Regd_NoCHD/0092/2015-2012 Price Rs 2.70

1 · Short title and commencement: (1) These rules may be called the Punjab State Real Estate (Regulation and Development) Rules, 2017. They shall come into force on and with effect from the date of their publication in the Official Gazette. 2 . Definitions - (1) In these rules, unless the context otherwise requires; (a) Act" means the Real Estate (Regulation and Development) Act, 2016 (Central Act No. 16 of 2016); Annexure" means an annexure appended to these rules; association of allottees means a collective of the allottees of a real estate project; by whatever name called, registered under any law for the time being in force, acting as a group to serve the case of its members, and shall include the authorized representative of the allottees. ~authenticated copy" means a self-attested copy of any document required to be provided by any person under these rules; ~Form means a form appended to these rules; ~layout plan' means a plan of the project depicting the division O proposed division of land into plots, roads, open spaces, amenities, etc. and other details, as may be necessary; "partial completion certificate" means certificate issued by the Authority competent to issue the same for a part of project area on

3 · Information and documents to be furnished by the promoter for registration of real estate project - (1) The promoter shall furnish the following additional information and documents, along with those specified in section 4 for registration of the real estate project with the Authority, namely: - (a) authenticated copy of the PAN(Permanent account number) card of the promoter; (b) annual report including audited profit and loss account, balance sheet; cash flow statement, Director's report and the auditor'$ report of the promoter for the immediately preceding three financial years;

10 · Grant or rejection of registration of the real estate agent:- (1) On Section 9(3) and receipt ofthe application under rule 9, the Authority shall within a period 84 (2)(c) of thirty days either grant registration to the real estate agent Or reject the application, as the case may be: Provided that the Authority may grant an opportunity to the real estate agent to rectify the defects in the application within such time period as may be specified by it (2) Upon the registration of a real estate agent; the Authority shall issue a registration certificate with a registration number in Form H' to the real estate agent: (3) In case of rejection of the application, the Authority shall inform the applicant in Form T . The registration granted under this rule shall be valid for a period of five years. 11. Renewal of registration of real estate agent - (1) The registration Section 9(6) and granted to a real estate agent under the Act may be renewed on an 84 (2)(d) application made by the real estate agent in Form J' which shall not be less than three months prior to the expiry of the registration: (2) The application for renewal of registration shall be accompanied with demand draft or banker s cheque drawn on any scheduled bank, for a sum as mentioned in Schedule 1. (3) The real estate agent shall also submit all the updated documents set out in clauses (a) to (f) of sub-ule (1) of rule 9 at the time of application for renewal: In case of renewal of registration, the Authority shall inform the real estate agent about the same as per Form K' and in case of rejection of the application for renewal of registration the Authority shall inform the real estate agent as per Form 'T: Provided that no application for renewal of registration shall be rejected, unless the applicant has been given an opportunity of being heard in the matter: Provided further that the Authority may grant an opportunity to the real estate agent to rectify the defects in the application within such time period as may be specified by it: (5) The renewal of registration granted under this rule shall be valid for period five years_

9 · and 84 (2)(c)

12 · Revocation of Registration of real estate agent - The Authority may; due to reasons specified under sub-section (7) of section 9,revoke the registration granted to the real estate agent Or renewal thereof, as the case may be, and intimate the real estate agent of such revocation as per Form I . 13. Books of accounts, records and documents - The real estate agent shall maintain and preserve his books of accounts, records and documents in accordance with the provisions of the Income Tax Act; 1961. 14. Other functions of a real estate agent - The real estate agent shall provide assistance to enable the allottee and promoter to exercise their respective rights and fulfil their respective obligations at the time of booking and sale of any plot, apartment or building, as the case may be.

15 · Details to be uploaded on the website.-(1) The Authority shall ensure that the following information, as applicable, shall be made available on its website in respect of each project registered under the Act, namely: - A Details of the promoter including the following, namely Promoter or group Profile, a) brief detail of his enterprise including its name, registered address, type of enterprise (proprietorship, limited liability partnership, society, partnership, company, competent authority) and the particulars of registration. In case of a newly incorporated or registered entity, brief details of the parent entity including its name, registered address, type of enterprise (proprietorship, society, limited liability partnership, partnership, company, competent authority); b) background of promoter; work experience of the promoter and in case of a newly incorporated or registered entity, work experience of the Chairman, Director; Partners_ as the case may be, and that of the authorized persons of the parent entity ;and name address, contact details and photograph of the

16 · Interest payable by the promoter and the allottee - The rate of interest payable by the promoter to the allottee or by the allottee to the promoter; as the case may be, shall be the State Bank of India highest Marginal Cost of Lending Rate plus two percent: Provided that in case the State Bank of India Marginal Cost of Lending Rate is not in use, it would replaced by such bench mark lending rates which the State Bank of India may fix from time to time for lending to the general public. 17. Timelines for refund:- Any - refund of monies along with the applicable interest and compensation, if any, payable by the promoter in terms of the Act or the rules and regulations made thereunder; shall be payable by the promoter to the allottee within ninety days from the date 0n which such refund along with applicable interest and compensation, if any, becomes due.

18 · Selection of Chairperson and Members of the Authority- (1) As Section 22 and and when vacancies of Chairperson or any other Member in the Authority 84(2)() exist O arise, Or are likely to arise, the State Government may make a reference to the Selection Committee in respect of the vacancies to be filled.

44 · and 84(2)(u)

26 · Appeal and the fees payable:- (1) Every appeal filed under sub- section (1) of section 44 shall be accompanied by a fee of one thousand rupees in the form of a demand draft or bankers cheque drawn on any scheduled bank in favor of the Appellate Tribunal and payable at the branch of that Bank at the station where the seat of the said Appellate Tribunal is situated: (2) Every appeal shall be filed as per Form * along with the following documents, namely:- (a) true copy of the order against which the appeal is filed;

77 · (1) and 84(2)zd)

38 · Budget, accounts and audit - (1) At the end of the financial year of every year; the Authority shall prepare a budget, maintain proper accounts and other relevant records and prepare an annual statement of accounts in Form *0 (2) The Authority shall preserve the accounts and other relevant records prepared under sub-rule (1) for a minimum period of five years. (3) The accounts and other relevant records under sub-rule (1) shall be signed by the Chairperson, Members, Secretary and the officer in- charge of Finance and Accounts. The accounts of the Authority and the audit report shall, as soon as possible, be submitted to the State Government for laying before the State Legislature. 39. Annual Report - (1) The Authority shall prepare its annual report in Form P _ (2) The Authority may also include in the Annual Report such other matters as deemed fit by the Authority for reporting to the State Government: (3) The annual report shall, after adoption at a meeting ofthe Authority and signed by the Chairperson and Members and authenticated by affixing the common seal of the Authority, with requisite number of copies thereof; be submitted to the State Government within a period of one hundred and eighty days immediately following the close of the year for which it has been prepared.

78 · (1) and 84(2)(ze)

13 ·

1 · 1. To Bank

13 · 1.

12 · To Cash in hand

2 · 1. To Fees

133 · 1. By Overseas 133.2 By Domestic 14 By Officers: 14.1. By Pay= and Allowances 14.2 By Retirement benefits 14.3. By Other benefits

2 · 2 To Charges 23. To Fines 2.4. To Others (specify) 3 To Grants:

3 · 1. To Accounts with Government

3 · 2. To Others (specify) 4 To Gifts

14 · 4.

15 ·

15 · 1.

7 · 2 To Income on Deposits ToLoans:

15 · 3.

15 · 4

8 · 1_

8 · 2 To Others (specify) 9_ To Sale of Assets

10 · To Sale on Investments

11 ·

19 ·

20 ·

21 ·

22 ·

23 ·

25 ·

26 ·

27 ·

29 ·

30 ·

31 ·

31 · 1

31 · 2

32 ·

33 ·

33 · 1

33 · 2

333 ·

34 ·

35 ·

35 · 1.

35 · 2

35 · 3.

35 · 44.

36 ·

36 · 1

36 · 2

37 ·

61 ·

61 · 1,

37 · 3.2. To Domestic

38 ·

38 · 1, To Pay and Allowances

62 · 2.

38 · 2. To retirement Benefits

63 ·

38 · 3. To Other Benefits

64 ·

38 · 4. To Traveling Expenses

65 · .

38 · 4.1. To Overseas

66 ·

38 · 4.2. To Domestic

66 · 1,

39 ·

66 · 2.

39 · 1. To Pay and Allowances

66 · 3_

39 · 2. To Retirement Benefits

67 ·

39 · 4_

67 · 2.

39 · 4.1. To Overseas

67 · 3.

39 · 4.2. To Domestic

40 ·

41 ·

42 ·

43 ·

44 ·

45 ·

46 ·

47 · .

48 ·

49 ·

50 ·

51 ·

53 ·

54 ·

54 · 1. To Leave Salary and Pension

54 · 2.

54 · 3. To Audit Fee

54 · 4.

55 ·

56 ·

57 ·

58 ·

59 ·

60 ·

68 ·

72 ·

68 · 1. Capital Fund 68.2 Add Excess of Income over Expenditurel excess of Expenditure over Income

72 · 1.

72 · 2

683 · Other Funds (Specify) 69. Reserves

72 · 3.

73 ·

70 ·

74 ·

70 · 1. Government

74 · 1.

70 · 2 Others

74 · 2

71 ·

75 ·

75 · 1.

76 ·

77 ·

78 ·

1 · 1

1 · 7 [Applicable in case of an apartment] The Promoter shall confirm the final carpet area that has been allotted to the Allottee after the construction of the Building is complete and the occupancy certificate* is granted by the competent authority, by furnishing details of the changes,

1 · 11 The Promoter agrees to pay all outgoings before transferring the physical possession of the apartment to the Allottees, which ithas collected from the Allottees, for the payment of outgoings (including land cost, ground rent, municipal Or other local taxes, charges for water or electricity; maintenance charges, including mortgage loan and interest on mortgages Or other encumbrances and such other liabilities payable to competent authorities, banks and financial institutions, which are related to the project). If the Promoter fails to pay all or any of the outgoings collected by it from the Allottees or any liability, mortgage loan and interest thereon before transferring the apartment to the Allottees, the Promoter agrees to be liable, even after the transfer of the property, to pay such outgoings and penal charges, if any, to the authority O person to whom they are payable and be liable for the cost of any legal proceedings which may be taken therefor by such authority O person_

1 · 12 The Allottee has paid sum of Rs. (Rupees only) as booking amount being part payment towards the Total Price of the [Apartment/Plot] at the time of application, the receipt of which the Promoter hereby acknowledges and the Allottee hereby agrees to pay the remaining price of the [Apartment/Plot] as prescribed in the Payment Plan as may be demanded by the Promoter within the time and in the manner specified therein: Provided that if the allottee delays in payment towards any amount for which is payable, he shall be liable to pay interest at the rate specified in the Rules.

3 · 1 The Allottee, if resident of outside India, shall be solely responsible for complying with the necessary formalities as laid down in Foreign Exchange Management Act, 1999, Reserve Bank of India Act and Rules and Regulations made thereunder or any statutory amendment(s) modification(s) made thereof and all other applicable laws including that ofremittance ofpayment acquisition/sale/transfer of immovable properties in India etc. and provide the Promoter with such permission, approvals which would enable the Promoter to fulfill its obligations under this Agreement: Any refund, transfer of security, if provided in terms of the Agreement shall be made in accordance with the provisions of Foreign Exchange Management Act, 1999 or statutory enactments or amendments thereof and the Rules and Regulations of the Reserve Bank of India or any other applicable law The Allottee understands and agrees that in the event of any failure on his/her part to comply with the applicable guidelines issued by the Reserve Bank of India, helshe shall be liable for any action under the Foreign Exchange Management_ Act, 1999 or other laws as applicable, as amended from time to time. 3.2 The Promoter accepts no responsibility in this regard. The Allottee shall keep the Promoter fully indemnified and harmless in this regard. Whenever there is any change in the residential status of the Allottee subsequent to the signing of this Agreement; it shall be the sole responsibility of the Allottee to intimate the same in writing to the Promoter immediately and comply with necessary formalities if any under the applicable laws. The Promoter shall not be responsible towards any third party making payment/ remittances on behalf of any Allottee and such third party shall not have any right in the application/allotment of the said apartment applied for herein in any way and the Promoter shall be issuing the payment receipts in favour of the Allottee only.

9 · 3 The Allottee shall be considered under a condition of default; on the occurrence of the following events: in case the Allottee fails to make payments for_ consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard, the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules; in case of Default by Allottee under the condition listed above continues for period beyond_ consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the Apartment/Plot in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated. 10. CONVEYANCE OF THE SAID APARTMENT

14 · RIGHT TO ENTER THE APARTMENT FOR REPAIRS -

16 · GENERAL COMPLIANCE WITH RESPECT TO THE APARTMENT -

20 · THE PUNJAB APARTMENT OWNERSHIP ACT; 1995.-

24 · PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE SUBSEQUENT ALLOTTEES - It is clearly understood and so agreed by and between the Parties hereto

33 · DISPUTE RESOLUTION._ All or any disputes arising out o touching upon Or in relation to the terms and conditions of this Agreement, including the interpretation and validity of the terms thereof and the respective rights and obligations of the Parties, shall be settled amicably by mutual discussion, failing which the same shall be settled through the adjudicating officer appointed under the Act.

1 · Signature

2 · Signature