Chartered Accountant
"Chartered Accountant" means a Chartered Accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 or any other law for the time being in force and who has obtained a Certificate of Practice under sub-section (1) of section 6 of that Act.
Recognizing the skills of the Chartered Accountants, they have been given due importance and role in the RERA Act towards protecting the misapplication of the deposits by the Promoters.
The core activity of CA has been covered in RERA. Certificate by a Chartered Accountant is to be issued with set of objects and intentions with intent to express the professional opinion or state the facts based on the information, explanation, documents received from the Promoters.
Chartered Accountant will ensure that 70% of the amount realized by the Promoter for the real estate project from the Allottees is deposited in separate bank account and is being utilized for the project and the withdrawal is in proportion to the percentage of completion of the project. Also the promoter shall get his accounts audited within six months after the end of every financial year by a Chartered Accountant in practice, and shall produce a statement of accounts duly certified and signed by such Chartered Accountant.
Furthermore, it is to be noted that a separate or another CA is required to get the Books of Accounts Audited. That means, a CA who certifies the documents of the project cannot be appointed as an Auditor.
Also Chartered Accountants can be appointed as legal representative by the Promoter to present him or its case before the Appellate Tribunal or the Regulatory Authority.