RERA Registration

RERA Registration

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RERA

RERA is a demonstration to arrange and advance the land area to get the offer of lodging, region or building proficiently and straightforwardly. The objective of the Act is to protect the benefit of the buyers.

The execution of RERA is relied upon to carry help to home purchasers as workers for hire will be liable for opportune execution of plans and shielding shoppers from fake merchants. Developers will also gain from better solutions to customers in a managed environment. Before starting a project developers must obtain all permissions from multiple government offices and disclose all information on the website which the particular state RERA regulatory authority will set up.

What is Rera? - Real Estate Regulatory Agency

RERA stands for Real Estate Regulatory Authority which is an Act of the Parliament of India that seeks to protect home-buyers and help promote investment in the real estate industry. This is to bring in transparency and accountability which will regain the lost trust of the people in the real estate industry. Through RERA registration, the Real Estate Act, 2016 established it to regulate the real estate sector in each state and also act as an adjudicating body for speedy dispute redressal. The Act came into force on 1 May 2016 with the notification of 59 out of 92 sections. Within a period of 6 months, the Central and State Governments are liable to notify the rules under the Act

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Registration of Projects under RERA

  • The advertiser has gotten the fulfillment declaration of the undertaking before the beginning of the Act
  • The area of the land proposed to be developed should not exceed 500 square meters
  • Number of apartments 8. It is not more than that
  • Any repair or renovation of an existing building or structure which does not require marketing, advertising and sale of an apartment or plot
  • RERA is an application to promoters, project and real-state agents subject to the following conditions:
  • The applicability of the Act has been extended to commercial and residential real estate (including plotted developments).
  • All the ongoing projects which have not received the completion certificate have also been brought under the purview of the Act and such projects will need to be registered with the regulator within 3 months.
  • Real estate agents that facilitate the sale or purchase of properties are required to obtain pre-registration from RERA under the respective state laws. The Registration Certificate is valid for the entire State/Union Territory.
  • The application for registration must be accepted or rejected by RERA within a period of 30 days from the date of application

Exemption from RERA Registration

Developers and promoters do not require any registration with RERA when the project details fall under the following categories:

  • The land area of the proposed project is less than 500 square meters.
  • The quantity of lofts proposed to be created doesn't surpass eight including all stages.
  • The promoter of the developer has received a completion certificate from the concerned authority for the project before the commencement of the Real Estate (Regulation and Development) Act, 2016.
  • When the project description involves renovation or reconstruction excluding the sale of new apartments or plots.

Documents required for registration under RERA

The following documents are required to be submitted:-

  • builder's pan card
  • ITR for last 3 years and balance sheet of builder
  • The builder should specify the apartment (carpet area, number of floors, parking space)
  • Declaration by builder of legal title to the land with proof
  • Land details (rights, title, mortgage)
  • If the builder is not the owner of the land, the consent letter of the actual owner will be required along with the documents
  • Project Details (Location, Sanctioned Plan, Layout Plan)
  • Proprietary Documents (Proforma of Letter of Allotment, Agreement of Sale)
  • Information of the persons involved (architects, engineers and others)

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