Learn about the distinction between RERA Form M and Form N. Also, find answers to frequently asked questions by homebuyers and real estate professionals.
Introduction
Navigating the real estate world can be challenging, especially when dealing with regulatory requirements. The Real Estate (Regulation and Development) Act, commonly known as RERA, has brought transparency and accountability to the real estate sector in India. Two critical components of RERA are Form M and Form N, which play distinct roles in the home-buying process.
In this blog post, we’ll shed light on the differences between these forms, providing clarity on all things RERA
Difference Between Form M and N in RERA
Form M and Form N are two forms used in RERA for filing complaints and applications to the Adjudicating Officer, respectively. The main difference between Form M and Form N is that Form M is used for filing complaints related to defects in the project, while Form N is used for filing complaints related to compensation.
In other words, Form M is restricted to defects only, while Form N includes compensation. The specific rules and regulations for filing complaints under RERA may vary by state, and complaints must be filed within the prescribed time limit for a project registered under RERA.
Complaint under RERA: Step-by-Step Guide
- To file a complaint under RERA, one needs to visit the state’s official RERA website and fill in the requisite details in the form prescribed.
- The complaint can be filed with the Real Estate Regulatory Authority, the conciliating forum, or the adjudicating officer.
- The form should be accompanied by a fee that would be in the form of a demand draft. The demand draft can be issued from any of the nationalized banks and should be in favour of the State Regulatory Authority.
- A concise statement of the facts and the grounds for complaint should also be mentioned in the application that the applicant is filing.
- The details of the interim order prayed also need to be added to the application.
- Once the report is received from the technical division of RERA, the complaint is listed for hearing before the presiding officer.
FAQS by Real Estate Investors
What are the objectives of RERA, 2016?
The objectives of RERA include ensuring accountability to home buyers, promoting transparency, reducing fraud and delays, assigning responsibilities to promoters and buyers, establishing a fast-track dispute resolution mechanism, and ensuring information symmetry between promoters and buyers.
What is the effective date of the Act and its applicability in India?
The Real Estate and Regulations and Development Act, 2016 became effective on May 1, 2016, and it has been applicable to all states in India, including Jammu and Kashmir since October 31, 2019.
Does the Act cover residential and commercial projects?
Yes, the Act applies to both residential and commercial real estate projects.
Does the term promoter include public bodies like Housing Boards or Development authorities?
Yes, the Act covers all private and public bodies involved in the sale of units in the real estate sector, including Housing Boards and Development authorities.
Does the advertisement include publication in the form of emails and SMS? Is issuing a prospectus considered an advertisement?
Yes, advertisement under the Act includes any document or communication through any medium, including SMS and emails. Issuing a prospectus is also considered an advertisement, and the promoter must provide all services mentioned in the prospectus.
Does the term 'allottee' include secondary sales?
Yes, an allottee includes a person who acquires an apartment/plot through transfer or sale but not someone to whom the property is given on rent.
Is 'open parking areas' part of 'common areas'?
Yes, 'open parking areas' are considered part of 'common areas' and cannot be sold to allottees.
What is included in common areas?
. Common areas include the entire project land, staircases, lifts, fire escapes, common basements, terraces, parks, play areas, premises for property management, central services installations, water tanks, community and commercial facilities, and other areas necessary for maintenance and common use.
What is the difference between a 'completion certificate' and an 'occupancy certificate'?
An 'occupancy certificate' relates to the occupation of an apartment/building with civic infrastructure that is habitable, while a 'completion certificate certifies the completion of the entire project according to approved plans.
Why is it necessary to mention carpet area over super-built-up area as per the Act?
To maintain transparency, the Act requires the disclosure of carpet area (net usable floor area excluding external walls, service shafts, etc.) to ensure home-buyers know what they are paying for.
Which projects need to be registered under RERA Act, 2016?
All new and ongoing projects must be registered under the Act since May 1, 2016, and no promoter can advertise, market, or sell plots, apartments, or buildings without registration.
What is the procedure for registering a real estate project under RERA Act 2016?
Promoters must apply for registration to the Authority, providing project details, approvals, plans, enterprise information, and more as specified in the Act. An online system for registration is to be established by the Authority.
Read more:-
- How to Search Project Details on Maharera?
- Maharera Project Details
- Functions and Powers of RERA Authority
