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June 2026Q. 1(d)2 marksSyllabus 2022
Show the facts common to all parts of Q. 1
Sunshine Builders Pvt. Ltd. launched a residential project named Green Valley Residency in 2023 comprising 120 apartments on 2,000 sq. meters of land. The promoter started advertising the project through brochures and online portals, promising possession within 24 months and highlighting amentities such as a clubhouse and landscaped gardens.
The promoter accepted booking amounts up to 20% of the apartment cost from several buyers without executing a registered agreement for sale. Some buyers paid advances based solely on the advertisement and model flat displayed at the site office.
Sunshine Builders applied for registration of the project before the Real Estate Regulatory Authority (RERA) but failed to disclose certain pending litigation relating to the title of the land.
The Authority did not communicate approval or rejection within 30 days. Meanwhile, the promoter continued construction and marketing activities.
After two years, the project remained incomplete and possession was delayed by 12 months beyond the promised date. Further, certain promised amenities were not constructed. Devendra, an allottee, decides to withdraw and seek refund, while another allottee, Surendra, wants possession along with compensation for delay. The promoter has also neither executed conveyance deeds nor handed over the common areas despite obtaining the occupancy certificate. Aggrieved allottees have now approached RERA seeking relief.
Based on above facts, answer the following under the Real Estate (Regulation and Development)
Act, 2016 :
(d)What remedies are available to a buyer under Section 12 of the Act, if the advertisement, prospectus or model flat contains false or incorrect representations ?
Section 12 of the Real Estate (Regulation and Development) Act, 2016 provides remedies to the buyer. Where any person makes an advance or a deposit on the basis of the information contained in the notice advertisement or prospectus, or on the basis of any model apartment, plot or building, as the case may be, and sustains any loss or damage by reason of any incorrect, false statement included therein, he shall be compensated by the promoter in the manner as provided under the Act.
If the person affected by such incorrect, false statement contained in the notice, advertisement or prospectus, or the model apartment, plot or building, as the case may be, intends to withdraw from the proposed project, he shall be returned his entire investment along with interest at such rate as may be prescribed and the compensation in the manner provided under the Act.
Source: ICSI Guideline Answers, June 2026, Q. 1(d) (Syllabus 2022).
December 2024Q. 2(c)(i)2 marksSyllabus 2022
Show the facts common to all parts of Q. 2
(c)“Neev Builders” launched a luxury housing project, issued a prospectus and advertised that these spacious apartments would have scenic views and all the global amenities. Umesh was impressed by this advertisement and made advance payment to book an apartment.
However, later discovered several significant disparities and amenities from the promises made in the advertisement. Umesh wants to withdraw from the project.
Answer the following questions as per the provisions of Real Estate (Regulation and Development) Act, 2016 :
(i)Explain the obligations of Neev Builders regarding veracity of the advertisement or prospectus.
Where any person makes an advance or a deposit on the basis of the information contained in the notice advertisement or prospectus, or on the basis of any model apartment, plot or building, as the case may be, and sustains any loss or damage by reason of any incorrect, false statement included therein, he shall be compensated by the promoter in the manner as provided under the Real Estate (Regulation and Development) Act, 2016.
Source: ICSI Guideline Answers, December 2024, Q. 2(c)(i) (Syllabus 2022).
December 2024Q. 2(c)(ii)3 marksSyllabus 2022
Show the facts common to all parts of Q. 2
(c)“Neev Builders” launched a luxury housing project, issued a prospectus and advertised that these spacious apartments would have scenic views and all the global amenities. Umesh was impressed by this advertisement and made advance payment to book an apartment.
However, later discovered several significant disparities and amenities from the promises made in the advertisement. Umesh wants to withdraw from the project.
Answer the following questions as per the provisions of Real Estate (Regulation and Development) Act, 2016 :
(ii)Can Umesh withdraw from the project ?
If the person affected by such incorrect, false statement contained in the notice, advertisement or prospectus, or the model apartment, plot or building, as the case may be, intends to withdraw from the proposed project, he shall be returned his entire investment along with interest at such rate as may be prescribed and the compensation in the manner provided under the Real Estate (Regulation and Development) Act, 2016.
In view of the above, Umesh can withdraw from the project. Neev Builders have to compensate any loss sustained by Umesh.
Source: ICSI Guideline Answers, December 2024, Q. 2(c)(ii) (Syllabus 2022).
June 2026Q. 1(b)2 marksSyllabus 2022
Show the facts common to all parts of Q. 1
Sunshine Builders Pvt. Ltd. launched a residential project named Green Valley Residency in 2023 comprising 120 apartments on 2,000 sq. meters of land. The promoter started advertising the project through brochures and online portals, promising possession within 24 months and highlighting amentities such as a clubhouse and landscaped gardens.
The promoter accepted booking amounts up to 20% of the apartment cost from several buyers without executing a registered agreement for sale. Some buyers paid advances based solely on the advertisement and model flat displayed at the site office.
Sunshine Builders applied for registration of the project before the Real Estate Regulatory Authority (RERA) but failed to disclose certain pending litigation relating to the title of the land.
The Authority did not communicate approval or rejection within 30 days. Meanwhile, the promoter continued construction and marketing activities.
After two years, the project remained incomplete and possession was delayed by 12 months beyond the promised date. Further, certain promised amenities were not constructed. Devendra, an allottee, decides to withdraw and seek refund, while another allottee, Surendra, wants possession along with compensation for delay. The promoter has also neither executed conveyance deeds nor handed over the common areas despite obtaining the occupancy certificate. Aggrieved allottees have now approached RERA seeking relief.
Based on above facts, answer the following under the Real Estate (Regulation and Development)
Act, 2016 :
(b)Is booking amount up to 20% of the apartment cost valid ? Give reason.
According to Section 13 of the Real Estate (Regulation and Development) Act, 2016, a promoter shall not accept a sum more than ten per cent of the cost of the apartment, plot, or building as the case may be, as an advance payment or an application fee, from a person without first entering into a written agreement for sale with such person and register the said agreement for sale, under any law for the time being in force.
Therefore, booking amount up to 20 % of the apartment cost is not valid.
Source: ICSI Guideline Answers, June 2026, Q. 1(b) (Syllabus 2022).
June 2026Q. 1(g)3 marksSyllabus 2022
Show the facts common to all parts of Q. 1
Sunshine Builders Pvt. Ltd. launched a residential project named Green Valley Residency in 2023 comprising 120 apartments on 2,000 sq. meters of land. The promoter started advertising the project through brochures and online portals, promising possession within 24 months and highlighting amentities such as a clubhouse and landscaped gardens.
The promoter accepted booking amounts up to 20% of the apartment cost from several buyers without executing a registered agreement for sale. Some buyers paid advances based solely on the advertisement and model flat displayed at the site office.
Sunshine Builders applied for registration of the project before the Real Estate Regulatory Authority (RERA) but failed to disclose certain pending litigation relating to the title of the land.
The Authority did not communicate approval or rejection within 30 days. Meanwhile, the promoter continued construction and marketing activities.
After two years, the project remained incomplete and possession was delayed by 12 months beyond the promised date. Further, certain promised amenities were not constructed. Devendra, an allottee, decides to withdraw and seek refund, while another allottee, Surendra, wants possession along with compensation for delay. The promoter has also neither executed conveyance deeds nor handed over the common areas despite obtaining the occupancy certificate. Aggrieved allottees have now approached RERA seeking relief.
Based on above facts, answer the following under the Real Estate (Regulation and Development)
Act, 2016 :
(g)What are the promoter’s obligations regarding execution of conveyance deed and transfer of common areas under Section 17 of the Act ?
Under Section 17 of the Real Estate (Regulation and Development) Act, 2016, the promoter shall execute a registered conveyance deed in favour of the allottee along with the undivided proportionate title in the common areas to the association of the allottees or the competent authority, as the case may be, and hand over the physical possession of the plot, apartment of building, as the case may be, to the allottees and the common areas to the association of the allottees or the competent authority, as the case may be, in a real estate project, and the other title documents pertaining thereto within specified period as per sanctioned plans as provided under the local laws.
It may be noted that in the absence of any local law, conveyance deed in favour of the allottee or the association of the allottees or the competent authority, as the case may be, under this section shall be carried out by the promoter within three months from date of issue of occupancy certificate.
Source: ICSI Guideline Answers, June 2026, Q. 1(g) (Syllabus 2022).
June 2026Q. 1(e)2 marksSyllabus 2022
Show the facts common to all parts of Q. 1
Sunshine Builders Pvt. Ltd. launched a residential project named Green Valley Residency in 2023 comprising 120 apartments on 2,000 sq. meters of land. The promoter started advertising the project through brochures and online portals, promising possession within 24 months and highlighting amentities such as a clubhouse and landscaped gardens.
The promoter accepted booking amounts up to 20% of the apartment cost from several buyers without executing a registered agreement for sale. Some buyers paid advances based solely on the advertisement and model flat displayed at the site office.
Sunshine Builders applied for registration of the project before the Real Estate Regulatory Authority (RERA) but failed to disclose certain pending litigation relating to the title of the land.
The Authority did not communicate approval or rejection within 30 days. Meanwhile, the promoter continued construction and marketing activities.
After two years, the project remained incomplete and possession was delayed by 12 months beyond the promised date. Further, certain promised amenities were not constructed. Devendra, an allottee, decides to withdraw and seek refund, while another allottee, Surendra, wants possession along with compensation for delay. The promoter has also neither executed conveyance deeds nor handed over the common areas despite obtaining the occupancy certificate. Aggrieved allottees have now approached RERA seeking relief.
Based on above facts, answer the following under the Real Estate (Regulation and Development)
Act, 2016 :
(e)If Devendra decides to withdraw due to delay in possession, what relief is available to him under Section 18(1) of the Act ?
Section 18(1) of the Real Estate (Regulation and Development) Act, 2016 provides that if the promoter fails to complete or is unable to give possession of an apartment, plot or building–
(a)in accordance with the terms of the agreement for sale or, as the case may be, duly completed by the date specified therein; or
(b)due to discontinuance of his business as a developer on account of suspension or revocation of the registration under this Act or for any other reason, he shall be liable on demand to the allottees, in case the allottee wishes to withdraw from the project, without prejudice to any other remedy available, to return the amount received by him in respect of that apartment, plot, building, as the case may be, with interest at such rate as may be prescribed in this behalf including compensation in the manner as provided under this Act.
Therefore, Devendra will receive the amount paid by him along with interest at prescribed rate and compensation in prescribed manner if he chooses to withdraw from the project.
Source: ICSI Guideline Answers, June 2026, Q. 1(e) (Syllabus 2022).
June 2026Q. 1(f)2 marksSyllabus 2022
Show the facts common to all parts of Q. 1
Sunshine Builders Pvt. Ltd. launched a residential project named Green Valley Residency in 2023 comprising 120 apartments on 2,000 sq. meters of land. The promoter started advertising the project through brochures and online portals, promising possession within 24 months and highlighting amentities such as a clubhouse and landscaped gardens.
The promoter accepted booking amounts up to 20% of the apartment cost from several buyers without executing a registered agreement for sale. Some buyers paid advances based solely on the advertisement and model flat displayed at the site office.
Sunshine Builders applied for registration of the project before the Real Estate Regulatory Authority (RERA) but failed to disclose certain pending litigation relating to the title of the land.
The Authority did not communicate approval or rejection within 30 days. Meanwhile, the promoter continued construction and marketing activities.
After two years, the project remained incomplete and possession was delayed by 12 months beyond the promised date. Further, certain promised amenities were not constructed. Devendra, an allottee, decides to withdraw and seek refund, while another allottee, Surendra, wants possession along with compensation for delay. The promoter has also neither executed conveyance deeds nor handed over the common areas despite obtaining the occupancy certificate. Aggrieved allottees have now approached RERA seeking relief.
Based on above facts, answer the following under the Real Estate (Regulation and Development)
Act, 2016 :
(f)If Surendra does not withdraw from the project and continues as an allottee, state the promoter’s liability for delayed possession under Section 18(1) of the Act ?
Under Section 18(1) of the Real Estate (Regulation and Development) Act, 2016, where the allottee does not intend to withdraw from the project, the promoter shall pay interest for every month of delay till the handing over of possession, at such rate as may be prescribed.
Therefore, Surendra is entitled to receive interest for the period of delay until possession is delivered by the promotors.
Source: ICSI Guideline Answers, June 2026, Q. 1(f) (Syllabus 2022).
June 2024Q. 3(a)5 marksSyllabus 2022
(a)Rajeev booked a Flat in a housing scheme named ‘Alpha Tower’ Launched by Alpha Pvt. Ltd.
by paying the booking amount and executing the ‘Buyer’s Agreement’. As per the Buyer’s Agreement’, Flat was to be delivered with 3 years of the Agreement but the promoters of the Company failed to deliver the Flat even after 5 years. Rajeev wants to withdraw from the project and wants the refund of amount paid. Discuss as per the provisions of Real Estate Regulation and Development Law whether Rajeev can withdraw from the Project ?
What is the remedy available to Rajeev, if he does not wish to withdraw from the project ?
Section 18(1) of the Real Estate Regulation and Development Act, 2016 provides that if the promoter fails to complete or is unable to give possession of an apartment, plot or building -a. in accordance with the terms of the agreement for sale or, as the case may be, duly completed by the date specified therein, or b. due to discontinuance of his business as a developer on account of suspension or revocation of the registration under this Act or for any other reason, he shall be liable on demand to the allottees, in case the allottee wishes to withdraw from the project, without prejudice to any other remedy available, to return the amount received by him in respect of that apartment, plot, building, as the case may be, with interest at such rate as may be prescribed in this behalf including compensation in the manner as provided under this Act.
Provided that where an allottee does not intend to withdraw from the project, he shall be paid, by the promoter, interest for every month of delay, till the handing over of the possession, at such rate as may be prescribed.
The promoter shall compensate the allottees in case of any loss caused to him due to defective title of the land, on which the project is being developed or has been developed, in the manner as provided under this Act, and the claim for compensation under this subsection shall not be barred by limitation provided under any law for the time being in force.
If the promoter fails to discharge any other obligations imposed on him under this Act or the rules or regulations made thereunder or in accordance with the terms and conditions of the agreement for sale, he shall be liable to pay such compensation to the allottees, in the manner as provided under this Act.
In the light of above provision Rajeev can withdraw from the Project. If he does not wish to withdraw from the project, he shall be paid Interest for every month of delay, till the possession is handed over to him. He shall also be compensated for any loss caused to him as stated above.
Source: ICSI Guideline Answers, June 2024, Q. 3(a) (Syllabus 2022).
December 2025Q. 2(b)(i)3 marksSyllabus 2022
(b)State the penalty to be imposed in the following cases as per the provisions of the Real Estate (Regulation and Development) Act, 2016 :
(i)A Housing Scheme Project was launched by XYZ Ltd. The Promoters of the company started the selling of plots and booking of apartments without registering this project with the Real Estate Regulatory Authority.
As per Section 3 of the Real Estate (Regulation and Development) Act, 2016, no promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it, in any planning area, without registering the real estate project with the Real Estate Regulatory Authority established under this Act As per Section 59 of the RERA, if the promoter fails to do the same, he shall be liable to a penalty up to ten percent of the estimated cost of the real estate project. However, in case the promoter consistently defaults or does not comply with the directions and orders of the Authority as regards registration of the project with the Authority, he shall be liable to additional fine of ten percent of the estimated cost of the real estate project or imprisonment up to 3 years or with both.
Source: ICSI Guideline Answers, December 2025, Q. 2(b)(i) (Syllabus 2022).
June 2025Q. 3(c)5 marksSyllabus 2022
(c)A housing scheme project was launched by ABC Ltd. in 2015, which is still ongoing and has not received a completion certificate. On 1.5.2016, the Real Estate (Regulation and Development) Act, 2016 (RERA Act) came into force. ABC Ltd. now wants to register this project with the Real Estate Regulatory Authority under the RERA Act. Advise ABC Ltd.
whether it can register this project. Also, state which projects are exempt from the ambit of the RERA Act.
In the case of M/s. Newtech Promoters and Developers Pvt. Ltd. Vs. State of UP & Ors. etc, the Supreme Court of India observed that from the scheme of the Act 2016, its application is retroactive in character and it can safely be observed that the projects already completed or to which the completion certificate has been granted are not under its fold and therefore, vested or accrued rights, if any, in no manner are affected. At the same time, it will apply after getting the ongoing projects and future projects registered under Section 3 to prospectively follow the mandate of the Act 2016.
So, ABC Ltd. can register for this project as the completion certificate has not received yet.
Projects exempt from the ambit of the Act The following projects do not require to be registered under the Act:
(a)area of land proposed to be developed does not exceed 500 Sq. Meters or No. of apartments proposed to be developed does not exceed eight inclusive of all phases:
Provided that, if the appropriate Government considers it necessary, it may, reduce the threshold below five hundred square meters or eight apartments, as the case may be, inclusive of all phases, for exemption from registration under this Act;
(b)where the promoter has received completion certificate for a real estate project prior to commencement of this Act;
(c)for the purpose of renovation or repair or re-development which does not involve marketing, advertising selling or new allotment of any apartment, plot or building, as the case may be, under the real estate project.
(5 Marks)
Source: ICSI Guideline Answers, June 2025, Q. 3(c) (Syllabus 2022).
June 2026Q. 1(c)2 marksSyllabus 2022
Show the facts common to all parts of Q. 1
Sunshine Builders Pvt. Ltd. launched a residential project named Green Valley Residency in 2023 comprising 120 apartments on 2,000 sq. meters of land. The promoter started advertising the project through brochures and online portals, promising possession within 24 months and highlighting amentities such as a clubhouse and landscaped gardens.
The promoter accepted booking amounts up to 20% of the apartment cost from several buyers without executing a registered agreement for sale. Some buyers paid advances based solely on the advertisement and model flat displayed at the site office.
Sunshine Builders applied for registration of the project before the Real Estate Regulatory Authority (RERA) but failed to disclose certain pending litigation relating to the title of the land.
The Authority did not communicate approval or rejection within 30 days. Meanwhile, the promoter continued construction and marketing activities.
After two years, the project remained incomplete and possession was delayed by 12 months beyond the promised date. Further, certain promised amenities were not constructed. Devendra, an allottee, decides to withdraw and seek refund, while another allottee, Surendra, wants possession along with compensation for delay. The promoter has also neither executed conveyance deeds nor handed over the common areas despite obtaining the occupancy certificate. Aggrieved allottees have now approached RERA seeking relief.
Based on above facts, answer the following under the Real Estate (Regulation and Development)
Act, 2016 :
(c)If the promoter provided false information regarding land title at the time of registration, what penalty may be imposed under Section 60 read with Section 4 ?
If any promoter provides false information or contravenes the provisions of section 4, he shall be liable to a penalty, under section 60 of the Act, which may extend up to five per cent of the estimated cost of the real estate project, as determined by the Authority.
Source: ICSI Guideline Answers, June 2026, Q. 1(c) (Syllabus 2022).
December 2025Q. 2(b)(ii)2 marksSyllabus 2022
(b)State the penalty to be imposed in the following cases as per the provisions of the Real Estate (Regulation and Development) Act, 2016 :
(ii)A Housing Scheme Project was launched by ABC Ltd. The promoter of the company filed an application for the registration of this project giving an affidavit stating that seventy per-cent of the amounts realised for the real estate project from the allottees, from time to time, shall be deposited in a separate account to be maintained in a scheduled bank to cover the cost of construction and the land cost and shall be used only for that purpose. But, in reality, that account was never opened.
According to section 4 of Real Estate (Regulation and Development) Act, 2016 the promoter shall enclose, along with the application to the Authority for registration of the real estate project, a declaration, supported by an affidavit, which shall be signed by the promoter or any person authorised by the promoter, stating that seventy per cent. of the amounts realised for the real estate project from the allottees, from time to time, shall be deposited in a separate account to be maintained in a scheduled bank to cover the cost of construction and the land cost and shall be used only for that purpose.
According to Section 60,if any promoter provides false information or contravenes the provisions of Section 4, he shall be liable to a penalty, which may extend up to five per cent of the estimated cost of the real estate project, as determined by the Authority.
Source: ICSI Guideline Answers, December 2025, Q. 2(b)(ii) (Syllabus 2022).
June 2026Q. 1(a)2 marksSyllabus 2022
Show the facts common to all parts of Q. 1
Sunshine Builders Pvt. Ltd. launched a residential project named Green Valley Residency in 2023 comprising 120 apartments on 2,000 sq. meters of land. The promoter started advertising the project through brochures and online portals, promising possession within 24 months and highlighting amentities such as a clubhouse and landscaped gardens.
The promoter accepted booking amounts up to 20% of the apartment cost from several buyers without executing a registered agreement for sale. Some buyers paid advances based solely on the advertisement and model flat displayed at the site office.
Sunshine Builders applied for registration of the project before the Real Estate Regulatory Authority (RERA) but failed to disclose certain pending litigation relating to the title of the land.
The Authority did not communicate approval or rejection within 30 days. Meanwhile, the promoter continued construction and marketing activities.
After two years, the project remained incomplete and possession was delayed by 12 months beyond the promised date. Further, certain promised amenities were not constructed. Devendra, an allottee, decides to withdraw and seek refund, while another allottee, Surendra, wants possession along with compensation for delay. The promoter has also neither executed conveyance deeds nor handed over the common areas despite obtaining the occupancy certificate. Aggrieved allottees have now approached RERA seeking relief.
Based on above facts, answer the following under the Real Estate (Regulation and Development)
Act, 2016 :
(a)What is the legal effect if RERA neither grants nor rejects registration within 30 days ?
According to Section 5 of the Real Estate(Regulation and Development) Act, 2016, if the Authority fails to grant the registration or reject the application, the project shall be deemed to have been registered, and the Authority shall within a period of seven days of the expiry of the said period of thirty days, provide a registration number and a Login Id and password to the promoter for accessing the website of the Authority and to create his web page and to fill therein the details of the proposed project. The registration granted shall be valid for a period declared by the promoter for completion of the project or phase thereof, as the case may be.
Source: ICSI Guideline Answers, June 2026, Q. 1(a) (Syllabus 2022).