Published On : Fri, Aug 7th, 2020

Chartered accountants are the effective lnks between MAHARERA department and assessees-Girish Joshi


Recently Nagpur Branch of WIRC of ICAI, successfully hosted Virtual CPE Meet cum Webinar on – “RERA – CA Certification & Audit under MAHARERA”. The current global health crisis in the form of COVID 19, has compelled to avoid fellowship meets including seminars and conferences for CA Members. However, Nagpur Branch of ICAI, continuing with its commitment to serve the cause of profession, continuously is organising webinars of due relevance for members. Hopefully, when this phase of prescribed compulsions gets over, Chartered Accountants will be facing challenges to revive the work flow on all fronts, including representations before concerned authorities, to convince with respect to the appropriateness of workings in the matter of certifications, etc. and audit reports concerning builders and developers fraternity. With this in mind and to enable members update their knowledge bases, Nagpur Branch organized webinar.

Shri. Girish Joshi, Dy. Secretary MAHARERA, graced the webinar with his gracious presence and congratulated the efforts of Nagpur Branch in the matter of serving the fraternity under the able leadership of CA. Kirit Kalyani. He thanked Team Nagpur to give opportunity to interact with CA Members and hence able to share the initiatives and steps taken by MAHARERA Department, to ensure transparency and fair deal to the concerned stakeholders. He added to his inaugural words that, security for the people buying the property was wished to be ensured. This formed one of the core reasons to find the Act, in place, he conveyed. He shared concerns about the land records in place and said that the same need to be improved.

Shri Joshi, remarked that Chartered Accountants, Architects, Engineers and Agents are strong pillars for ensuring provisions in the interest of all and buyers, specifically. Chartered Accountants are the effective links between department and the assesses, to ensure due compliance, he added. Chartered Accountant plays an important role in the matter of providing value added consultancy to builders and developers on one hand and ensuring effective implementation of concerned provisions, on the other hand, he said. Law needs to be duly enforced and hence proper reporting for smooth implementation of MAHARERA provisions, is need of hour. This needs to be ensured to achieve desired transparency in the deals concerned. Before concluding, he ensured that the officers at MAHARERA Department at Nagpur, are always available and will help resolve any querries, etc. of the stakeholders.

CA Kirit N. Kalyani, Chairman of Nagpur Branch, remarked that, in these testing times because of unfortunate health crisis in the form of COVID 19, members were missing live seminars for getting due updation in the areas of professional interest. However, webinars getting organised and that too at regular intervals, duly are serving the purpose, in the best possible manner, Chairman remarked. He was happy to share that Nagpur Branch of ICAI, because of past presendence is fortunate to find best ever faculties to have guidance in the matter of topics concerning our professional lives. Also, it lends due satisfaction to Team Nagpur because of being duly able to enable the Chartered Accountant members ensure enviable edge at all times, CA Kirit Kalyani remarked. He also duly recognised the commitment to serve the cause of profession of Shri Girish Joshi, Dy. Secretary, MAHARERA Chief Guest and Speaker CA Ramesh Prabhu, Mumbai for taking great efforts and agreeing to deliberate and guide the members regarding RERA – CA Certification & Audit Under MAHARERA, of due relevance in professional arena.

CA. Kirit N. Kalyani, went further to add that, slowdown, setbacks on account of unfortunate outbreak of COVID 19, etc., are bound to be over, at the earliest possible time. He said RERA has given immense opportunity to the practising professionals such as Chartered Accountants and is important to effectively serve in this field in these testing times, as it is expected to be one of the major contributors in the growth of Indian economy. To make members aware of the said, one of the appealing areas in profession, Nagpur Branch has organized this webinar in the best manner possible, for serving the members, he remarked. He revived the memories of visit of faculties at Nagpur on previous occasions and shared the same with them to duly acknowledge their nice gesture to remain available for guiding the members, at all times. Before wishing to have joyous and fruitful learning sessions, he appealed the attendees to remain in touch with efforts and ventures of Nagpur Branch, to stay updated at all times.

CA Ramesh Prabhu, Mumbai, the resource person, shouldered his responsibilities to guide the members, very effectively. He presented his deliberation by classifying the same in three parts to make it simple and convincing for the attendees. He guided the members with all the critical aspects namely Overview, Certificates and Precautions and methodology to carry the audit. His indepth knowledge in the field was evident. He shared that Maharashtra became pioneer state in the year 2012, for implementing the Act. He went further to guide about the provisions of the MAHARERA Act which was implemented from May 2017, he added. The main purpose of the Act included provisions to plug loopholes either under earlier act MOFA [Maharashtra Ownership of Flat Act] which was for under construction property and was lacking due enforcement provisions, he conveyed. If something wrong doing was evidenced, customers needed to go to court for either civil or criminal matters, etc. Hence RERA came into picture to ensure transparency and efficiency of operations on part of builders and to promise fair transaction for consumers.

CA Ramesh Prabhu, fondly called as Housing Guru, went on and on to enlighten the members attending the webinar. He said that because of the provisions with respect to registering the project and agents, stakeholders and builders get secured. He clarified that both the cases of freehold and leasehold rights are also covered. He said that the parties entrusted to ensure effective implementation of provisions include architechts, engineers and Chartered Accountats. Further, it goes without saying that as the stakes are high, professionals need to be very careful while certifying, he remarked. He included various practical cases to make his presentation effective. He shared that, even housing society is also required to register. Further, penalties for non compliance are very heavy and the same can go upto thirty percent of cost of project, he added. He guided as regards disclosure requirements of inf by promoters. Registration procedure was also effectively discussed. He threw light on the provisions concerning consequences of revocation of registration of real estate project by the authorities on complaint from stake holders or suo moto, as well. Formats of certificates to be given by various professionals including architects, engineers and CAs, he shared. Chartered Accountants are entrusted with the crucial task of certifying from books of account as regards cost incurred on land and construction. This certificat effectively gives drawing power, he conveyed. Issues and intricacies to find the land cost and construction cost he shared. Value of land as per annual statement of rates is the basis to certify, important point he put forth. He resolved the querries of members after his effective deliberation.

CA Suren Duragkar, Past Chairman, coordinated the VCM. CA Jiten Saglani, Secretary, introduced the resource person for the event and proposed formal vote of thanks, as well. Prominently present on the occasion were CA Akshay Gulhane, Chairman WICASA, CA Harish Rangwani, Executive Committee Member, CA Prafulla Bagdi, CA Mohinder Chawla, CA Anu Bajaj, CA Parikshit Loya and more than 200 Chartered Accountant participants.