Real Estate Regulation Act of 2016 was introduced to govern and regulate the real estate business at the state level. RERA Registration ensures greater accountability and transparency by eliminating the chances of delay and frauds that often occur in real estate contracts. The RERA registration is governed by the state governments of the respective states.
Overview of RERA Registration
Real Estate Regulation Act was enacted in the year 2016; under the provisions of this act, RERA registration is mandatory for every real estate project. Real Estate Regulation Act (RERA), 2016 governs and regulates the real estate business norms on the state level. Under RERA, regulating authorities are established at the state level, and governing bodies are responsible for the following:
Regulating authorities regulate the registration process and other relevant approvals to register residential projects and commercial projects.
Regulating authorities are also responsible for regulating the purchase and sale contracts of apartments, buildings, plots, etc. in the real estate business.
RERA Registration ensures greater accountability and transparency by eliminating the chances of delay and frauds that often occur in real estate contracts. RERA Registration is done for the benefit of both the parties, i.e., purchaser and promoter ascertain the following:
Transparent and easy communication for information sharing between the buyer and seller.
For maintaining higher transparency, contracts are formed between the parties.
Standards of accountability are set that must be maintained and followed.
RERA registration establishes a dispute redressed mechanism for quick and easy disposal of grievances.
What are the Advantages of RERA Registration in India?
The following are the advantages of RERA Registration in India:
Provide Authenticity
RERA's certification provides authenticity to the promoters, and it will attract more and more buyers in the long run.
Create Professionalism
It also helps to attain a certain level of professionalism in the real estate sectors.
Accurate Project Details
In the construction, stage builders introduce their projects and define the various projects' various features.
No Advertisement for any project
Without the registration, promoters cannot advertise any of their projects. So, for the advertisement, promoters must carry registration Numbers of RERA.
Flexibility in delivery
The promoters can choose the date of delivery of the project according to their own. If any builder cannot deliver the project on time, they will be liable to refund the purchaser
What are the Documents required for RERA Registration?
RERA registration is completely an online process, and it can be done through the official RERA website; the documents vary from state to state. Below-mentioned is some necessary documents required for RERA registration:
Documents required for Real Estate Agent Registration:
Name
Father’s Name
District
State
Permanent Address
PAN Card
Photograph
Email ID
PNB collection date
Bank details
Digital Signature Certificate of directors
Documents required from Promoter Registration as a company:
Name of the directors/partners/chairman.
Detailed address of the directors/partners/chairman.
Registration Certificate.
Date of Incorporation.
Photograph
PAN card number.
Email Id.
Copy of CIN/TAN.
Website of the promoter.
Name of the project.
Status (Under process / Completion).
Case Name and Case Number (in case of any pending case).
Details of previous project experience (if any).
Income tax return for the last three years.
An Audited balance sheet for the preceding year.
Documents required for Promoter Registration Promoter / Builder as an individual:
Name.
Father’s Name.
Aadhar Card.
Pan Card.
Detailed address.
Passport size photo.
Occupation.
An audited balance sheet for the preceding year.
Email Id.
Details of previous project experience (if any).
Promoter’s website.
What is the process of RERA Registration?
Every agent and promoter should register themselves with the state RERA authority as per the RERA Act. The registration can be done in respect of residential projects and commercial projects and all the necessary documents and fees. Below you can check the promoter's process to register a project and the process to be followed by the Real Estate Registration. As per the RERA Act, non-registered projects may lead to heavy penalties.
RERA registration of projects as per the RERA Act:
The applicant entity needs a separate bank account for the cost of construction.
Fill the RERA application form with the respective state authority along with the prescribed fees.
Approval of the allotment letter, sale deed, and sale agreement.
Bring the title search report in relation to the proposed land.
Obtain necessary NOCs and licenses from all the government authorities such as the Airport Authority of India, National Highway Authority of India, Fire Department, etc.
Collect all the documents for filling application in Form A.
The project registration certificate is obtained in Form C as per section 5 of the RERA Act, 2016.
RERA Registration of Real Estate Agents:
Fill the application form along with the fee and necessary documents.
After filing the application form, the applicant will receive a registration number that must be mentioned in documents regarding the property's sale.
Accounts and other related documents are required to be maintained every quarter.
The applicant has to provide all the necessary information and documents related to the project applicant entered with the buyer.
The applicant must be aware at the time of applying that the agents may be suspended in case of any fraud at the time of RERA registration.
Conclusion
Real Estate Regulation Act was enacted in the year 2016; under the provisions of this act, RERA registration is mandatory for every real estate project. Real Estate Regulation Act (RERA), 2016 governs and regulates the real estate business norms on the state level. Under RERA, regulating authorities are established at the state level. RERA Registration ensures greater accountability and transparency by eliminating the chances of delay and frauds that often occur in real estate contracts. RERA Registration is done for the benefit of both parties.