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+--- Thread: Key Provisions of RERA in India (/showthread.php?tid=4112)
Key Provisions of RERA in India - enterslice - 10-04-2021
· RERA will be followed in every state of India and this regulation applies to both residential and commercial properties.
· The sale of property will be based on carpet area and not on super built-up area.
· Builders are required to deposit 70% of the funds collected from buyers in a separate bank account for the construction of the project
· Developers have to disclose the project details (financial statements, legal title deed and others) on the website and update it on quarterly basis related to the
· construction progress
· Projects with plot size of minimum 500 sq. mt or 8 apartments need to be registered with the RERA Authority
· Builders require to submit the original approved plans for their project and the alterations made to RERA
· Developers and buyers both have to pay the same interest rate of 2% above SBI’s MCLR in case of any delay
· Imprisonment of up to 3 years for the developers and up to 1 year for agents and buyers for violation of law
· Any structural or workmanship defects in the building during the period of 5 years must be rectified within 30 days by the promoter without any further charges. If he
· fails to do so, the buyer is entitled to receive the compensation under RERA
· Developers cannot demand for more than 10% of the property cost as an advanced payment booking amount before signing a registered sale agreement
· Developers are not allowed to advertise, sell, offer, market or book any plot or apartment without registering to the authority
· The buyer can contact the developer in writing within 1 year of taking possession to demand for the shortcomings in the project.
Click here to know more - RERA Registration
RE: Key Provisions of RERA in India - ConfidusSolutions - 10-23-2021
The development of telecommunications and economic globalization have made it possible for interested investors to set up companies around the world. With proper research, financial investment, and legal support, businesses can be set up safely in almost any country in the world. It used to be a complicated business venture to build an international company, today it is commonplace with the help of experienced legal and business advisors.
The benefits of starting a business abroad are as numerous as they are obvious. Many countries offer specific location-based benefits that range from natural resources and established infrastructure to favorable laws and regulations that encourage growth in a particular industry. Likewise, it can be difficult to set up a company or an acquisition in your home country due to adverse situations: political or regulatory environment, lack of resources and more. In this situation, it makes sense to consider an overseas option that offers greater opportunities for growth, development, and success.
Company registration in India
When starting a business in India, an interested investor must conduct due diligence regarding legal process, international regulations and sufficient investments for success. It is important to understand the cultural, social and political factors that influence the creation and growth of one's business; Failure to do so could result in unintended consequences. Poorly researched and deaf international launches often end in disaster as time, money and energy are lost due to poor planning.
Legal documents
Each country of the world presents its own set of intricate challenges with regard to forming, developing, and sustaining a business. Owners, financiers, and investors must enter into these engagements with the support of a knowledgeable and experienced legal team. Only someone with detailed knowledge of local and international corporate law will be able to set up an overseas business while avoiding the pitfalls that affect many new companies.
Additionally, shrewd businesspeople may consider opportunities to invest in overseas businesses without actually forming their own companies. In these situations, it still benefits the investor to team up with a knowledgeable adviser in global economics and litigation. International investments create a truly diverse portfolio that offers opportunities for growth that were unthinkable just decades ago.
Potential investors, venture capitalists, and entrepreneurs should consider existing infrastructure in India when planning the launch of a new business. While substantial infrastructure and systems can help to make the business establishment a smooth process, it could also represent market saturation and diminished potential for growth. On the other hand, a lack of infrastructure often serves as a major hindrance to growth; however, lack of infrastructure indicates a clear market opening for a creative and efficient new business.
Bank Account Opening in India
In conjunction with company formation, it will be necessary to open one or more bank accounts in India. Confidus Solutions offers the ability to open a bank account in over twenty jurisdictions, making it easy for you to avoid challenging language barriers or bureaucratic hangups.
Virtual Office in India
With a registered address being a necessity for international business, Confidus Solutions enables overseas investors to set up a virtual office in India. This address will allow international entrepreneurs to accept mail, arrange shipping, and set up a registered bank account in the country of their business.
Tax regulations
If you are in the process of researching company formation in India, contact a lawyer or consultant with extensive experience in the area which you are considering. This adviser will be able to assist you with everything from laws and tax structures to local support staff. You will need to consider every aspect from the local office to your highest organization structures; be sure to enlist the best mentors possible as you enter this exciting yet challenging process.
http://www.confiduss.com/en/jurisdictions/india/business/