Licencing & Registrations -RERA Registration

RERA  REGISTRATION-BUILDERS AND AGENTS

 

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. The Act establishes a Real Estate Regulatory Authority (RERA) in each state for regulation of the real estate sector and also acts as an adjudicating body for speedy dispute resolution. The bill was passed by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016. The Act came into force on 1 May 2016 with 59 of 92 sections notified. Remaining provisions came into force on 1 May 2017. The Central and state governments are liable to notify the Rules under the Act within a statutory period of six months.

 

​

​

​

​

​

​

​

​

​

​

​

​

​

How it applies to you?

​

What Is RERA Project Registration ?

​

RERA makes it mandatory for all commercial and residential real estate projects where the land is over 500 square meters or eight apartments will have to register with regulator before launching a project. Every promoter shall make an application to the authority for registration of real estate project. Projects that are ongoing on the date of commencement of this act and for which completion certificate have not been issued have to get registered with RERA. If real estate project fails to register a property, it will attract penalty. The promoter has received completion certificate of the project prior to commencement of Act

​

• The area of land proposed to be developed does not exceed 500 sq. mt

• The number of apartments is not more than 8

• Any repair or renovation of an existing building or structure that does not require marketing, advertising and selling of any apartment or plot

• RERA is application on promoters, project and real-sate agents subject to following conditions:

• The applicability of the Act has been extended to commercial and residential real estate (including plotted development)

• All the ongoing projects that have not received Completion Certificates have also been brought under the purview of the Act and such projects will need to be registered with the Regulator within 3 months.

• Prior registration is required to be taken from RERA under respective state laws by the Real estate agents who facilitate selling or purchase of properties. Registration certificate is valid of whole state / UT.

• Application for registration must be approved or rejected within a period of 30 days from the date of application by the RERA

 

How it will useful ?

​

1. Protect the interest of allottees and ensure accountability

2. Ensure fair-play, maintain transparency and reduce frauds and delays

3. To introduce professionalism as well as pan India standardization

4. To establish informational symmetry between the promoter and allottee

5. Impose responsibility on both promoter and allottees

6. Enforce contracts by establishing a regulatory oversight mechanism

7. Develop investor confidence by promoting good governance in the sector

​

Do you require any documents for registration ?

 

The following documents are required to be submitted in triplicate:

1. PAN Card of the builder

2. ITR of last 3 years and the balance sheet of the builder

3. 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)

​

 

​