RERA Services in Raipur, Chhattisgarh

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Category Index (8 Sections)

Practice Overview

RERA Services in Raipur, ChhattisgarhServices & Regulatory Framework

Chartered Accountancy services in Raipur, Chhattisgarh & Kalahandi, Odisha. Partner-led engagement ensuring full statutory compliance under applicable laws.

The Real Estate (Regulation and Development) Act, 2016 (RERA) fundamentally reshaped how real estate projects in Raipur, Naya Raipur, and across Chhattisgarh are financed, marketed, and accounted for. Promoters are legally required to deposit seventy per cent (70%) of all customer collections into a dedicated project escrow account, with fund releases strictly tied to statutory certifications and percentage-of-completion accounting.

Critical compliance milestones under the RERA Act — including quarterly fund withdrawal certifications (Form 3), the mandatory annual audit of project accounts (Form 5), and financial dossiers for initial project registration — are reserved by statute exclusively to a Chartered Accountant in practice.

Our practice acts as independent RERA advisers and statutory certifiers for real estate promoters, builders, plotted township developers, and real estate agents throughout Raipur, Bilaspur, Durg-Bhilai, and Western Odisha.

Core Practice Areas

CG RERA Registration for Promoters and Agents

Project registration with CG RERA, agent registration & renewal, preparation of audited financial dossiers, project cost structuring, and web portal disclosure management.

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RERA Certification & Annual Audit of Project Accounts

Statutory Form 3 Chartered Accountant certificates for 70% escrow fund withdrawals, and Form 5 annual statutory audit of project accounts due by 30th September.

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CG RERA Statutory Compliance & Certification Matrix

Under Section 4(2)(l)(D) of the Act, project finances operate under a rigorous three-certificate verification mechanism before any bank releases funds from the 70% designated escrow account:

Chhattisgarh RERA Statutory Certification & Audit Matrix

Statutory Compliance	Governing Section / Form	Certifying Professional	Statutory Due Date / Trigger	Core Audit & Verification Scope
Fund Withdrawal Certificate	Section 4(2)(l)(D) / Form 3	Chartered Accountant in Practice (Independent)	Prior to each bank withdrawal (or quarterly)	Reconciles % of construction completion vs actual land & civil cost incurred
Architect Progress Certificate	Section 4(2)(l)(D) / Form 1	Empaneled Architect (Council of Architecture)	Quarterly / Prior to fund draw	Certifies physical percentage of construction completed for each tower/block
Engineer Cost Certificate	Section 4(2)(l)(D) / Form 2	Site Civil / Structural Engineer	Quarterly / Prior to fund draw	Certifies actual expenditure incurred on structural materials, steel & labor
Annual Project Statutory Audit	Section 4(2)(l)(D) 3rd Proviso / Form 5	Promoter's Statutory Auditor (CA in Practice)	Within 6 months of FY end (by 30th September)	Audits 70% designated escrow account, verifies zero fund diversion & proportional drawals
Quarterly Progress Report (QPR)	Section 11(1)(b) / CG RERA Portal	Promoter & Authorized Professional	Within 15 days of each calendar quarter end	Online update of booking counts, approvals received, site photos & completion status

Statutory Compliance: Fund Withdrawal Certificate

Governing Section / Form: Section 4(2)(l)(D) / Form 3

Certifying Professional: Chartered Accountant in Practice (Independent)

Statutory Due Date / Trigger: Prior to each bank withdrawal (or quarterly)

Core Audit & Verification Scope: Reconciles % of construction completion vs actual land & civil cost incurred

Statutory Compliance: Architect Progress Certificate

Governing Section / Form: Section 4(2)(l)(D) / Form 1

Certifying Professional: Empaneled Architect (Council of Architecture)

Statutory Due Date / Trigger: Quarterly / Prior to fund draw

Core Audit & Verification Scope: Certifies physical percentage of construction completed for each tower/block

Statutory Compliance: Engineer Cost Certificate

Governing Section / Form: Section 4(2)(l)(D) / Form 2

Certifying Professional: Site Civil / Structural Engineer

Statutory Due Date / Trigger: Quarterly / Prior to fund draw

Core Audit & Verification Scope: Certifies actual expenditure incurred on structural materials, steel & labor

Statutory Compliance: Annual Project Statutory Audit

Governing Section / Form: Section 4(2)(l)(D) 3rd Proviso / Form 5

Certifying Professional: Promoter's Statutory Auditor (CA in Practice)

Statutory Due Date / Trigger: Within 6 months of FY end (**by 30th September**)

Core Audit & Verification Scope: Audits 70% designated escrow account, verifies zero fund diversion & proportional drawals

Statutory Compliance: Quarterly Progress Report (QPR)

Governing Section / Form: Section 11(1)(b) / CG RERA Portal

Certifying Professional: Promoter & Authorized Professional

Statutory Due Date / Trigger: Within 15 days of each calendar quarter end

Core Audit & Verification Scope: Online update of booking counts, approvals received, site photos & completion status

Mandatory Thresholds for Project & Real Estate Agent Registration

Project Registration Thresholds: Mandatory before any commercial advertisement, marketing, booking, or sale commences, where either:

1. The total land area proposed to be developed exceeds 500 square metres, or

2. The total number of apartments, villas, or commercial units exceeds eight (8) across all project phases.

Both plotted development layouts and multi-storey structures are covered. The thresholds are alternative, not cumulative — a small 400 sq.m land parcel with 9 apartments requires RERA registration, as does a 600 sq.m plot with 4 duplexes.

Real Estate Agents & Brokers: Section 9 mandates that no real estate agent or marketing firm can facilitate the sale or purchase of any plot, apartment, or commercial space in a registered project without holding a valid CG RERA Agent Registration Certificate.

📋 Statutory Documentation & Checklist

Financial Dossier Required for CG RERA Registration

Under the Chhattisgarh RERA Rules, promoters must submit audited financial documentation alongside engineering and municipal master approvals:

Audited Balance Sheet & Profit & Loss Statement of Promoter for the preceding financial year
Income Tax Returns (ITR-V and computation) for the 3 preceding financial years
Statutory CA Certificate of Promoter Net Worth and financial capacity
Project Cost Estimate Breakdown (Land acquisition, civil construction, development fees & finance cost)
Means of Finance Statement (Promoter equity contribution, bank project loans & estimated customer advances)
Title Search Report, Non-Encumbrance Certificate & 30-year revenue ledger trail

⚠️ Statutory Penalty & Regulatory Risk Advisory

The Mandatory CA Independence Rule

A critical regulatory safeguard enforced under RERA regulations requires that the Chartered Accountant issuing Form 3 withdrawal certificates must be independent and separate from the Chartered Accountant who acts as the promoter's annual statutory auditor issuing Form 5.

The annual audit is designed as an independent statutory check on fund utilisation and withdrawal ratios. Engaging the same CA firm for both roles violates regulatory independence guidelines and leads to audit rejection by the authority. Our practice assists promoters in structuring this dual-professional arrangement smoothly.

⚠️ Statutory Penalty & Regulatory Risk Advisory

Penalties & Commercial Implications of Non-Compliance

Failing to Register a Project (Section 59): Attracts a compounding penalty of up to 10% of the total estimated cost of the project, and continued default can lead to up to 3 years imprisonment.

Unregistered Agent Operations (Section 62): Attracts an escalating penalty of ₹10,000 per day for every day the default continues.

Misapplication of Escrow Funds (Section 4): Unauthorised withdrawals or cross-funding between different projects are treated as severe statutory defaults, resulting in bank account freezing, revocation of project registration, and public blacklisting on the CG RERA web portal.

📍 Pandri, Raipur Practice Headquarters

Consult CA in Raipur for RERA Services in Raipur, Chhattisgarh

Visit our Head Office at GF-28, Shyam Plaza, Pandri, Raipur or connect directly with our Chartered Accountant partners for end-to-end statutory support.

🏛️ CA in Raipur Hub →📞 +91 86978 14116

Does my project need RERA registration in Chhattisgarh?

Yes, if the land area exceeds 500 square metres or the number of units exceeds eight across all phases. Registration must be formally obtained before any advertising, marketing, booking, or agreement for sale takes place. Narrow exemptions exist only for projects that obtained a valid Completion Certificate (CC) before the RERA Act commenced, or for renovation work not involving fresh marketing or allotments.

What is the 70% designated escrow account rule under Section 4?

Promoters must deposit seventy per cent (70%) of all funds collected from homebuyers into a dedicated project bank account in a scheduled commercial bank. These funds can strictly be utilised only for the land cost and construction expenditure of that specific project, drawn strictly in proportion to the certified percentage of physical completion.

Why does a promoter need two separate Chartered Accountants under RERA?

Under RERA governance norms, the Chartered Accountant who issues quarterly Form 3 certificates for bank withdrawals cannot be the same professional who conducts the annual Form 5 statutory audit of project accounts. The annual audit must remain an independent verification of the withdrawal certificates issued during the year.

What is Form 5 and when is it due in Chhattisgarh?

Form 5 is the Annual Report on Statement of Accounts under the third proviso to Section 4(2)(l)(D). It must be certified by a Chartered Accountant in practice within six months of the end of each financial year (on or before 30th September). It certifies that project collections were deposited into the designated account and that all withdrawals complied with physical completion ratios.

Can project funds collected for Project A be used to fund land purchase for Project B?

No. Cross-funding or diverting money between projects is strictly illegal under Section 4 of the RERA Act. The annual Form 5 audit specifically scrutinizes ledger movements, bank statements, and vendor invoices to detect fund diversion, which attracts heavy statutory penalties and account freezes by the authority.

What happens if a real estate broker sells units without CG RERA registration?

Operating as an unregistered real estate agent in Chhattisgarh attracts a statutory penalty of ₹10,000 per day under Section 62 for the entire duration of the violation. Additionally, registered promoters are prohibited from paying commissions to unregistered brokers.

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