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:
➲ 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%
➲ 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
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
Step2. Fill the project registration form
Fill the required details
Step3: Upload 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.
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;
Step2: Upload the required documents
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
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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