INDUSTRY 4.0 – TOWARDS SMART MANUFACTURING

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(THE ARTICLE HAS BEEN BORROWED FROM MY FATHER’S BLOG)

Technology is transforming business models. As challenges for the manufacturing industry are growing, manufacturers need to transform. Industry 4.0 is a significant step closer to reality, paving the way to profitable plants with high availability. It takes transformation – digitalisation solutions to realize innovation, performance, thereby realizing their own digital enterprise.

‘Industry 4.0’, ‘Industrial Internet’, ‘Internet of Things’, and ‘big data’ are keywords that figure prominently at every trade fair. Yet, many companies are hesitant to put Industry 4.0 into practice and seem to be waiting for the decisive key technology to arrive. Against this backdrop, an Industry 4.0 smart manufacturing conclave was organized in New Delhi by Cantier Systems Pte Ltd, Singapore and Acetel Technologies Pvt Ltd, India.

Delivering the welcome address, Alok Varshney, Founder and CEO, Acetel Technologies Pvt Ltd, said that Industry 4.0 has the adoption potential to catapult the manufacturing industry.  The Indian industry cannot shy away from adopting Industry 4.0 standards and practices, which is the current trend of automation and data exchange in manufacturing technologies.

The country needs to focus on using green technologies and best practices to increase the share of manufacturing in GDP, as underlined by many leading experts in the country.

The government is aiming to increase the share of manufacturing to 25% of the GDP from the present 17%, with a view of creating millions of jobs and pushing the country’s economic growth. To achieve this target, the Indian industry has to adopt Industry 4.0, i.e., smart manufacturing, as it is important to boost manufacturing.

Focus on Industry 4.0
Industry 4.0 is leveraging for efficiency, adaptability and productivity. There are other areas that need special focus including good quality products, alignment of jobs, skilling, perfect supply chain and innovation to benefit the economy holistically.

Industry 4.0 or the fourth industrial revolution integrates the digital and manufacturing world. Technologies moving from electrified to automated, to digitalized manufacturing, such as big data and analytics, autonomous robots, IoT, cyber security and augmented reality are transforming the manufacturing landscape.

This can be the fulcrum to catapult Indian manufacturing to make India a truly global hub. The transmission will require significant economic and social change along with political and institutional frame work.

The “Make in India” initiative is spear heading wider adoption of Industry 4.0. Banking on India’s strength in information technology and a large work force of IT professionals, the transformative journey of manufacturing through Industry 4.0 has already begun in the country.

Under the government of India’s “Smart Cities Mission”, the projects to build 100 smart cities across India are being looked upon as the fore runners of the Industry 4.0 environment. Additionally, the Indian Institute of Science, Bengaluru, along Boeing, is building India’s first smart factory in Bengaluru. Bosch will begin smart manufacturing in India by 2018. General Electric (GE) has invested in smart manufacturing ecosystem in India as well.

With so much more Industry 4.0 specific information on technology and its benefits for the Indian manufacturing industry especially for the SME sector manufacturing enterprises, I am sure this informative seminar shall prepare business owners and executives to innovate new strategies and business models and lead their organizations in the digital age.

Leading for Quality
BC Rigg, COO, Cantier Systems Pte Ltd, said, “Stability is one of the key pre-requisites for smart manufacturing.” Over the last three decades, Rigg and his team have served discriminating semiconductor companies. He added, “How the leaders lead, becomes a company value, which enables the success in quality.”

The components of quality in manufacturing are the people, the equipment and the systems. Leaders lead by example. Everyone watches the leaders in the factory. The examples that leaders demonstrate are the corporate values and get emulated.

There are six values that enable success in quality. These are:-
* Do you have a substantive, meaningful job that contributes to the success of the company?
* Do you know the on-the-job behaviours and have the knowledge base to be successful?
* Has the training been identified and been made available to continuously upgrade your skills?
* Do you have a personal career plan, and is it exciting, achievable, and being acted upon?
* Do you receive candid, positive & negative, feedback at least every 30 days that is helpful in achieving your personal career plan?
* Is there appropriate sensitivity to your personal circumstances, gender, and/or cultural heritage so that such issues do not detract from your personal career plan?

The result achieved was: the employee satisfaction rose, as did employee retention. There is also a need to create an island of discipline in the sea of opportunity. Simply put, you got to have discipline, if you wish to excel!

It is sometimes necessary to benchmark (steal) good ideas from all sources. You also need to catch those people doing things right! There must be data-driven decisions. Leaders also need to make quality the No. 1 priority.

How can you do that? One way is to hire the best people, and even people better than yourself! You should also prepare for replacements, as and when they come up. Rigg added there was a need to celebrate diversity as you build your direct response teams.

Everybody should be rowing the boat in the same direction toward one set of goal. “Effective” communication regarding perfect quality work must occur at new employee orientation/regularly. To communicate this effectively, you need to know your audience and get inside their heads.

Focus on manufacturing equipment performance
Manufacturing equipment performance is typically the single biggest contributor to consistent product quality (> people). Today’s manufacturing equipment are, in many cases, programmable robots, whose repeatability and reproducibility far exceed levels of human capability. This is true, ‘if’ the robots are properly programmed, operated and maintained. Quality products need not be produced on the “latest generation” or the most expensive equipment.

With the level of equipment complexity we are seeing today, the Maintenance & Equipment Engineering (MEE) Team training and execution must be the best. As you move toward the smart factory, you move toward more human independent controls.

“Automated controls” represent a new risk, unless they are part of your preventive maintenance program. A software tool (EMMS) has been a very successful approach. Preventive maintenance can be performed based upon calendar, usage or other methods (vibration sensors, etc).

The unscheduled maintenance time intervals and technician performance can be closely monitored to help identify ways to improve the maintenance process. The Electronic Maintenance Management Software (EMMS) helps with accurate data regarding equipment problems and solutions. This leads to focused resources and continuous improvement.

If you have any customer quality issues to deal with, see that these can be predicted and dealt with, and prevented. Prevention is based on going down lower in the event chain Quality incidents and process engineering time have been wasted trying to fix the manufacturing processes that were never properly characterized.

There is a need to characterize, optimize and control the process right from the start! Rigg recommends using the M/PCpS methodology. It is a step-wise analytical investigation of a machine and process.

The machine status monitoring system (MSMS) network architecture is an electronic system. Customer quality issues can be predicted and prevented. The manufacturing self-audit system (MSA) prevents any quality incidents from happening.

MES an enabler for Industry 4.0
The Manufacturing Execution System (MES) is an enabler for Industry 4.0. MES benefits include:-

  • Real time, believable data about your factory, leading to data driven decisions.
  • Better lot planning, more in depth understanding of line flow.
  • Better product traceability.
  • Reduced manufacturing cycle time and late customer shipments.
  • More accurate/meaningful manufacturing and engineering data.
  • Better understanding of equipment utilization and OEE.
  • Reduced rework and scrap.
  • Reduced manufacturing costs.
  • It is an enabler to paperless manufacturing.

How long does it take, and how many people are needed to do the data mining required/track down the root cause and affected product in a quality accident? How many weeks or months and how many people does it take, to pull together the data needed for your ISO, QS or TS certification or recertification audits?

Most importantly, how many of you can know the total value of your inventory as of 8:00 am this morning? The ability to react quickly when the unexpected happens, matters most. It is your confidence – the ability to tell any one of your superiors exactly what is going on in your factory!
What makes Industry 4.0 smart?
Brandon Lee, Chairman, Automation Group, SMF, Singapore, and Country Manager, Applied Tech Systems Pte Ltd, spoke on ‘What makes Industry 4.0 Smart’.

There are four levels of Industry 4.0 – namely, digitization, standardization, intelligence and control, and smart manufacturing.

Industry 4.0 starts from smart factories! This includes smart mobility, power, building, logistics, etc. New technologies, such as analytics, big data, IoT, cloud, etc., has made us switch to Internet based thinking. The product, process, information, services and platform, integrates all of this.

Smart handling and flexibility allows mixed model manufacturing system. There needs to be an identification of different production units to perform correct operations. There should also be a quick changeover of operating instruction to PC centralized production machines or their operators.

In Industry 4.0, the industrial order placed should be self-organized, and have self-maintaining assets. Self-directing materials are next. There is a need to have exception-triggered handling. There should also be intelligent reporting agents running 24x7x365.
Artificial intelligence (AI) is very important here. You can have a system that can reconfigure and decide the improvement program for a particular production line,

How do we start production? For starters, look at the implications for manufacturing. You should be hitting nominals, first time, and every time. There should be increased volumes through flowing supply chains. Tomorrow’s smart digitization involves self-learning and self-healing.

Let us look at a to-do list for smart manufacturing. First, review the business structure for future market strategy. Establish the evolution milestones for the journey. Nurture new culture around new vision. Address the skills gap for the knowledge workers. Build partnerships to support the new company vision. Evolve the IT infrastructure. Digital transformation leads to business transformation.

Industry 4.0 aligned manufacturing solutions
Prabakar P Selvam, Founder and CEO, Cantier Systems Pte. Ltd, spoke on ‘Industry 4.0 Aligned Manufacturing Solutions’. There are four levels of Industry 4.0:-
* Digitization
* Standardization
* Intelligence and control
* Smart manufacturing.

Lean: Simply put, completing jobs on time using the least amount of inventory and WIP possible.

Six Sigma: A Six Sigma process produces 3.4 defects/million. The DMAIC methodology is used to drive manufacturing process towards Six Sigma.

TPM: It is a methodology aimed at forming a corporate culture focused on maximizing the efficiency of the overall production systems through teaming and empowerment. The TPM metrics are MTBF, MTBA and OEE.

He added that the key benefits of MES are:-

  • Control shop floor operations
  • Meaningful manufacturing and engineering data
  • Improved product traceability
  • Reduced manufacturing costs
  • Reduced manufacturing cycle time
  • Better understanding of equipment utilization
  • An enabler to paperless manufacturing.

The Cantier MES is a configurable and highly scalable software that includes real-time operations, quality management and maintenance management in a single application. MES provides manufacturers total control over their shop floor.

The Cantier ERP One is designed to help small and medium (SME) manufacturers in managing and controlling their manufacturing activities from shop floor to shop floor as a single integrated solution at an affordable price. It can be installed and used anywhere, on any device.

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PAYTM LAUNCHES ITS OWN PAYMENTS BANK

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Paytm has finally launched it own payments bank. Paytm Payments Bank, which was launched recently, has finalized a five-member board as it gears up to expand its physical presence to 31 branches and 3,000 customer service points in the first year.

The board will include P.V. Bhaskar, former executive director at the Reserve Bank of India, Ash Lilani, co-founder and managing partner at Saama Capital, and G.S. Sundarajan, a former director at the Shriram Group, as independent directors. Vijay Shekhar Sharma, founder and chief executive of Paytm (One97 Communications Ltd) and Renu Satti, chief executive of Paytm Payments Bank, will also be on the board.

“We are honoured to welcome Bhaskar, Sundararajan and Lilani to the Paytm Payments Bank board. We are privileged to have such imminent experts as mentors, as we chart our way towards building India’s most trusted and consumer-friendly bank and bring half a billion Indians to the mainstream economy,” Satti said in a statement.

Paytm aims to invest Rs. 400 crore over the next two years to build its banking network across the country. The first physical branch of Paytm Payments Bank went live in Noida. “We will first start the services in Delhi-NCR followed by the second phase of launch in other top metro cities,” Sharma had said. The second phase of the rollout is expected after three months. The company is expecting a customer acquisition cost of Rs. 125 – 150 crore over the next 12 months.

Paytm Payments Bank will offer accounts with a zero balance requirement and every online transaction, such as immediate payment service (IMPS) transfers, will be offered free of charge. For savings accounts, the company will also offer an interest of 4% per annum, much lower than competitor Airtel Payment Bank’s 7.2%.

Paytm Payments Bank will also offer a cashback of Rs. 250 to its first million customers who reach a deposit of Rs. 25,000. The company will issue debit cards with an annual fee of Rs. 100 in partnership with RuPay.

Paytm Payments Bank has already received investment of about Rs. 220 crore from One97 Communications Ltd and its founder Sharma in November last year. Sharma was one of the 11 recipients of the Reserve Bank of India’s payments bank licence and has personally invested Rs. 112 crore of the total investment received.

Paytm will move all active wallet accounts on the Paytm app to the payments bank. But it will allow users who do not wish to transfer their accounts to opt out by written request; for accounts dormant for six months and having zero balance, Paytm will transfer wallets only when the user notifies it to do so.

In November last year, Bharti Airtel’s Airtel Payments Bank became the first payments bank to start operations, followed by India Post Payments Bank, in the aftermatch of the note ban exercise.

WANNACRY RANSOMWARE ATTACK 2017

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Wana Decrypt0r screenshot.png

Since this is a huge and a critical issue, please refer the links mentioned below this text for a comprehensive timeline of the cyber attack, the largest and the worst computer virus attack, ever to happen in a lifetime. The WannaCry, as the virus has been named, affected almost 150 countries and affected almost a quarter of the world’s population, including India.

http://www.hindustantimes.com/world-news/hackers-exploit-stolen-us-spy-agency-tool-to-launch-global-ransomware-cyber-attack/story-LOw5de24gOPXnOS2QNK3AI.html

https://www.theguardian.com/technology/2017/may/13/accidental-hero-finds-kill-switch-to-stop-spread-of-ransomware-cyber-attack

https://www.symantec.com/outbreak/?id=wannacry

http://www.hindustantimes.com/india-news/ransomware-attack-india-issues-red-alert-cyber-experts-warn-that-monday-may-bring-more-trouble/story-O25XL8B47itgCkiAmry2JL.html?li_source=LI&li_medium=recommended-for-you

http://www.hindustantimes.com/india-news/from-britain-to-india-massive-ransomware-attack-creates-havoc/story-EJDWRHSro92oQ2E1IvGFiO.html?li_source=LI&li_medium=recommended-for-you

http://www.hindustantimes.com/world-news/hackers-exploit-stolen-us-spy-agency-tool-to-launch-global-ransomware-cyber-attack/story-LOw5de24gOPXnOS2QNK3AI.html

https://digitalguardian.com/blog/history-ransomware-attacks-biggest-and-worst-ransomware-attacks-all-time

http://www.cnbc.com/2017/05/17/the-wannacry-ransomware-attack-what-businesses-need-to-know-commentary.html

http://hotair.com/archives/2017/05/15/researcher-sees-possible-north-korean-connection-wanna-cry/

http://www.washingtontimes.com/news/2017/may/19/north-korea-denies-responsibility-over-wannacry-ra/

https://heimdalsecurity.com/blog/what-is-ransomware-protection/

DELHI METRO RAISES FARES AFTER EIGHT YEARS

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Delhi Metro passengers carrying a smart card and travelling during the off-peak hours—between 6am-8am, 12pm-5pm and 9pm onwards—will be able to avail a discount of 20%. Photo: Priyanka Parashar/Mint

Delhi Metro rides in the national capital just got costlier with a new passenger fare structure starting at Rs. 10 and going up to Rs. 50 coming into force this week.

Divided into six fare slabs, the new fare structure, Monday through Saturday, is: up to 2 km- Rs. 10; 2 to 5 km – Rs. 15; 5 to 12 km – Rs. 20; 12 to 21 km – Rs. 30; 21 to 32 km – Rs. 40; and for journeys of over 32 km – Rs. 50. You can click on this link below to calculate how much you have to pay, when you plan for a journey.

http://www.hindustantimes.com/delhi-news/calculate-how-much-the-hike-in-delhi-metro-fares-will-cost-you/story-npE2MDqAf67Zhpl3uYD3TN.html

Those carrying a smart card and travelling during the off-peak hours, between 6 AM – 8 AM, 12 PM – 5 PM and from 9 PM onwards, till end of services at 12 AM, will be able to avail a discount of 20%. On Sundays and national holidays (January 26, August 15 and October 2), there would be a discount of around Rs. 10 across slabs. In peak hours, the discounts availed would be 10%. The tariffs would rise further from October 1, when the maximum fare will turn Rs. 60, but the minimum fare would remain the same.

The hikes were announced on May 8 after the Delhi Metro Rail Corporation (DMRC) board cleared the recommendations of a fare-fixation committee. DMRC said the hike, following a gap of eight years, was crucial towards sustaining its operations against the backdrop of rising operational costs, like increase in power tariff, growing manpower bill and maintenance charge.

“Although it would not turn us profitable overnight, it would at least prevent a further rise in the operating ratio of the company, which is around Rs. 84 at the moment,” a metro official said”, metro revenue director K.K. Saberwal said. It means DMRC spends around Rs. 84 on operations for every Rs. 100 it earns. It was around Rs. 54 in 2009, when the last hike was effected and since then it has steadily risen

The accounts of DMRC, where the state and Centre hold equal equity, have been in the red for years now when factors such as the loans, it has taken from the Japan International Cooperation Agency (JICA) are considered. Annually, metro shells out an average Rs. 500 crore interest on loans, it has taken from the JICA and the principal amount comes to around another Rs. 600 – 800 crore.

The Delhi Metro’s operating ratio will further change when its upcoming corridors, as part of its Phase III expansion, are launched, taking the total length of the network to around 350 km from the existing 218 km.

ISRO LAUNCHES SOUTH ASIAN SATELLITE AS ‘GIFT’ FOR SAARC

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Built by Indian Space Research Organisation, or Isro, and funded entirely by India, GSAT-9 boosts India’s “neighbourhood first policy”, helps it carve a unique place for itself in space diplomacy by “gifting” a satellite to its neighbours. Photo: PTI

India recently launched the first South Asia Satellite, built by the Indian Space Research Organisation (ISRO) and funded entirely by India, that at once boosted its ‘neighbourhood first policy’, as well as helped it carve a unique place for itself in space diplomacy by ‘gifting’ a satellite to its neighbours.

The benefits of India’s GSAT-9, or the South Asia Satellite, include mapping natural resources, telemedicine, IT connectivity and people-to-people links. It is also expected to cement bonds between Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal and Sri Lanka, and overcome the negative vibes from Pakistan, which is the only South Asian country to opt out of the project.

Pakistan was the only country to stay away from the celebration of the launch of the satellite from Sriharikota, off the coast of Andhra Pradesh, when a group of South Asian leaders joined Indian Prime Minister Narendra Modi via a satellite link. In his remarks, Modi recalled that he had made a “promise to extend advanced space technology for the cause of growth and prosperity of our brothers and sisters in South Asia” at the 2014 summit of the South Asian Association for Regional Cooperation (SAARC) in Kathmandu.

“The successful launch of the South Asia Satellite marks the fulfilment of that. With this launch, we have started a journey to build the most advanced frontier of our partnership,” Modi said. “Our coming together is a sign of our unshakeable resolve, to place the needs of our people in the forefront. It shows that collective choices for our citizens will bring us together for cooperation, not conflict; development, not destruction; and prosperity, not poverty,” he added.

The South Asia Satellite will help partner countries in effective communication, better governance, better banking and education in remote areas, more predictable weather forecasting and efficient resource mapping, linking people with top-end medical services through telemedicine and quick response to natural disasters.

The South Asia Satellite is a geosynchronous communications and meteorology satellite. According to news reports, it will provide significant capability to each of the participating countries in terms of DTH (direct-to-home), besides linking the countries for disaster information transfer.

Each South Asian country will get access to one transponder through which they will be able to beam their own programming, besides common “South Asian programming”. The countries will have to develop their own ground infrastructure, though India is willing to extend assistance and know-how. Initially, it was to be named “SAARC Satellite”, but its name was changed to South Asia Satellite after Pakistan refused to join the project, citing monetary adversaries.

In his remarks, Afghanistan President Ashraf Ghani noted that South Asia was one of the least integrated regions in the world. “South Asia today has taken a giant step towards regional integration,” he said. Bangladesh Prime Minister Sheikh Hasina noted that the new satellite would change the face of South Asia and expand connectivity from land and water to space.

In his message, Bhutan Prime Minister Tshering Tobgay described the launch of the South Asia Satellite as an “impressive milestone in the history of the world” with one country launching a satellite for the “free use of its neighbours”. Maldives President Abdulla Yameen Gayoom said in his remarks that the launch of the satellite underlined India’s “neighbourhood first” foreign policy and showed its commitment to the development of the region.

Nepal’s Prime Minister Pushpa Kamal Dahal Prachanda said that the satellite was a “testimony” to South Asia becoming self-reliant in space science. The satellite would boost connectivity in the region that in turn would spur development. Sri Lankan President Maithripala Sirisena said that the satellite would help alleviate poverty and improve the living standards of South Asians.

NOW, CHINA’S OWN WIKIPEDIA TO BE LAUNCHED SOON

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china wikepedia

Known as the “Chinese Encyclopedia,” the country’s national encyclopedia was first published in book form in 1993. The new online edition will go live for the first time in 2018 and will be the largest and most comprehensive version so far in the series.

The Chinese Encyclopedia will however, not be open to editing by the army of volunteers, that currently add and edit articles like they do on Wikipedia. Instead, Chinese officials have said that the articles will be written by a team of scholars and experts from universities and research institutes.

More than 20,000 people have allegedly been hired to work on the project, and the Chinese encyclopedia will feature some 300,000 articles, each about 1,000 words in length.

At over 720 million users, China has the world’s largest internet user base, but it also has some of the world’s most restrictive internet laws. Content on Wikipedia is routinely blocked by China’s Great Firewall, a highly sophisticated system that blocks content critical of the ruling Chinese Communist party.

“The Chinese Encyclopedia is not a book, but a Great Wall of culture,” said Yang Muzhi, the editor-in-chief of the Chinese Encyclopedia, in April. He went on to say that China was under pressure internationally to commit to producing an online encyclopedia that would “guide and lead the public and society”.

Chinese internet companies like Qihoo 360 and Baidu currently have their own online encyclopedias, but are small in comparison to Wikipedia. China is also not the first country to create a rival to Wikipedia.

In 2014, Russia also announced plans for an alternative version of Wikipedia, with the stated aim of providing better information about the country than was available on the platform, but which has been criticized for its pro-Putin stance and revisionist view of history.

UNION GOVERNMENT PASSES BUYER FRIENDLY RERA ACT 2017

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The Real Estate (Regulation and Development) Act, 2017 (RERA) will finally give India’s real estate sector its first regulator from today. The act was passed by parliament last year and the Union Ministry of Housing and Urban Poverty Alleviation had given time till May 1, 2017, to formulate and notify rules for the functioning of the regulator.

RERA seeks to bring clarity and fair practices that would protect the interests of buyers and also impose penalties on errant builders. So what is RERA? Here is a look at the real estate regulator and how it will impact the real estate market.

According to RERA, each state and union territory will have its own regulator and set of rules to govern the functioning of the regulator. The Centre has drafted the rules for union territories, including the national Capital. While many states are still behind on schedule for notification of RERA rules, many have notified rules and a regulator will start functioning. Some of these states are Haryana, Uttar Pradesh and Maharashtra.

Despite seeing a slump in the past three years, the ticket prices are relatively high and inventories are piling up. Low demand is also contributing to the reduced recovery of investment by developers. These reasons have deterred developers from reducing the ticket prices.

RERA seeks to address issues like delays, price, quality of construction, title and other changes. Delays in projects are the biggest issue faced by buyers. The reasons are many and the impact is huge. Since the last 10 years, many projects have seen delays of up to seven years. Projects launched after the turn of this decade have faced delays as well. Some have run into obstacles even before a brick was laid.

The reasons include diversion of funds to other projects, changes in regulations by authorities, the environment ministry, National Green Tribunal and other bodies like those involved in infrastructure development and governing transport. In many places, land acquisition becomes an issue. Errant builders often sell projects to investors without the approval of plans, unauthorised increase in FAR, bad quality of construction, projects stuck in litigation and so on.

The promoter of a real estate development firm has to maintain a separate escrow account for each of their projects. A minimum 70% of the money from investors and buyers will have to be deposited. This money can only be used for the construction of the project and the cost borne towards the land.

To provide clarity to buyers, developers will have to keep them informed of their other ongoing projects. RERA requires builders to submit the original approved plans for their ongoing projects and the alterations that they made later. They also have to furnish details of revenue collected from allottees, how the funds were utilised, the timeline for construction, completion, and delivery that will need to be certified by an Engineer/Architect/practicing Chartered Accountant.

It will be the responsibility of each state regulator to register real estate projects and real estate agents operating in their state under RERA. The details of all registered projects will be put up on a website for public access. RERA talks about the quality of construction in projects.

Over the last few years, buyers have protested about poor of flats. The regulator will ensure protection to buyers in this matter for five years from the date of possession. If any issue is highlighted by buyers in front of the regulator in this period, including in quality of construction and the provision of services, the developer will have to rectify the same in a matter of 30 days.

Developers cannot invite, advertise, sell, offer, market or book any plot, apartment, house, building, investment in projects, without first registering it with the regulatory authority. Furthermore, after registration, all the advertisement inviting investment will have to bear the unique RERA registration number. The registration number will be provided project-wise.

After registering the project, developers will have to furnish details of their financial statements, legal title deed and supporting documents. If the promoter defaults on delivery within the agreed deadline, they will be required to return the entire money invested by the buyers along with the pre agreed interest rate, mentioned in the contract based on the model contract given by RERA.

After developers register with the regulator, a page will be created for the builder on the regulatory authority’s website. The developer will be given login credentials, using which it will upload all the information regarding the registered projects on the regulator’s website. The number, type of apartments, plots and projects and their completion status will be updated at a maximum quarterly basis.

If the buyer chooses not to take the money back, the builder will have to pay monthly interest on each delay month to the buyer, till they get delivery. To add further security to buyers, RERA mandates that developers cannot ask more than 10% of the property’s cost as an advanced payment booking amount before actually signing a registered sale agreement.

The regulator will have the power to fine and imprison errant builders based on a case by case basis. The imprisonment can go up to a period of three years for a project.

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