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Is rera registration required for land owners in joint development project in Karnataka

Logicorulezz (manager marketing) (29 Points)

29 September 2019

Landowner and developer have agreed for a joint development project with revenue sharing of 45%:55%

Please suggest if the landowner has also to get a separate rera number registration done

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6 Replies

Kapadia Pravin (17259 Points)
Replied 29 September 2019

Rera registration will be obtained by a new company formed for Joint Development by the landowner and the developer.

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Logicorulezz (manager marketing) (29 Points)
Replied 30 September 2019

The builder hasn't a created a separate company with the land owner...in such cases what has to be done

Kapadia Pravin (17259 Points)
Replied 30 September 2019

Then how is 45% or 55% determined ? Under what accounting . Then it will be AOP.

Rera registration is given to a business entity. Check with RERA office .

Logicorulezz (manager marketing) (29 Points)
Replied 30 September 2019

The developer and landowner has signed a mou in 6Lakh stamp paper In sub registrar office

Kapadia Pravin (17259 Points)
Replied 01 October 2019

Reply to my above points
6lakh mou and all that is not relevant.
How are you going to prepare BS P&L Audit (if it is) ? In whose name cheque for sale will be received and whose name expenditure bills will be taken. Who will deduct TDS on payment to contractors and whose PAN will be used.

First you both (developer / land owner) sit down , take advice of CA and then proceed further.

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Sai Ram Vobilisetty (CA) (6 Points)
Replied 04 October 2019

RERA Registration is required. Developer can take a RERA registration on his own name. Incase Landowner likes to sell the developed property he also needs to take a RERA Registration or have his name included as co-promoter in the registration taken by Developer