The two most profitable arenas for young Chartered Accountants (CAs) are arguments and compliances, and the Real Estate Regulatory (RERA) Act has extensive compliances. According to a 32-year-old Chartered Accountant (CA), Aditya Zantye, the RERA Act, 2016 has great potential in the Indian legal space.
Zantye, who has been practising since 2015 and is also the Secretary of the RERA Practitioners’ Welfare Association, said that developers willing to register their real estate projects under RERA must comply comprehensively. Since compliance is a lucrative exercise for young CAs, most are approaching to take up RERA practice.
According to Zantye, the arguments are majorly meant for lawyers or advocates, while CAs are currently more focused on compliances. However, that’s surely transforming, and CAs are also trying their hands on arguments. While developers hire CAs, aggrieved home buyers approach lawyers.
For more detailed insight on how RERA is proving a lucrative option for CAs, scroll down this piece of content!
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Chartered Accountants Practicing in RERA
Under Section 56 of the RERA Act, 2016, the appellant or applicant may either show up in person or allow one or more Cost Accountants, Company Secretaries, CAs, legal practitioners or any of its officers to present and submit the appellant’s case before the Regulatory Authority, adjudicating officer, or Appellate Tribunal.
Likewise, a CA is allowed to practice in the SEBI (Securities and Exchange Board of India), along with the NCLAT (National Company Law Appellate Tribunal) and the NCLT (National Company Law Tribunal).
According to Krunal Majethia, another 30-year-old CA practising for five years now, “RERA compliance is lucrative and so is handling clients for the real estate sector.”
Furthermore, he added that he has been practising on RERA with his partner since 2017, and many things have transformed over the years. Something new gets added daily, and MahaRERA is getting stringent about compliances daily; CAs have many opportunities here. Besides, a developer can hire a CA at a lot lesser cost than employing an advocate.
Majethia also said that CAs are currently on the compliance end as none of the clients had to be entangled in front of the tribunal or RERA authority. However, they will surely find multiple opportunities for arguments in the future. It’s innate that the scope for arguments will grow as the obligations on compliance increase. With a lot more practice in compliance, they plan to step into arguments for their business expansion. According to them, they would have garnered substantial wealth by completing 10 years in the profession to make practising worth in RERA.
see also – Why is Gurgaon Leading the List of Increasing Housing Prices?
What’s ICAI Take on CAs Practicing in RERA?
The ICAI (Institute of Chartered Accountants of India) has discovered that young minds are more inclined toward the young law; hence, the institute sees a lot of potential in the RERA space. Therefore, the ICAI conducted a conference on the scope of practising in RERA.
The Chairman of WIRC (Western Indian Regional Council) of ICAI, CA Murtuza Kachwala, said that they have been organising conferences to train, upskill and keep the CA members up-to-date on the latest happenings in all aspects and topics pertaining to their profession. The RERA conference was conducted to create awareness about the developments and issues related to RERA and the opportunities it offers CAs and lawyers.
Kachwala believes that the conference helped Chartered Accountants by rendering deep insight into the preparation and handling of cases related to RERA. He foresees a great opportunity for CAs in the areas of the appellate tribunal, case laws, and quality certifications.
Which One to Choose — NCLT or RERA?
According to Vikas Khiyani, a 28-year-old CA (for the last three years) and Insolvency Professional (IP), practising both in NCLT and RERA, says that both NCLT and RERA are equally lucrative. He said that the issue of clients in RERA belongs to the real estate industry, but in NCLT, it is quick and completely distinctive. As regards regular income, RERA has a lot of scopes as RERA involves regular compliances. However, unlike NCLT, the scenario is the opposite as it involves arguments.
Insolvency and Bankruptcy Code (IBC) practice at the NCLT is evolving and highly lucrative. Young professionals can now be designated as resolution professionals/ interim resolution professionals in case–
- They have registered with the Insolvency and Bankruptcy Board of India (IBBI) and an Insolvency Professional
- They have pursued a two-year graduate insolvency program from the Indian Institute of Corporate Affairs.
In such a situation, where several stakeholders like lenders, promoters, suppliers, etc., work becomes more challenging.
According to Vikas, both NCLT and RERA are good for practice. Having a background in RERA will help in the real estate matters of NCLT. However, he will be working on the compliance side of the RERA and will step into arguments gradually. He added that since RERA is a very young law, it carries tremendous scope for young CAs and will help them shape their career as it has been shaping itself.
