RERA’s Introduction
Builders and promoters are required to legally register their projects under the Real Estate Regulatory Act (RERA) of 2016 to engage in the buying, selling, marketing, or booking of real estate. This registration process ensures that the contracts between buyers and sellers are transparent and regulated, providing a legal framework that protects the interests of all parties involved. By mandating RERA registration for buildings, apartments, and plots, the act fosters greater accountability among developers, enhancing their obligation to clients. Furthermore, it aims to reduce instances of fraud, minimize delays, and lower transaction costs, thereby creating a more trustworthy and efficient real estate market.
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RERA’s Key Characteristics
- First-time homebuyers receive greater security for their investment.
- More timely possession assurance.
- Stricter penalties for any fraud or misrepresented information.
- Digitization of every document in order to lower data loss.
- Rapid resolutions to any disagreement.
Who Needs RERA Registration?
All real estate agents, promoters, and projects are eligible for RERA registration subject to the following requirements:
- Every piece of residential and commercial real estate, including planned developments.
- All commercial and residential projects that are larger than 500 square meters or contain more than 8 units or apartments.
- Every local promoter with a side project.
- All ongoing projects that lack a completion certificate (applications must be submitted within three months).
RERA Registration Documents in India
The following documents need to be attached to the RERA application:
- PAN card of a builder or real estate agent.
- special statistics approximately the rental, which include the total range of floors, the dimensions of the carpet, the parking space, and so forth.
- The declaration and supporting documentation from the builder attesting to their legitimate ownership of the land.
- Balance sheet and ITR of the builder for the three years prior.
- Specific details about the property, such as the title rights and mortgage.
- Important project information such as the location, approved plan, layout, etc.
- Ownership records like the sale agreement and the allocation letter.
- Information about the other parties that are involved, such as the architects and engineers.
- When the builder is not the landowner, the owner's consent letter and any supporting documentation are required.
RERA Registration for Projects and Agents
Process for Project Registration:
- The user ID is created: The promoter must first create a user ID on the Rajasthan RERA website which is located at http://rera.state.gov.in/rajasthan.
- Making of a profile and uploading of files: Next, project details (documents, maps, etc.) and a promoter profile are created that the applicant uploads.
- Application submission and payment of the fee online: After the required amount is paid online, the registration application is completed online.
- The registration number is issued: The Real Estate (Regulation and Development) Act 2016's Section 5 prescribed as follows: The Authority issues the registration number thirty days following the date the online application was submitted and completed. The registration number is sent to the applicant via text message and email.
- Online application submitted in hard copy: The office of the Registrar RERA Rajasthan Nagar Niyojan Bhawan receives a hard copy of the online application along with promoter and project-related documents.
- The registration certificate being issued: The appropriate official issues the applicant a certificate of registration following receipt of the hard copy.
Process for Agent Registration:
- The user ID is created: The promoter must create a user ID on the Rajasthan RERA website which is located at http://rera.theofficialwebsiteofRajasthan.gov.in.
- Add Details: The applicant must upload details after the Agent profile has been created.
- Online application and payment submission: For registration, the utility ought to be completed online, and the specified registration fee must be paid online.
- Registration range issuance: The actual property (regulation and development) Act 2016's segment 5 prescribes that the Authority issue the registration number inside thirty days of the date on which the online software was submitted and finished. The registration variety is sent through e mail and SMS to the applicant.
- Submission of the net utility in hard copy: The office of the Registrar RERA Rajasthan Nagar Niyojan Bhawan gets a copy of the net utility at the side of promoter and undertaking-related files.
- Certification of registration being issued: The official with authority issues the certificate of registration to the applicant upon receipt of the hard copy.
RERA Fees for Real Estate Agents
States charge different amounts for RERA registration. Still, the approximation for the same is this:
- If the real estate agent is an individual or operates a sole proprietorship, a registration fee of Rs 10000 is applicable.
- A registration fee of Rs 50000 is required for business entities such as societies, public limited companies, partnerships, limited liability partnerships, and one-person companies.
Note: Payment of the registration fee for RERA registration must be made at the time of application through the RTGS system, NEFT, or any other comparable digital transaction method.
RERA Registration Validity
The validity of an approved RERA registration is determined via the promoter’s timeline for finishing the real estate assignment or via the phrases said in the affidavit connected to the utility shape. However, in certain conditions inclusive of force Majeure (consisting of a flood, struggle, drought, cyclone, earthquake, or another herbal disaster that prevents the actual estate challenge from intending as planned), the validity can be similarly extended via an application. Please be aware that absent a force majeure occasion, the involved authority may additionally decide to increase the validity for a most of 12 months.
FAQ's
RERA is nothing but to control the Indian real estate market furthermore guaranteeing transparency and safeguarding the interests of purchasers.
For both residential and commercial real estate registration under RERA is required for all real estate projects agents and promoters.
Timely possession transaction transparency and fraud protection are among the benefits that buyers receive from RERA registration.
By completing the necessary forms and paying the necessary fees via the states RERA website promoters can register a project under RERA.
Project promoters risk fines legal action and limitations on their ability to market and sell their projects if they fail to register them under RERA.