RERA Registration

About RERA Registration- The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry.
Objective of the Authority- The major objective of the Authority will be regulation and promotion of the real estate sector with the intention to bring transparency in the real estate business by insisting mandatory disclosure of project details to the property buyers. It also aims to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and for matters connected therewith or incidental thereto. Without registering the project with the Authority, no advertisements shall be issued and no advance or deposits shall be accepted without executing agreement with buyers. Registration of all real estate agents with the Authority is mandatory under the Act.

Advantages of RERA Registration-:-

1. RERA aims to reduce project delays and mis-selling. In order to do so, authorities have made it mandatory for all builders/developers to carry out RERA registration before they start a project.
2. RERA has been sub-divided into smaller regulatory bodies, each of which look after the real estate development in a single state or union territory in India.
3. RERA rules are applicable to both residential and commercial properties.
4. The standardisation brought about by RERA aims to protect the interests of buyers and developers alike.
5. The RERA Act has brought about more accountability and transparency within the real estate industry.

Projects under RERA Registration:-

1. The promoter has received completion certificate of the project prior to commencement of Act.
2. The area of land proposed to be developed does not exceed 500 sq. mt.
3. The number of apartments is not more than 8.
4. Any repair or renovation of an existing building or structure that does not require marketing, advertising, and selling of any apartment or plot.

Procedure to Register Projects under RERA:-

1. Open a bank account and then collect all the necessary documents.
2. Fill and submit Form A, the form for RERA registration. As a promoter or agent you will also have to submit Form B, declaring your role within the real estate industry.
3. Apart from this you may have to submit other forms as per RERA rules to clarify your project’s details.
4. Pay the RERA registration fees to complete the registration process. This amount varies from state to state.
5. Once registered, use the RERA number allotted to you and the project for all future communication.

Documents required under RERA Registration:-

1. PAN Card of the builder
2. ITR of last 3 years and the balance sheet of the builder
3. The builder must clarify about the apartment (carpet area, number of floors, parking space)
4. Declaration by the builder of having legal title of the land with proof
5. Details of the land (rights, title, mortgage)
6. If the builder is not the owner of the land, the consent letter of the actual owner with documents will be required
7. Details of the project (location, sanctioned plan, layout plan)
8. Ownership documents (proforma of allotment letter, agreement of sale)
9. Information of the persons involved (Architects, Engineers and others)