14 June 2023
Our company is a newly incorporated company,whether it can register in K-RERA.what is the procedure?whether all directors income tax return for past three years needed? Pls help
09 July 2024
In Kerala, the Kerala Real Estate (Regulation and Development) Act, 2015 (K-RERA) regulates real estate activities, including registration of real estate projects and real estate agents. Here’s the procedure for a newly incorporated company to register under K-RERA:
1. **Eligibility Criteria:** - Any promoter of a real estate project in Kerala needs to register under K-RERA if the project exceeds a certain threshold specified by the Act.
2. **Procedure for Registration:** - **Application:** The promoter (the newly incorporated company in your case) needs to submit an application for registration of the real estate project to the Kerala Real Estate Regulatory Authority (K-RERA). - **Documents Required:** Typically, the following documents are required: - Details of the real estate project (size, location, approvals obtained, etc.) - Promoter’s details (company incorporation certificate, memorandum of association, articles of association, etc.) - Details of directors and their consent to act as directors - Title deed of the land - Details of proposed development (layout plans, sanctioned plans, etc.) - Financial statements and audit reports of the promoter entity - **Income Tax Returns:** It is likely that the income tax returns of the company for the past three years may be required to establish the financial standing and credibility of the promoter entity. This is to ensure that the promoter has the financial capability to undertake and complete the real estate project.
3. **Fees:** There are prescribed fees for the registration process which need to be paid along with the application.
4. **Processing:** The application is processed by K-RERA, which may involve scrutiny of the documents submitted and verification of the details provided.
5. **Approval and Registration:** Upon successful verification and satisfaction of all requirements, K-RERA will approve the registration of the real estate project. The registration certificate is issued once approved.
6. **Compliance:** Post-registration, the promoter needs to comply with various provisions of K-RERA, including disclosures, reporting, and adherence to the timelines and quality standards specified under the Act.
It’s advisable to consult with a local legal expert or a chartered accountant who specializes in real estate matters in Kerala. They can guide you through the specific requirements, documentation, and procedural aspects related to K-RERA registration for your newly incorporated company. This will ensure that your application process is smooth and compliant with all regulatory norms.
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