Bhopal (Madhya Pradesh): MP Real Estate Appellate Tribunal has banned quarterly CA certificates of RERA (Real Estate Regulatory Authority). Confederation of Real Estate Developers Association of India (CREDAI), Bhopal, had challenged it in Appellate Tribunal.
Justice VPS Chauhan, in his order on May 19,2023, said RERA and CREDAI should jointly make effort to rectify error in CA certificates.
As per order of tribunal, RERA and CREDAI are directed to sit together at the Office of Authority and discuss matter with regard to the form 2-C, which is said to be a CA certificate uploaded by the Authority on website and resolve the hardship, which has been aroused from the proforma-Form 2-C (CA certificate). The word “realised” as employed in the Section 4(2)(l)(d) be read in place of “receivable” in the Form 2-C till June 02, 2023.
CA Vinod Joshi, who appeared for applicant, submitted that in the CA certificate, which is Form 2-C, is uploaded on the website of the Authority. The apportionment of the deposited amount 70 and 30 per cent is mentioned in Section 4(2)(l)(d) of the Real Estate (Regulation and Development) Act 2016, which has been realised from the allottee.
In Form 2-C, which is said to be a CA certificate, it is mentioned that the amount receivable from the allottee should be apportionment of 70 and 30 per cent under Section 4(2)(l)(d) of the Act, which creates hardship and further submitted that in so many cases promoters have been penalised on that basis.