Real Estate Regulatory and Development act (rera)
Advantages
- Standardized Carpet Area
- Right to Information
- Projects can’t be delayed
- Grievances will be addressed quickly
- Builders to be held responsible for default
Eligibility for Registration
- Commercial or residential land of over 500sq m
- Commercial or residential real estate having more than 8 apartments
- Agents engaged in selling / purchasing of properties
Introduction
The Real Estate Regulatory and Development Act (RERA) was implemented on 1st May 2017, to regulate the real estate sector of India. RERA, 2017 has shaped the total regulation of the activities of the builders and has also empowered the buyers regarding the real estate regulations. Under the Real Estate Regulatory Act, 2016, every builder & promoter has to mandatorily register their real estate projects under RERA to purchase, sell, advertise, market or book.
RERA Registration ensures the effective and transparent regulation of the contract between the purchaser and seller of the plot, apartment, or building. Furthermore, it aims to ascertain the higher responsibility towards the clients and lessen up the delays, fraudulent acts & high transaction costs.
Following are the salient features of RERA:-
- More security to first time home buyers upon the investment made them
- Better assurance of timely possession
- More strict actions against any fraud or false promise
- Digitization of all records, to reduce the loss of data
- Quick remedies for any dispute
Who needs to apply for RERA Registration?
RERA Registration is applicable to all the Real Estate Agents, Promoters and Projects contingent upon the below-mentioned criteria:
- All commercial as well as residential real estates including the plotted development
- Every commercial, as well as the residential project that surpasses the limit of 500 square meters or have more than 8 units or apartments
- All the local promoters having small projects
- All the on-going projects which do not have any Completion Certificate (must apply within 3 months)
Documents Required For RERA Registration
RERA application must be affixed with a set of following documents:
- Builder’s/Real Estate Agent’s PAN Card.
- Apartment’s description like a total number of floors, measurement of carpet area, parking space and so on.
- Builder’s declaration and evidence that certifies his/her legal possession over the land
- Builder’s balance sheet and ITR of the preceding 3 years.
- Property’s detailed information such as title, rights or mortgage
- Project’s crucial details like location, sanctioned plan, layout plan, etc.
- Ownership documents such as allotment letter, sale agreement.
- Details about other parties who are involved like Engineers, Architects, etc.
- Consent letter of the owner along with supporting documents (when the builder is not the owner of the land)
Procedure For Registration Of Project/Agent Under RERA Act, 2016
Procedure For Registration Of Project:
1.Creation of user ID
Registration of the project starts with the creation of the user id by the promoter on the Rajasthan RERA web portal- http://rera.rajasthan.gov.in
2. Profile creation and Documents upload
In the next step, a promoter profile is created and project details (documents, maps, etc.) are uploaded by the applicant.
3. Submission of online application & fee payment
Online application for registration is submitted after the prescribed fee is paid online.
4. Issuance of Registration No.
As prescribed under Section 5 of The Real Estate (Regulation and Development) Act, 2016 The Authority grants the registration no. within a period of thirty days from the date of submitting the completed online application. Registration no. is conveyed to the applicant by e-mail and SMS.
5. Submission of hard copy of the online application
A hard copy of the online application along with promoter and project-related documents is submitted to the office of The Registrar, RERA Rajasthan, Nagar Niyojan Bhawan
6. Issuance of the certificate of registration
After submission of the hard copy, the certificate of registration is issued by the authoritative official to the applicant.
Procedure For Registration Of Agent:
1. Creation of user ID
Registration of the project starts with the creation of the user id by the promoter on the Rajasthan RERA web portal- http://rera.rajasthan.gov.in
2. Details Upload
After the Agent profile creation, details need to be uploaded by the applicant.
3. Online submission of application with fee
The application needs to be submitted online for registration along with the prescribed registration fee which must be paid via online mode.
4. Issuance of Registration Number
As prescribed under Section 5 of The Real Estate (Regulation and Development) Act, 2016, the Authority issues the registration no. within a period of thirty days from the date of submitting the completed online application. Registration no. is conveyed to the applicant by e-mail and SMS.
5. Submission of hard copy of the online application
A hard copy of the online application along with promoter and project-related documents is submitted to the office of The Registrar, RERA Rajasthan, Nagar Niyojan Bhawan
6. Issuance of the certificate of registration
After submission of the hard copy, the certificate of registration is issued by the authoritative official to the applicant.
RERA Registration Fees for Real Estate Agents
The fee for RERA registration differs from state to state. However, the estimation for the same is as follows:
- Registration fee of Rs 10,000 applies when the Real Estate Agent is a person or has a proprietorship firm.
- Registration fee of Rs 50,000 applies to the business entities like Partnership firm, LLP, Private Limited Company, One Person Company, Society, Public Limited Company.
Note:- The registration fee for RERA registration is payable during application via NEFT, RTGS System or any other alike digital transaction mode.
Validity of RERA Registration
An approved RERA registration has a validity of a period as specified by the Promoter for finishing the real estate project or as specified in the affidavit affixed with the application form. However, the validity may be further extended through an application under some circumstances like Force Majeure like flood, war, drought, cyclone, earthquake or any other natural calamity that disturbs the normal build out of the real estate project.
It should be noted that the validity can be extended by the concerned authority to a maximum time-span of one year, in case of reasonable circumstance other than force majeure.
FAQs on Rera Registration
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