Madhya Pradesh RERA Rules 2017
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divyanshaMadhya Pradesh RERA Rules 2017
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Powered by AIThe registration and compliance of real estate agents are comprehensively handled under Rules 10 to 13 of the Madhya Pradesh Real Estate (Regulation and Development) Rules, 2017. Real estate agents must obtain registration (Form-H), renew (Form-K), and comply with the regulatory requirements or face revocation (Form-I). Additional responsibilities include managing records and complying with statutory obligations to maintain their registration .
The extension or rejection of a real estate project registration is governed by Rules 7 and 6 of the Madhya Pradesh Real Estate (Regulation and Development) Rules, 2017. Conditions for extension include justifying delays due to force majeure, while rejection may occur on grounds such as incomplete documentation or non-compliance with initial approval conditions. Form-D is used to communicate rejections, and Form-F issues extensions .
Revocation of a project's registration can be initiated as outlined in Rule 8 of the Madhya Pradesh Real Estate (Regulation and Development) Rules, 2017 if the promoter contravenes the terms or conditions of the approval given by the authority. The process involves an inquiry and due consideration by the Authority which may lead to the registration being revoked. Notifications like Form-D might be utilized to inform the promoter about the rejection of application or revocation of registration .
Interest rates play a crucial role in the agreement of sale as specified in Rule 17 of the Madhya Pradesh Real Estate (Regulation and Development) Rules, 2017. Both the promoter and the allottee are bound by predefined interest rates in case of payment delays. This ensures fairness and financial discipline, deterring delays and promoting smooth transactions .
The Madhya Pradesh Real Estate (Regulation and Development) Rules, 2017 specify that a real estate agent is responsible for maintaining and preserving books of accounts, records, and documents as stipulated in Rule 14. Additionally, they have other functions as outlined in Rule 15, which includes representing the interests of the buyer, providing all necessary information and documentation, and ensuring compliance with the statutory obligations imposed by the real estate regulation act .
The Real Estate Regulatory Authority's structure and responsibilities are elucidated in Rules 19 to 24 of the Madhya Pradesh Real Estate (Regulation and Development) Rules, 2017. The Authority is composed of a Chairperson and members whose selection criteria, salaries, and powers are defined therein. Its responsibilities include oversight of projects, handling complaints, ensuring compliance with the Act, and resolving disputes between stakeholders .
The management and enforcement of interest, penalty, and compensation are detailed in Rule 25 of the Madhya Pradesh Real Estate (Regulation and Development) Rules, 2017. This rule specifies the procedures for recovering dues from promoters or allottees, alongside Rule 17, which sets out the specific interest rates applicable. The regulatory authority ensures enforcement through inquiries and decisions that are binding on both parties .
Complaints with the regulatory authority are governed by Rule 35 of the Madhya Pradesh Real Estate (Regulation and Development) Rules, 2017. Complaints are to be made using Form-M, with specific details about the grievance. The Authority then conducts an inquiry to resolve the complaint, maintaining transparency and fair treatment in all proceedings .
Appeals under the Madhya Pradesh Real Estate (Regulation and Development) Rules, 2017 are facilitated by the Appellate Tribunal as described in Rules 28 to 31. The procedure includes the selection of tribunal members and administrative powers. Forms such as Form-L are utilized for filing appeals to the tribunal, ensuring there's a systematic method for addressing disputes arising from decisions made by the regulatory authority .
The accountability of a promoter is ensured through several mechanisms under the Madhya Pradesh Real Estate (Regulation and Development) Rules, 2017. Rules 3 and 5 require promoters to furnish detailed project information and manage finances transparently, including withdrawing funds only for project-specific purposes. Regular disclosures and the possibility of registration revocation for violations (Rule 8) further secure accountability .