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Real Estate Regulatory Authority Registration - RERA Registration

In India, the real estate sector plays an important role in meeting the housing and infrastructure growth needs and demands. Although this sector has developed rapidly in recent years, it has been largely unregulated, given the absence of professionalism

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Introduction

In India, the real estate sector plays an important role in meeting the housing and infrastructure growth needs and demands. Although this sector has developed rapidly in recent years, it has been largely unregulated, given the absence of professionalism and standardization in India where there is a state apartment act. The lack of effective consumer protection system culminated in the unscrupulous builders abusing and profiting. The Real Estate Act will thus protect buyers 'interests and will also give the sector much-needed impetus.

The Real Estate (Regulation and Development) Act, 2016 introduced to register residential real estate projects with a view to creating regulatory authorities at the state level and seeks to regulate contracts between buyers and sellers in the real estate sector to ensure effective and transparent selling of plots, apartments or buildings, etc. It also recommends ensuring greater transparency to customers and considerably reducing fraud and delays, as well as the current high transaction costs.


It seeks to balance the needs of both, by imposing those duties on buyers and promoters. It seeks to create the following:

  • ease of communication between the Promoter and the Purchaser;
  • the high degree of contractual terms transparency;
  • set minimum accountability standards; and
  • fast-track process for dispute resolution.

Benefits of registration

➲ Registered project or agent will bond under-delivery timeline

As per the bill, developers will be governed by strict regulations to ensure that construction runs on time, and flats are delivered on a specified date.

➲ Registered projects and agent will provide true and accurate detail

As per the bill, there can’t be changes to the registered plan

➲ Registered project or agent bonds to the built project in the proper structure

➲ No project can be advertised without RERA registration

➲ The amount to be paid by the buyer has been reduced from 20% to 10%

Applicability of registration:

➲ Commercial and residential real estate agent

Agents who facilitate selling and purchasing properties need to get register.

➲ Commercial and residential projects

All projects exceeding 500sq mtr or having more than 8 apartments mandatorily need to gets register.

➲ Local promoters with small projects

➲ On-going projects not having completion certificate

An on-going project without completion certificate need to apply for registration within 3 month

Procedure and Documentation for project registration

Documents required for project registration;

➲ Promoters detail, ID, Address, Photograph and contact detail (if the promoter is individual)

➲ In case promoter is company form or partnership form then the detail of all directors or partners

➲ Copy of Aadhar, PAN of promoter

➲ Approval copy from the competent authority

➲ Development plan

➲ Detail of projects like layout sanctioned plan, location, etc.

➲ Designing detail, construction detail, the technology used,

➲ IT returns and audited Balance sheet of the last 3 years

➲ Chain of the title along with title deed

➲ Architect, engineer, and other detail

➲ Other relevant documents per the demand of authority


Process of registration (for projects):

Step1. Call board meeting and pass the respective resolution for

  • Opening of the separate bank account to cover the cost of construction
  • Filing of RERA registration
  • Approval of allotment letter, sale agreement an sale deed

Step2. Fill the project registration form

Fill the required details

  • Project name and category (Residential/ commercial)
  • Project cost
  • Project location (Latitude and Longitudinal direction)
  •  Sanctioned plan detail
  • Other relevant detail

Step3: Upload Documents

  • CA certificate
  • Architect certificate
  • Structural engineer certificate
  • Allotment letter
  • Waste disposal plan
  • Waste supply plan
  • Electricity supply plan
  • NOC from the fire department
  • NOC from NGT /NHAI and other required authority
  • Other relevant documents

Step4: Make payment

After filing the registration form, do the review of form and then make payment for the registration.

Step5. File application with authority respective with state

After submission, there will be verification and inspection of the project site/ plan and all information and documents attached with the form. If the application gets approved then a registration number will be allocated for the project.

Procedure and Documentation for Agent registration

Documents required for Agent registration:

➲ Real estate agent detail such as name, address, contact details, etc

➲ PAN & Aadhar copy of the agent

➲ Address proof copy


 

Process of registration (for agent)

Step1. File application with state authority

Fill the required information;

  • Name
  • Address
  • PAN detail
  • Aadhra detail
  • Bank Account detail (if needed)

Step2: Upload the required documents

  • Aadhar copy
  • PAN copy
  • Photograph
  • And other related documents as per requirement

STEP4: Payment of registration fees

After submission of the application, the applicant needs to pay the required registration fees for the registration through available payment channel mode.  

Step5: Verification of information and uploaded documents

After filing the required form, the concerned department will verify the uploaded documents and information, and the department may raise clarification if needed, or else the application will be accepted.

Step6. Registration number

Once the application gots accepted agent will receive a registration number.

Step7. Maintaining records

Maintain books of accounts, and other transaction-related to sale and purchase (quarterly)

Step8. Update the sale detail

Provide detail of completed deal to authority like buyer detail, transaction detail

Consequences of non-registration

On non-registration, there is the penalty of upto 10% of estimated project cost and in case of continuous default, there will be an additional fine of up to 10% of the estimated project cost or 3 years imprisonment or both.

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