Taxmann Karnataka RERA Law & Practice By SIRC of ICAI, NAREDCO, Karnataka RERA, Ramesh S. Prabhu, Vinay Thyagaraj Edition June 2024

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The first-of-its-kind publication on Karnataka RERA results from the collaborative effort of SIRC of ICAI, NAREDCO and Karnataka RERA. It covers registration, certification, and compliance alongside RERA-specific content like SOPs, FAQs, and judicial rulings. The book also covers related legal areas like Income Tax, GST, and consumer protection laws, offering a well-rounded perspective for practitioners.

Taxmann Karnataka RERA Law & Practice Edition 2024

Taxmann Karnataka RERA Law & Practice Edition 2024

Karnataka RERA | Law & Practice marks its debut as an authoritative guide in the field of real estate regulation and development specific to Karnataka. It addresses multiple practice areas such as registration, certification, and compliance and includes various legal provisions, Standard Operating Procedures (SOPs), FAQs, and judicial rulings to ensure relevance and practical utility. Besides RERA-specific content, the book also analyses peripheral subjects affecting real estate transactions, such as Income Tax, GST, and consumer protection laws, enriching the practitioner’s knowledge and application in real estate sector dealings.

This book was made possible through the collaborative efforts of the Southern India Regional Council (SIRC) of the Institute of Chartered Accountants of India (ICAI), the National Real Estate Development Council (NAREDCO), and the active support of Karnataka Real Estate Regulatory Authority (Karnataka RERA).

This book is designed to aid new entrants and seasoned practitioners; the manual acts as both a guide and a reference tool, especially for those representing clients before regulatory authorities and tribunals.

The Present Publication is the 1st Edition, authored by the study group of industry experts & representatives from all stakeholders. It is edited by esteemed Chartered Accountants Ramesh Prabhu and Vinay Thyagaraj. The noteworthy features of the book are as follows:

[Content and Structure] The book is divided into multiple chapters that cover crucial areas such as:

  • Registration
  • Certification
  • Quarterly Updates
  • Annual Audits
  • Other Compliances under RERA

[Practical Tools] It includes practical tools like:

  • Standard Operating Procedures (SOPs)
  • Frequently Asked Questions (FAQs)
  • Judicial Rulings
  • [Dynamic and Adaptable Content] Recognising the evolving nature of legal and regulatory frameworks, this book includes various legal aspects, formats, drafts, and specimens as ready references, which practitioners can adapt based on specific circumstances.
  • [Legal and Peripheral Subjects] Beyond the core RERA provisions, the manual also addresses related legal areas such as Income Tax, GST, Insolvency and Bankruptcy, consumer protection, FEMA, etc. This broad scope will enhance the practitioner’s understanding of real estate sector dynamics.
  • [Practical Application] Various formats, drafts, and specimen documents are included to serve as ready references for practitioners who need to adapt their approaches based on specific circumstances and the relief sought.
  • [Inspiration from Other Regions] Drawing inspiration from Maharashtra’s RERA implementation, the authors have included comparative analyses and references to broaden understanding and offer a more nuanced view of real estate regulation and development.

The detailed contents of the book are as follows:

General Overview and Legal Framework

  • This section introduces the Real Estate (Regulation and Development) Act, 2016, offering a deep dive into its inception, development, and implementation specific to Karnataka.
  • It analyses the objectives of RERA, the deficiencies it aims to address in the real estate sector, and the structural setup of the regulatory authorities, including the Real Estate Regulatory Authority and the Real Estate Appellate Tribunal.
  • It provides detailed insights into the powers, roles, and functions of the Central Advisory Council.

From the Promoter’s Perspective

  • The book examines the role of promoters under RERA, detailing their responsibilities and the legal prerequisites for the registration of real estate projects.
  • It covers the entire registration process, the required documents, financial planning strategies, and operational procedures, including account management as per RERA mandates.
  • Furthermore, it addresses the nuances of project transfer, modifications, extensions, and the implications of external factors like the COVID-19 pandemic on project execution.

Real Estate Agents Compliance and Operations

  • Focusing on real estate agents, this part outlines the registration process, their responsibilities, and the impact of RERA on their business practices.
  • It includes an overview of changes in the business landscape, compliance requirements concerning anti-money laundering, and counter-terrorism financing guidelines.

Allottees and Associations’ Rights and Responsibilities

  • This section discusses the rights and duties of allottees, detailing procedures for the revocation of project registration and methods for reviving stalled projects.
  • It also discusses financial instruments such as SWAMIH Funds aimed at aiding real estate investments and operational details regarding the associations of allottees.

Professional Insights for CAs, Advocates, Engineers, Architects

  • This section comprehensively covers the roles and responsibilities of professionals such as chartered accountants, advocates, engineers, and architects under RERA.
  • This includes specific documentation processes, quality assurance, defect liabilities, and auditing practices as mandated by KRERA.

Dispute Resolution Mechanisms

  • This section explains the procedures for handling complaints, filing appeals, and conducting second appeals, including executing orders under RERA and the Code of Civil Procedure, 1908.
  • This part provides insights into the judicial processes of enforcing and challenging regulatory decisions.

Tax Implications for Real Estate Transactions

  • This section analyses the income tax and GST implications for real estate transactions, providing clarity on financial obligations and tax planning for stakeholders within the real estate sector

Allied Legal Frameworks

  • This section thoroughly explains other significant legal frameworks intersecting with RERA, such as the MRTP, DCPR, IBC, and consumer protection laws.
  • It also reviews landmark judgments and discusses the strategic importance of these laws in real estate practices.

Miscellaneous Legal Considerations:

  • This part assesses the constitutional validity of RERA, analysing various judgments and their implications for the real estate sector.

Regulatory Documents and Guidelines:

  • This section provides a detailed presentation of the Real Estate Act, rules, and regulations as they apply within Karnataka, including administrative orders and specific banking directions relevant to real estate transactions.

Circulars and Notifications from KRERA:

  • This section is a compilation of circulars and notifications issued by the Karnataka Real Estate Regulatory Authority, ensuring readers are up-to-date with the latest regulatory communications

About the author

SIRC of ICAI

Established in 1952 under the auspices of the Institute and recognised by the Central Government, the Southern India Regional Council (SIRC) serves professionals and students within the Southern Region. The council, which commemorated its Diamond Jubilee in 2011, is committed to advancing the profession and contributing to the welfare of society.

Spanning the states of Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Kerala, and the Union Territory of Pondicherry, along with the Lakshadweep Islands, SIRC supports a network of over 70,000 members and more than 300,000 students. It operates through 45 branches, supplemented by 11 CPE Study Circles, 7 CPE Chapters, 3 Study Groups, and 30 CPE Study Circles tailored specifically for industry members. Recognised as a pivotal knowledge hub, SIRC provides ongoing professional education and support to its extensive community of members and students.

NAREDCO

Founded in 1998 under the auspices of the Ministry of Housing and Urban Affairs, Government of India, the National Real Estate Development Council (NAREDCO) is a leading industry association dedicated to the real estate sector in India. Its primary purpose is to serve as a legitimate platform for discussions and solutions involving the government, industry stakeholders, and the public regarding the real estate sector’s challenges.

NAREDCO boasts a membership base of over 10,000 members across India, including its State chapters, and is pivotal in shaping policy by routinely conveying the perspectives of its members to various governmental ministries.

The organisation is actively involved in policy advocacy, liaising with numerous government entities such as the Ministry of Housing and Urban Affairs, the Planning Commission of India, the Reserve Bank of India, the Ministry of Finance, and several others, including the Real Estate Regulatory Authority (RERA) and the Ministry of Environment, ensuring that the interests of the real estate sector are well-represented and addressed.

Karnataka RERA

The Karnataka Real Estate Regulatory Authority (RERA) is a regulatory body established by the Government of Karnataka under the Real Estate (Regulation and Development) Act, 2016 (RERA Act). Its primary function is to regulate and promote the real estate sector in the state by ensuring fair transactions between sellers and buyers of properties. It aims to create a more equitable and efficient real estate market with clear accountability mechanisms.

The key functions of the Karnataka Real Estate Regulatory Authority include:

  • [Registration of Projects] All commercial and residential real estate projects where the land is over 500 square meters, or eight apartments are planned to be developed must be registered with Karnataka RERA. This ensures that developers adhere to approved plans and project specifications.
  • [Registration of Real Estate Agents] Real estate agents who facilitate the sale or purchase of properties must register with RERA, ensuring transparency and accountability in their operations.
  • [Protection of Homebuyers] RERA seeks to protect the interest of homebuyers by requiring developers to deposit a portion of funds collected from buyers in a separate bank account. This ensures that the funds are used for the project and not diverted to other projects.
  • [Timely Completion] RERA imposes strict regulations to ensure that projects are completed on time and delivered to buyers as promised.
  • [Grievance Redressal] Karnataka RERA provides a mechanism for resolving disputes between developers and buyers. It facilitates the speedy resolution of complaints through its regulatory oversight.

Ramesh S. Prabhu

Ramesh S. Prabhu is a well-known public figure and a highly qualified Mumbai-based Chartered Accountant with CISA (USA) practising for over the last 22 years. He is hailed as the Architect of Deemed Conveyance. His area of specialisation has been the Cooperative Housing sector. He has authored around 60 books on various issues of Housing society functioning like conveyance, transfer of flats, parking, repairing, collection of member dues, income tax, service tax for housing societies, etc. All of these books were released by the Ministry of Cooperation, Govt of Maharashtra, under the hand of the Cooperative Secretary at the Housing Society Expo, held in Mumbai in 2006.

Ramesh Prabhu has compiled 101 Judgment Series Books for Office Bearers and Members of Housing Societies on different topics. He was appointed as a Member of the Committee by the Govt. of Maharashtra in 2008 to frame the law pertaining to Deemed Conveyance. The Govt. has since passed the Bill on Deemed Conveyance, signed and endorsed by the President of India.

Vinay Thyagaraj

CA Vinay Thyagaraj is a distinguished professional with extensive expertise in Real Estate, Direct Taxation, Business Structuring, and Financial Consultation. He has established a formidable presence in Bengaluru with a practice spanning over two decades. His dedication and expertise have led to forming a proficient team, enabling the delivery of comprehensive and all-encompassing services to his clients.

As the founder and partner of Venu & Vinay Chartered Accountants, Vinay brings over 20 years of experience leading and managing the organisation. Under his guidance, the firm has expanded its reach beyond Bengaluru, establishing branches in key Indian cities, including Mumbai, Hyderabad, Chennai, and Anantapur.

Vinay’s academic credentials are as impressive as his professional achievements. He is a Commerce Graduate, a Chartered Accountant, and a Law Graduate. Further enhancing his already extensive knowledge base, he has completed additional certification programs offered by the Institute of Chartered Accountants of India (ICAI), including DISA, DIRM, and specialised courses in anti-money laundering and Benami Laws. His diverse educational background underpins his approach to client services and organisational leadership.

 

Weight 1.710 kg
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