THOUGHTS ON CONTRIBUTION OF

CAs IN REAL ESTATE SECTOR

(The many ways CAs contribute to the real estate sector—often
in areas you might not immediately think of!)

By CA. (Dr.) Adukia Rajkumar Satyanarayan

Introduction

The real estate sector in India is among the fastest-growing industries,

offering significant opportunities for stakeholders, including
developers, investors, and professionals. With the successful
implementation of the Real Estate (Regulation and Development) Act,
2016 (RERA), which came into effect on 1st May 2017, the sector has
experienced a transformation, ushering in greater transparency and
accountability. As a result, it has become a major contributor to India's
ambitionof becoming a $10 trillion economy.

RERA aims to regulate the real estate sector, ensuring that builders and
developers adhere to fair practices, maintain transparency, and protect
the interests of homebuyers. This regulation has introduced new avenues
for various professionals, with Chartered Accountants (CAs) playing an
integral role in ensuring the sector's compliance and financial health.

Alongside other professionals such as architects, engineers, real estate

agents, advocates, and consultants, Chartered Accountants are essential
in navigating the complexities of real estate transactions, project finance,
and legal matters.
The Real Estate Regulatory Authority (RERA)

The Real Estate (Regulation and Development) Act, 2016, was enacted
on 25th March 2016, to establish the Real Estate Regulatory Authority
for regulation and promotion of the real estate sector and to ensure sale
of plot, apartment or building, as the case may be, or sale of real estate
project, in an efficient and transparent manner and to protect the interest
of consumers in the real estate sector and to establish an adjudicating
mechanism for speedy dispute redressal and also to establish the
Appellate Tribunal to hear appeals from the decisions, directions or
orders of the Real Estate Regulatory Authority and the adjudicating
officer and for matters connected therewith or incidental thereto. The
Act came into force on 1 May 2016 with 61 of 92 sections notified. The
remaining provisions came into force on 1 May 2017.

State-level Real Estate Regulatory Authorities were established under

Section 20 of the RERA Act 2016 by the ‘appropriate Government’, to
register and regulate real estate projects and to exercise the powers
conferred on it and to perform the functions assigned to it under the Act.
In this regard, ‘Appropriate Government” means in respect of matters
relating to,—

(i) the Union territory without Legislature, the Central Government;

(ii) the Union territory of Puducherry, the Union territory Government;

(iii) the Union territory of Delhi, the Central Ministry of Urban

Development;

(iv) the State, the State Government;

However, the appropriate Government of two or more States or Union

territories may, if it deems fit, establish one single Authority. The
appropriate Government may, if it deems fit, establish more than one
Authority in a State or Union territory, as the case may be.
Real Estate Appellate Tribunal

The Real Estate (Regulation & Development) Act, 2016 (RERA)

received the assent of the President on the 25th March, 2016, and was
published in the Official Gazette on 26th March, 2016. The Act came
into force on 1 May 2016 with 61 of 92 sections notified. The remaining
provisions came into force on 1 May 2017.

Chapter VII of the Real Estate (Regulation and Development) Act, 2016
deals with the constitution of the Real Estate Appellate Tribunal. Section
43 of the Act which came into effect on 1st May 2016, provides that the
appropriate Government within one year of the coming into force of this
Act, shall establish an Appellate Tribunal to be known as (name of the
State/Union Territory) Real Estate Appellate Tribunal, by notification.
The appropriate Government may, if it deems necessary, establish one or
more benches of the Tribunal, for various jurisdictions in the State or
Union Territory. The Appellate Tribunal shall consist of a Chairperson
and not less than two whole time Members of which one shall be a
Judicial member and other shall be a Technical or Administrative
Member, to be appointed by the appropriate Government. The
appropriate Government of two or more States or Union territories may,
if it deems fit, establish one single Appellate Tribunal.

Procedure & Powers

The Chairperson shall have powers of general superintendence and

direction in the conduct of the affairs of Appellate Tribunal and he shall,
in addition to presiding over the meetings of the Appellate Tribunal,
exercise and discharge such administrative powers and functions of the
Appellate Tribunal as may be prescribed.

According to section 53 of the RERA Act, 2016, The Appellate Tribunal

shall not be bound by the procedure laid down by the Code of Civil
Procedure, 1908 but shall be guided by the principles of natural justice.
It shall have power to regulate its own procedure. The Appellate
Tribunal shall also not be bound by the rules of evidence contained in
the Indian Evidence Act, 1872.

The Appellate Tribunal shall have, for the purpose of discharging its
functions under this Act, the same powers as are vested in a civil court
under the Code of Civil Procedure, 1908 in respect of the following
matters, namely:

(a) summoning and enforcing the attendance of any person and

examining him on oath;

(b) requiring the discovery and production of documents;

(c) receiving evidence on affidavits;

(d) issuing commissions for the examinations of witnesses or documents;

(e) reviewing its decisions;

(f) dismissing an application for default or directing it ex parte; and

(g) any other matter which may be prescribed.

All proceedings before the Appellate Tribunal shall be deemed to be

judicial proceedings within the meaning of sections 193, 219 and 228 for
the purposes of section 196 of the Indian Penal Code 1860, and the
Appellate Tribunal shall be deemed to be civil court for the purposes of
section 195 and Chapter XXVI of the Code of Criminal Procedure, 1973.

Every order made by the Appellate Tribunal under the RERA Act 2016,
shall be executable by the Appellate Tribunal as a decree of civil court,
and for this purpose, the Appellate Tribunal shall have all the powers of
a civil court. It may transmit any order made by it to a civil court having
local jurisdiction and such civil court shall execute the order as if it were
a decree made by the court.

Any person aggrieved by any decision or order of the Appellate

Tribunal, may, file an appeal to the High Court, within a period of sixty
days from the date of communication of the decision or order of the
Appellate Tribunal, to him, on any one or more of the grounds specified
in section 100 of the Code of Civil Procedure, 1908.

Real Estate Appellate Tribunals in few States

Until the establishment of an Appellant Tribunal, the appropriate

Government shall designate, by order, any Appellate Tribunal
functioning under any law for the time being in force, to be the
Appellate Tribunal to hear appeals under the Act. After the Tribunal is
established, all matters pending with the Appellate Tribunal designated,
shall stand transferred to the Tribunal so established and shall be heard
from the stage such appeal is transferred.

As per the Ministry of Housing and Urban Affairs (MOHUA), All

States/UTs have notified Rules under the RERA; 26 States/UTs have set
up permanent Real Estate Regulatory Authority; 6 States/UTs have
established interim Real Estate Regulatory Authority and 28 States/UTs
have set up Real Estate Appellate Tribunal (Regular -24, Interim – 04)

The Real Estate (Regulation and Development) Act, 2016 provides for
establishing Real Estate Regulatory Authority (RERA) and Appellate
Tribunal for monitoring and adjudicating disputes relating to real estate
projects and also to frame Rules under this Act. The status of the same
with respect to few states in India is as follows:

Tamil Nadu

https://www.tnreat.tn.gov.in/ords/r/wstnreat/tnreat-new121/home

The Tamil Nadu Government vide G.O.Ms.No.112, Housing & Urban

Development Department, dated 22.06.2017 has approved the Tamil
Nadu Real Estate (Regulation & Development) Rules, 2017 to carry out
the provisions of Real Estate (Regulation & Development) Act, 2016.
The Government has constituted the Tamil Nadu Real Estate Appellate
Tribunal (TNREAT) to hear the appeals from the decisions, directions or
orders of the Tamil Nadu Real Estate Regulatory Authority (TNRERA)
and the Adjudicating Officer and for matter connected therewith or
incidental thereto. Government vide G.O.Ms.No.103, Housing and
Urban Development Dept., dated 24.07.2018 has allowed TNREAT to
hear appeals related to Union Territory of Puducherry.

Karnataka

https://rera.karnataka.gov.in/aboutKREAT

The Karnataka Real Estate (Regulation and Development) Rules, 2017

were published in the Official Gazette dated 24th October, 2016 in part I
of the Karnataka Gazette (Extra Ordinary Number 1193). Subsequently,
Karnataka Real Estate (Regulation and Development) Rules, 2017 were
approved by the State Government and notified on 10th July, 2017
effective when it came into force.

Section 43 of The Real Estate (Regulation and Development) Act, 2016

contemplates establishment of the Real Estate Appellate Tribunal as a
first appellate forum to deal with grievances against any direction or
decision or order made by the Real Estate Regulatory Authority or by an
Adjudicating officer, under the Act. In pursuance, thereof the
government of Karnataka in compliance with proviso to sub Section (4)
of Section 43 of the Real Estate (Regulation and Development) Act,
2016 had designated the Karnataka Appellate Tribunal as an interim
Real Estate Appellate Tribunal for the state of Karnataka stationed at
Bengaluru Vide G.O.No.DOH 158 KHB 2017 dated 16/12/2017. The
said interim appellate tribunal functioned till 02/01/2020. In compliance
with Section 43(1) of the Real Estate (Regulation and Development)
Act, 2016 the Department of Housing, Government of Karnataka has
established the Karnataka Real Estate Appellate Tribunal (KREAT) vide
Notification No.DOH 44 RERA 2019 Dated 30/12/2019. The said
appellate tribunal has commenced its function with effect from
03/01/2020. The territorial Jurisdiction of the Karnataka Real Estate
Appellate Tribunal extends to the whole of Karnataka.

Maharashtra

https://mahareat.mahaonline.gov.in/

Government of Maharashtra has implemented the Real Estate

(Regulation and Development) Act on May 1, 2017 and established
Maharashtra Real Estate Appellate Tribunal. Initially, vide notification
dated 28th December, 2017, the Maharashtra Revenue Tribunal was
temporarily designated to function as the MahaREAT during the
transition period,. Vide notification dated 8th May, 2018 the
Government of Maharashtra for the establishment of a full-fledged
MahaREAT comprising the Chairperson, the Member (Judicial) and the
Member (Administrative).

The Maharashtra Real Estate Appellate Tribunal (Form of Annual

Statement of Accounts and Annual Report Rules, 2017 were laid down
vide Notification No. REA2016/CR.No.123/DVP-2 Dated 18th April
2017 and the Maharashtra Real Estate Appellate Tribunal, Officers and
Employees (Appointment and Service Conditions) Rules, 2017 were laid
down vide Notification No. No. REA 2016/CR No. 79/DVP-2.Dated
17th April, 2017. The Maharashtra Real Estate Appellate Tribunal has
also laid down the Maharashtra Real Estate Appellate Tribunal
Regulations, 2019 to regulate its own practice and procedure.

Madhya Pradesh

https://reat.mp.gov.in/
Government of Madhya Pradesh implemented the Real Estate
(Regulation and Development) Act and established Madhya Pradesh
Real Estate Regulatory Authority on May 1, 2017. The Madhya Pradesh
Real Estate (Regulation and Development) Rules 2017 were notified.
The Madhya Pradesh Real Estate Appellate Tribunal has also been
established under the Act.

Rajasthan

https://reat.rajasthan.gov.in/

The Real Estate (Regulation and Development) Act, 2016 was brought
into effect by Govt. of India on 01.05.2016. The Rajasthan Real Estate
(Regulation and Development) Rules, 2017 were notified on 01.05.2017.
Govt. of Rajasthan has constituted the Rajasthan Real Estate Appellate
Tribunal (Raj. REAT) on 01.05.2017. The Tribunal's office started
functioning with effect from 1st march 2021,

Haryana

https://haryanarera.gov.in/login/loginview/3

The Government of India has enacted The Real Estate (Regulation and
Development) Act, 2016. Under the Real Estate (Regulation and
Development) Act, 2016, Government of Haryana has notified The
Haryana Real Estate (Regulation and Development) Rules, 2017 which
came into force from 28.07.2017. The Government of Haryana has
established the Haryana Real Estate Appellate Tribunal.

Role of Chartered Accountants in the Real Estate Sector

Chartered Accountants have a critical role in the real estate sector, which
extends far beyond traditional accounting functions. Their expertise is
particularly crucial in ensuring compliance with RERA regulations,
financial transparency, and efficient management of real estate projects.
One of their key responsibilities is issuing certificates related to
financial matters, such as the promoter certificate required under RERA.

Promoter Certificate and Financial Verification

Under RERA, a Chartered Accountant is responsible for certifying the

financial aspects of a real estate project. The promoter certificate (Form
3) is a key document that developers must provide to register their
projects with RERA. This certificate verifies the financial status of the
project, including the cost of land, construction, and development,
ensuring that funds raised from homebuyers are used appropriately.

Chartered Accountants also play a crucial role in ensuring that the funds
held in a developer's designated bank account (as required by RERA)
are used strictly for the intended purpose. Every real estate project
registered under RERA is required to maintain a separate account for
funds received from buyers. CAs are tasked with auditing this account
annually, certifying that the withdrawals made from it are in proportion
to the project's stage of completion. They must also verify that the funds
are used exclusively for the construction and development of the project.

The abovementioned certificate is also necessary for seeking

withdrawals from separate account maintained by builder in scheduled
bank containing 70% amount realized from allottees towards real estate
project.

The content of particulars:

Land cost
a. Acquisition Cost of and or DevelopmentRights,
lease Premium, lease rent, interest cost incurred
or payable on Land Cost and legal cost.
b. Amount of Premium payable to obtain
development rights, Floor Space Index (FSI),
additional FSI, fungible area, and any other
incentive under Development Rights (DR) from
Local Authority or State Government or any
Statutory Authority.
c. Acquisition cost of Transferable Development
Rights (TDR) (if any)
d. Amounts payable to State Government or
competent authority or any other statutory
authority of the State or Central Government,
towards stamp duty, transfer charges, registration
fees etc.; and
e. Land Premium payable as per Annual Schedule
of Rates (ASR) for redevelopment of land owned
by public authorities.
f. Under Rehabilitation Scheme:
I. Estimated construction cost of rehabbuilding
including site development and infrastructure for
the same as certified by Engineer.
II. Actual Cost of construction of rehab building
incurred as per the books of accounts as verified
by the CA.
III. Cost towards clearance of land of all orany
encumbrances including cost of removal of
legal/illegal occupants, costfor providing
temporary transit accommodation or rent in lieu
of Transit Accommodation, overhead cost,
IV. Cost of ASR linked premium, fees, charges
and security deposits or maintenance deposit, or
any amountwhatsoever payable to any
authorities towards and in project of
rehabilitation

Development Cost/ Cost of Construction:

a. (i) Estimated Cost of Construction as certified
by Engineer.
(ii) Actual Cost of construction incurred as per
the books of accounts as verified by the CA.
(iii) On-site expenditure for development of
entire project excluding cost of construction as
per (i) or (ii) above, i.e. salaries, consultant’s
fees, site overheads, development works, costof
services (including water, electricity, sewerage,
drainage, layout roads etc.), cost ofmachineries
and equipment including its hireand maintenance
costs, consumables etc. All costs directly
incurred to complete the construction of the
entire phase of the project registered.
b. Payment of Taxes, cess, fees, charges,
premiums, interest etc. to any statutory
Authority.
c. Principal sum and interest payable to financial
institutions, scheduled banks, non-banking
financial institution (NBFC) or money lenders
on construction funding or money borrowed for
construction.
Compliance and Regulatory Reporting
The Real Estate Regulatory Authority that is established under section
20 (1) of the Real Estate (Regulation and Development) Act,2016 is a
fascinating field for this non-advocate professional in additional to lawyers
to impart their expertise in order to assist Promoters as well as the Real
EstateAgents and allottees. The act also provides for the establishment of
the Real Estate Appellate Tribunal under section 43. The state government
by invoking section 20 (1) and 43 established State RealEstate Regulatory
Authorities and consequently the State Real EstateAppellate Tribunal
respectively. For e.g. the Government of Maharashtra has established the
Maharashtra Real Estate Regulatory Authority (MahaRERA), vide
Notification No. 23 dated 8th March 2017, for regulation and promotion of
real estate sector in the State.

As part of the compliance mechanism under RERA, Chartered Accountants

are required to submit audit reports and other financial documents to the
Real EstateRegulatory Authority (RERA) at regular intervals. These reports
help maintain transparency and protect the interests of homebuyers. CAs
ensure that developers comply with RERA's financial reporting guidelines,
such as filing annual financial statements and other declarations required by
the regulatory authority.

Additionally, the chartered accountant is given with the responsibilityto audit

the designated account in the schedule bank within six months at the end of
every financial year. While doing so he has to submit a statutory audit
report as prescribed under Regulation 4 of MahaRERA General
Regulations, 2017 read with second provision of section 4 (2) (l) (D) of
RERA. Wherein he is required to certify that the amount withdrawn has
been utilized for project only for that project and the withdrawal from the
designated bank account(s) of the said project has been in accordance with
the proportion to the percentage of completion of the project.

The Act under section 56 allows the aggrieved person to be represented by

any of the below mentioned professionals:

q. Chartered accountant
r. Company secretary
s. Cost accountant
t. Legal practitioner / advocate

Following are the opportunities provided under the Act to Chartered

Accountants:

A. To present the case before the Appellate Tribunal or the Regulatory

Authority or the adjudicating officer;

B. Drafting of Reply to show cause notice; appeal etc.;

C. Assisting client in respect of filing of application for registration under

the Act;

D. Preparing up-to-date list regarding number and types of apartments or

plots, garages booked;

E. Assisting client in taking approvals which are pending subsequent to

commencement certificate;

F. Assisting client in obtaining completion certificate or the occupancy

certificate;

G. Assisting client in obtaining the lease certificate and any other certificates
as and when required;

H. Assisting client in preparing various documents, agreement and deed

from time to time;
I. Help in maintaining web page and providing information as are required
to be mentioned on that web page;
J. Providing consultancy/opinion with respect to various transaction under
RERA and other laws;
K. Provide assistance with regard to any otherinformation and documents
 as may be demanded by the Authority; Valuation of projects under
RERA.

Duties of professionals legally representing their client:

The professionals engaged as legal representatives by the parties to the

complaint should make aware of all their rights and duties throughout the
proceedings. To expedite the proceedings, an urgent precipe may be moved,
also producing all the relevant documentation may avoid the unnecessary
postponing of the hearingfor reason want of production of same.

The representative should responsibly serve necessary documents upon the

other and take acknowledgment without fail so the practice of seeking
additional time for serving the necessary copies be prevented, which can
certainlyfasten the hearing process.

The legal representative along with the complainant should take an active
role in convincing the presiding members of facts and claim completely,
certain landmark judgments may be taken as support to strengthen the relief
ask for.
This appointed legal representative is permitted to appear before all of the
below-listed forums as consented by the concerned party:

a. before the Adjudicating Authorities under RERA in

the process ofcomplaint
b. before the Real Estate Appellate Tribunal
c. before the Conciliation and Dispute Resolution Forum
d. before any other competent authority for any other
purpose under theReal Estate (Regulation and
Development) Act, 2016.

When representative the party in court or any quasi-judicial forum every

person whether or not from a legal professional background must pledge to
their client the following:

a. that he shall protect client’s confidentiality

b. that he will conduct proper study of law and provide expert advice
c. protecting the best interest of their client and not
conduct or do any actthat will certainly jeopardize his
client interest
d. Follow the procedural rules, maintain discipline
and adhere to thelaw,ethics etc.
e. to approach appropriate method that will help in
deciding their clientmatter on merits

Since the process of seeking relief may involve a lot of stages and
approaching different forums, it advisable to keep the constant
representatives like the person who has witnessed the matter from the
very start is well familiar with the in and out of the matter, therefore it
certainly helps in better representation before furtherforums.

The representative should always seek the best interest of the party they
are appearing for. Since the act permits several non-legal professionals
to appear in proceedings, such a legal representative can inculcate the art
of advocacy. There is always a chance of improvisation. The legal
representative must be polite, non- insultive and most importantly they
should be prepared with facts, active in filing replies, submission, should
possess the knowledge of relevant decisions favoring their clients' case,
and lastly, they should focus on how the proceeding be concluded
without seeking less adjournment at the same time they should be
attentive that the opponent or their representative may not seek
unnecessary adjournments.

The complainant has a right to ask for interim relief pending the final
adjudication of the matter for instance if the complaint involves the
compensation for delay in delivery of possession on part of the promoter,
then the allottee may seek an interim relief of immediate possession of
concerning apartments. The power of issuing interim orders is given
under section 36 of the Act.

Further, the rules enacted by the respective state RERA contained the
whole procedure of deciding the complaint by the authority. For
instance MahaRERA under rule 6 of the Maharashtra Real Estate
(Regulation and Development) (Recovery of Interest, Penalty,
Compensation, Fine payable, Forms ofComplaints and Appeal, etc.)
Rules, 2017 provides a detailed procedure and manner to be effectuated
when deciding a complaint by authority.

A detailed description of such a procedure is provided below:

a. RERA upon receipt of complaint application

issues notices to the concerned opposite party
(respondent) along with the detailed particulars of
the alleged contravention and documents. Such
notice has contained the details of the time and date
of hearing fixed by the authority.
b. On the day of hearing the authority introduced the
respondent with the alleged contravention made
under the act, rules, and regulations made
thereunder.
Certain possibilities may occur
1. Either the respondent plead guilty – in such case
the authority passed the necessary order after
recording the plea and imposed relevant penalty
2. Or the respondent does not plead guilty- in such
case the authority demand explanation from the
respondent and hearing may continue for the
purpose adjudication
c. Upon the justification by the respondent the
authority is of the view that no inquiry into the facts
 required it altogether dismiss the complaint
d. However, if in view of authority inquiry is to be
made, the next hearing is to arrange wherein
demand of production of documents and necessary
evidence be made
e. After a thorough analysis of facts, submissions,
rejoinders, supporting evidence, the authority come
to conclusion and either find the respondent guilty
or not guilty under the alleged contravention, and
passthe final order accordingly
f. The authority even has the power to make ex parte
order in the event when respondent absent in the
proceedings
g. The same procedure is to follow by the Adjudicating
officer in deciding the application for claim of
compensation
h. Since the act under section 29 cast an obligation on
part of the authority to dispose of the question
come up before it in an Expeditious manner that
is within sixty days of the complaint, it certainly
motivates for the fast track redressal of dispute.

Dress and Discipline

The RERA of every state have provided the Rules and Regulations
provision of which more or less is same. From the procedural conduct
point of view let’s take a look at the Maharashtra Real Estate Appellate
Tribunal Regulations, 2019

The Maharashtra Real Estate Appellate Tribunal by invoking power

undersection 53(2) of the Real Estate (Regulations and Development) Act,
2016 have made this regulation with the intent to regulate its own practice
and procedure.

Under chapter IV of the Regulation, the Regulation 5 requires the legal

representative if they have been prescribed a dress for appearing in their
professional capacity before any Court, Tribunal or Appellate Tribunal or
other such authority, may at their option, wear the same dress.

PROCESS OF APPEAL:

The Real Estate Appellate Tribunal established Chapter VII of RERA

particularlysection 43(1) are conferred with power decide an appeal against
the order passed by RERA or an Adjudicating Authority. Sub section 5
of section43 mandatethat such appeal must be made within 60 days from the
receipt of impugned order, however in the event when the appeal is moved by
the promoter, it is an obligation upon him to deposit at least 30% of the
penalty including compensation that were imposed upon him. The process
of filling an appeal is almost same to the filling of original complaint, since
by that time the concerned is well knowledge with the practical conduct of
the forum, he may make best possible use of it. The aggrieved party must
enclosed the impugned order which is to be challenged in the appeal with a
precise point contesting the order/decision of the authority and stating why
it is not justified. However, if the person is not satisfied with the order
of appellate tribunal he may proceed with another appeal in next higher
authority which is the High Court under section 58 of RERA. Such appeal
has to be made within 60 days.

Chapter VI of the Regulation provides for the presentation of

proceedings

Regulation 9: Presentation of Proceedings

i. All appeals to be instituted with the Tribunal shall be presented

online in ‘Form C’ as prescribed.
ii. Every appeal shall be accompanied by an appeal fee of Rs. 5000/-
(Rupees Five Thousand) payable only online.
iii. The hard copy of such appeals along with attachments shall be
presented to the Office of the Registrar to the authorized person
within seven (7) days from the date of online filing. On failure to
submit hard copies within time, such appeals shall be notified by the
Registry for dismissal for want of hard copies.
iv. All other proceedings with attachments, if any, shall be instituted in
the Officeof the Registrar till the online system is in place.
v. All proceedings to be presented to the Tribunal shall be in English and
in case it is in some other language, it shall be accompanied by a true
translation of the same in English and shall be legible, type-written
orprinted in double spacing with proper margin, duly paginated,
indexed and stitched together in paper book form and shall be
presented in triplicate.
vi. The authorized official, on receipt of proceedings as per (ii), (iii) and
(iv) above, shall affix the date and seal of the Tribunal on all pages
under his initials and thereafter shall on the same day send to the
Registrar.
vii. Court fee stamps affixed on Vakalatnama, Letter of Authorization
and the documents shall be checked and entered after due
cancellation in the Court Fee Register to be maintained as per the
procedure.
viii. In case of delay, if the last day of filing appeal falls on a
holiday, that day and succeeding holidays shall be excluded for the
purpose of reckoning the period of limitation. Appeal should be
presented on the next working day succeeding the holidays from the
last date of limitation.
ix. On examination of appeals, if the Registrar finds the same in order
he shall seek appropriate orders for allotment of appeal.
Regulation 10. Documents to accompany Memorandum of Appeal

i. Memorandum of Appeal with attachments with

adequate number of copies to be served on
respondents;
ii. If appeal is presented through an Advocate,
necessary Vakalatnama duly attested with
necessary court fee stamp and Advocate Welfare
Fund Stamp if applicable. Vakalatnama shall
contain the address of the advocate with
Enrollment Number, email ID, Mobile Number etc.
for proper communication;
iii. In the event a proceeding is filed by an authorized
representative, chartered accountant, cost
accountant or company secretary as provided in
Section 56 of the Act, Power of Attorney or
authority letter in original;
iv. Certified copy of impugned order; v. All the
documents shall be produced along with the list of
documents (Form B);
v. An application for condonation of delay when
appeal is presented after expiry of period of
limitation;
vi. Other documents, if any in accordance with the law
and rules framed thereunder.

Further chapter IX of the Regulation providing for the mandate of Hearing

appeal before the tribunal required that the the document which are not
previously reliedin complaint before the RERA shall not be produced at the
time of filling the appeal unless an application for filling additional
document or evidence, the same has to be considered by the appellate
tribunal which also required to give proper opportunity to the other side. The
act mandate a time limit of 60 days upon the tribunal to dispose the appeal
[section 44(5)]

Since all the appeal u/s 44 of the act to be filed before the Maharashtra Real
EstateAppellate tribunal, to be in form C contained under the Regulation.

PROCEDURE OF CONCILIATION IN RERA MATTERS

The RERA is one such legislation which along with providing the
transparency in the real estate transaction have sufficiently given boost the
amicable solution of dispute. The State Real Estate Regulatory Authority
under section 32 of the act have entrusted with a duty to facilitate measures
to promote the conciliation of disputes between promoters and the allottees.
It is in exercise of such power contained under section 32 (g) the State
RERA have provided a conciliation forums however only Disputes
between promoters and allotees which are under purview of Real Estate
(Development and Regulation) Act 2016, Rules and Regulations made
thereunder shall be admissible by the Forum.

Nonetheless this have opened yet another opportunity door for the
professionals eligible to legally represent their client can appear before such
conciliation forum.

Many ways CAs contribute to the real estate sector—often in areas

you might not immediately think of.

While Chartered Accountants (CAs) are well-known for their role in RERA
compliance, theirinvolvement in the real estate sector goes far beyond that.
The real estate industry is vast andcomplex, and CAs can play a key role in
nearly every aspect of it. From guiding developers through the maze of
project financing to ensuring that investments are structured correctly, CAs
bring financial expertise that helps keep projects running smoothly.
1. Project Valuation and Feasibility Analysis

Before any real estate project even begins, there's a crucial step:
determining whether the project makes financial sense. This is where CAs
come in. They help developers and investorsassess the viability of a project
by valuing the land and property, calculating potential returns, and
evaluating risks. A well-executed feasibility study can save a lot of
headaches later on.

2. Financial Structuring and Project Financing

Real estate projects often need a variety of financing methods—loans,

investments, joint ventures, etc. CAs are experts at structuring deals that
minimize risk while ensuring that funds are used efficiently. They help
developers navigate financing options and structure their capital in the
most cost-effective way.

Whether it's helping developers get bank loans, structuring partnerships, or

finding alternative financing sources, CAs are the financial architects
behind many real estate projects.

3. Tax Planning and Optimization

Real estate deals are full of tax implications. Capital gains tax, GST, stamp
duties—you name it. CAs are crucial for navigating these complexities
and helping clients minimize their tax liabilities. Whether it’s structuring
a property sale to reduce capital gains tax or helping developers
understand GST on real estate transactions, CAs ensure that their clients
don’t paymore tax than necessary.

They can also help with stamp duty, TDS (Tax Deducted at Source), and
ensuring that everything is compliant with the latest regulations, so
 developers and investors can focus on what they do best—building and
investing.

4. Real Estate Investment Advisory

Investors looking to get into the real estate game need more than just a good
eye for property—they need sound financial advice. CAs are ideally suited
to offer investment advisory services.They help investors assess market
conditions, evaluate potential risks, and develop strategiesto maximize
returns. Whether it's advising on rental income, property flips, or long-
term investment strategies, CAs offer critical insights.

They also help investors diversify their portfolios to manage risk

effectively and ensure sustainable returns.

5. Mergers and Acquisitions (M&A) in Real Estate

The real estate sector is full of mergers, acquisitions, and joint ventures,
and CAs play a key role here too. When developers or investors look to
buy or merge with other companies or properties, CAs conduct due
diligence. They ensure that the financials of the deal are sound,
identifying any potential liabilities or risks that could affect the deal.
They help structure transactions in the most tax-efficient way and ensure
compliance with legal and financial regulations.

In short, CAs are the financial experts who make sure that mergers and
acquisitions go smoothly and are beneficial to all parties involved.

6. Forensic Accounting and Fraud Prevention

Real estate can be a high-risk industry when it comes to financial

mismanagement and fraud. CAs with a background in forensic accounting
are invaluable in detecting financial discrepancies, fraud, or
misappropriation of funds in projects. They’re often called upon to
investigate and resolve issues related to missing funds or financial
irregularities, helping to maintain transparency and trust.

By conducting regular audits, CAs ensure that the financials of real estate
projects are in orderand that funds are being used as intended.

7. Construction Cost Management and Budgeting

Once a project is underway, managing costs becomes a critical concern.

CAs help developers create accurate budgets, track expenses, and ensure
that the project stays within financial limits. They can audit construction
costs, ensuring that materials, labor, and overheads are properly
accounted for.

By monitoring spending closely, CAs help avoid cost overruns and

ensure that the project remains financially viable throughout its life cycle.

8. Legal and Contractual Advisory

Real estate transactions involve a lot of legal paperwork—sale

agreements, joint venture contracts, lease agreements, and more. While
CAs aren’t lawyers, their financial expertise makes them invaluable when
it comes to reviewing and negotiating contracts. They work alongside
legal professionals to ensure that contracts are financially sound and that
all financial obligations are clearly outlined.

From negotiating terms to reviewing agreements, CAs are key partners in

ensuring that everything is financially favorable for their clients.

9. Sustainability and Green Building Advisory

With the increasing focus on sustainability in construction, CAs are

stepping in to help developers manage the financial side of green building
initiatives. They help calculate the costs and savings associated with
sustainable building practices, assess potential tax incentives for eco-
friendly construction, and ensure that projects are financially viable while
meeting environmental standards.

Their expertise is especially helpful in evaluating the financial implications

of achieving greencertifications (like LEED) and navigating incentives for
sustainable construction.

10. Financial Reporting and Compliance

Real estate companies need to adhere to a wide range of financial

reporting requirements, from tax filings to financial statements. CAs are
the professionals who ensure that all reports are accurate, up-to-date, and
compliant with regulatory standards. They assist with filing returns,
preparing annual reports for investors, and keeping track of everything
from rental income to construction costs.

CAs ensure that developers maintain a clear, transparent financial record,

which is vital for attracting investment, securing loans, and keeping
stakeholders informed.

11. Property Management and Operational Efficiency

For investors or property management companies with multiple

properties, CAs can handle everything from tax filings to cost analysis.
They track income from rents, advise on the best tax treatment, and
optimize operational expenses to increase profitability.

By helping property owners streamline costs, CAs can improve the

financial performance ofindividual properties and entire portfolios.
12. Land Acquisition and Sales Advice

Acquiring land for real estate development is a complex process,

involving zoning laws, land valuation, and financial structuring. CAs
assist developers in assessing the financial aspects of land purchases,
helping with due diligence, financing, and structuring deals that are both
legally and financially sound.

They also provide advice on the sale of land, helping developers get the
best price and optimize the tax implications of the sale.

Conclusion -

Chartered Accountants bring a wealth of expertise to the real estate

sector, contributing far more than just financial audits and tax
compliance. From helping structure financing deals to offering strategic
investment advice, managing construction budgets, and ensuring
regulatory compliance, CAs are integral to the success of real estate
projects. As the industry grows and becomes more complex, the role of
CAs will continue to expand, offering them new opportunities to add
value at every stage of the real estate process.

With their diverse skill set and strategic insights, CAs are truly the
backbone of the real estatesector’s financial health and success.

Useful Websites

1. The Revenue Department https://rfd.maharashtra.gov.in/en

2. The Development Authority/ or the local Municipal
Authority (in case of Mumbai district this may be
obtained from Bombay Municipal Corporation
https://portal.mcgm.gov.in/irj/portal/anonymous )
3. The Building Proposal Office
https://autodcr.mcgm.gov.in/bpamsclient2/Login.aspx
4. Tree Authority Committee/ Water and Drain
Department/ Sewage Department/ Electrical
Department/ Traffic and Co-ordination department/
Chief Fire Officer under Municipal Corporation
https://portal.mcgm.gov.in/irj/portal/anonymous
5. The Ministry of Environment, Forest and Climate
Change / the State Environment Impact Assessment
Authority (SEIAA)/ State level expert Appraisal
Committeehttp://environmentclearance.nic.in/
6. The Archeological survey of Indiahttp://asiegov.gov.in/
7. The Pollution control board https://mpcb.gov.in/node

8. The Civil Aviation Departmenthttps://www.civilaviation.gov.in/

9. The Central Ground Water Authority

http://cgwa-noc.gov.in/LandingPage/index.htm
10. The Coastal Zone Management Authority
https://mczma.gov.in/
11. The Public Work Department
https://pwd.maharashtra.gov.in/
12.https://rera.ap.gov.in/RERA/Views/Home.aspx
13.https://rera.ap.gov.in/
14.http://123.63.38.197/
15.https://rera.cgstate.gov.in/
16.https://rera.goa.gov.in/reraApp/home
17.https://gujrera.gujarat.gov.in/
18.www.harayanarera.gov.in
19.www.harayanarera.gov.in
20.http://www.hprera.in/WebSite/Home
21.https://jharera.jharkhand.gov.in/
 22.https://rera.karnataka.gov.in/home?lan
guage=en23.https://rera.kerala.gov.in/
24.http://www.reat.mp.gov.in/contact-us
25.https://maharera.mahaonline.gov.in/
26.http://udpamizoram.nic.in/RERA.html
27.https://rera.odisha.gov.in/
28.https://www.rera.punjab.gov.in/index.
html 29.https://rera.rajasthan.gov.in/
30.https://rera.rajasthan.gov.in/Tribunal
31.https://www.rera.tn.gov.in/
32.http://rera.telangana.gov.in
/ 33.https://rera.tripura.gov.in/
34.http://www.uhuda.org.in/
35.https://www.up-
rera.in/index.aspx
36.http://rera.chbonline.in/
37.https://rera.delhi.gov.in/
38.http://prera.py.gov.in/

EASE OF DOING INITIATIVES OF MAHARASHTRA

1. All land titles or deed records have been digitized at

the Sub-Registrar’s Office (SRO)
http://igrmaharashtra.gov.in/
A. iSarita 2.0 IGR Application
https://appl1igr.maharashtra.gov.in/NGDRS_MH/Citizenent
ry/genernalinfoentry/70 672950673628
B. Property valuation (general information about all
the space rates)
http://igrmaharashtra.gov.in/eASR/frmMap.aspx
C. Land records maharashtra
https://mahabhumi.gov.in/mahabhumilink
D. Download facility for digital 7/12; 8A and property
card etc
https://digitalsatbara.mahabhumi.gov.in/DSLR;
digitized document downloaded at 15 rs.
E. PR Card application status
https://digitalsatbara.mahabhumi.gov.in//pc_status
Application incoming number is to put
F. Integrated property registration portal
https://registeringproperty.mahabhumi.gov.in/
G. E mojani check mojani application
status
https://emojni.mahabhumi.gov.in/emoj
ni/mojani/pgLogin.as px
H. Public data entry for property registration and
mutation (update) land records
https://pdeigr.maharashtra.gov.in/frmLogin
facilities
Such as 1. Marriage registration 2. E registration
3. E filing 4 7/12 mutations 5 e property card

I. Village digital notice boards

https://digitalsatbara.mahabhumi.gov.in/aaplichawdi
J. mutation dashboard
K. bhu nakasha
https://bhunaksha.nic.in/bhunaksha/index.jsp
available for 12 states
A. Central Registry of Securitisation Asset
Reconstruction and Security Interest (CERSAI)
section 8 company located in new delhi
https://cersai.org.in/CERSAI/home.prg created to
 check frauds in lending against equitable
mortgages, in which people would take multiple
loans on the same asset from different banks.
B. E-records available
https://aapleabhilekh.mahabhumi.gov.in//erecords/