Indore (Madhya Pradesh): Chartered accountant Amit Kedia, senior practitioner at Real Estate Regulatory Authority (RERA), said that on an average it takes 12-15 days for RERA registration in Rajasthan and the whole process is online, while in MP it takes 3 to 4 months.
Kedia made the above remark while addressing a seminar on RERA organised by Indore CA Branch of ICAI here on Saturday. Kedia said that at the time of registration, all the documents of the promoter have to be uploaded with each application, whereas if there is no change in those documents, then there should be an option so that the same promoter does not have to apply the basic documents again and again at the time of registration of different projects.
Many orders are being passed by RERA but they are not being followed, and many petitions are pending in the Supreme Court and High Court in this regard. This issue was discussed in the recent meeting of RERA Central Advisory. Compliance of orders is an important matter, and RERA should take action keeping this in mind.
Chartered accountant Nitin Agarwal discussed the specifics of the joint development agreement. He said that the development agreement has been kept in the category of agreement in Madhya Pradesh by the government while in other states it is listed in the conveyance deed, due to which the developer pays less stamp duty. He also gets the right to sell developed areas. Due to the separate system in Madhya Pradesh, the developer and the landowner have to amend the clause in the agreement, due to which a lot of trouble is coming to get the RERA number. The government should consider this and make changes in the
Stamp Duty Act.
Earlier, chartered accountant Anand Jain, chairman of CA Indore Branch, said that it has been almost five years since the RERA regime rolled out in the State. There is a big gap between the expectations which were from RERA in these five years and the arrangements which are in place today.