft or a bankers cheque drawn on any scheduled bank or a Co-operative Bank or through online payment mode, as the case may be, for a sum calculated at the rate of

(a) in case of group housing project,- five rupees per square meter for projects where the area of land proposed to be developed does not exceed one thousand square meters; or rupees ten per square meter for projects where the area of land proposed to be developed exceeds one thousand square meters, but shall not be more than five lakhsrupees

(b) in case of mixed development (residential and commercial) project, ,- ten rupees per square meter for projects where the area of land proposed to be developed does not exceed one thousand square meters; or fifteen rupeespersquaremeterforprojectswheretheareaoflandproposed to be developed exceeds one thousand square meters , but shall not be more than seven lakhs rupees

(c) in case of commercial projects,- twenty rupees per square meter for projects where the area of land proposed to be developed does not exceed one thousand square meters; or twenty five rupees per square meter for projects where the area of land proposed to be developed exceeds one thousand square meters, but shall not be more than ten lakhs rupees; and

(d) in case of plotted development projects,- five rupees per square meter, but shall not be more than two lakhsrupees

(4) The declaration to be submitted under clause (l) of sub-section (2) of section 4, shall be in Form-B, which shall include a declaration stating that the promoter shall not discriminate against any allottee at the time of allotment of any apartment, plot or a building, as the case may be

(5) In case the promoter applies for withdrawal of application for registration of the project before the expiry of the period of thirty days specified under sub-section (1) of section 5, registration fee to the extent of ten percent paid under sub-rule (3), orrupees fifty thousand whichever is more, shall be retained as processing fee by the regulatory authority and the remaining amount shall be refunded to the promoter within thirty days from the date of such withdrawal

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