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How to get RERA registration in India?

 

 

RERA was established by the introduction of the Real Estate (Regulation & Development) Act 2016 to regulate and govern the real estate at the state level. Regulatory authorities are established at state levels that are governing body responsible for

  • Registration related approvals to register commercial as well as residential projects;
  • Regulating the sale and purchase contracts of the plot, apartments, buildings, etc. in the real estate sector.

 

What is RERA?

RERA ensures greater transparency & accountability by reducing the chances of frauds and delays that occur in these real estate contracts. RERA benefits the interest of both promoter & purchaser by the following benefits:

  • Transparent information sharing between the buyers and the sellers;
  • Contracts are formed to guarantee higher transparency between the buyers and the sellers;
  • Standards of accountability are set and are required to be followed;
  • A dispute settlement mechanism is established for quick disposal of grievances.

 

What are the impacts of RERA Registration?

RERA has various key-impacts on Real Estate sector-

  • The project cost has been increased;
  • The cost of capital is improved;
  • Liquidity remains in the hands of the promoters.

Introduction of Real estate regulatory authority with Real Estate Appellate Tribunal for fast disposal of case related to the purchase of property, has influenced the real estate sectors. Such tribunal shall be the authority to entertain claims, and no any other civil court or consumer forum will have any jurisdiction. RERA has set standards and ground for fast disposal of grievances.

 

What are the objectives of RERA Registration?

The main objectives of enforcement of RERA are as follows-

  • Better transparency and accountability towards consumers;
  • Dispute settlement mechanism to solve grievances;
  • Reduction in frauds by increasing compliances and ensures fair-play by a decrease in delays;
  • Professionalism for the smooth operation of the real estate sector;
  • With responsibilities on promoter as well as buyer, RERA often leads to quiet & ease in businesses;
  • It creates awareness by promoting good governance.

 

What are the advantages of registration of real estate projects?

The merits of getting the project registered under RERA are as follows:

 

  • Execution of the contract on time

Before coming of RERA, constructors used to fake promises to deliver the project to the buyer on a specific date. During the project registration, the estimated time of completion of the project is required to be entered on which plan has to be completed and delivered to customers failing to do, and promoters can be heavily penalized. 

  • While details of the project

At the time of applying for RERA registration, the promoter has to give accurate information of the project right from starting, the construction stage to specific features or amenities provided in the projects.

  • Clearance through the necessary authority

Before RERA, buyers were falsely attracted to promoters several schemes, and the buyers do not know or least bothered about such approval. Purchases the property from such a developer who later delays the execution of contract due to delays in getting government clearances. During project registration under RERA, approval is compulsory before selling a single flat or house.

  • Structural defects

The responsibility to repair defects or deficiency is with the developer, in case the buyer finds that after the purchase of property, any structure has an error in project development.

  • Restricted Advertisement

Promoters are not allowed to advertise the projects without getting their project registered under RERA and should display the Registration Number in each advertisement.

  • Booking Amount

 10% of the cost of the project has to be paid by the buyer as the booking amount after this, and the sale agreement is prepared and registered.

 

Where is RERA registration applicable?

The applicability of RERA registration are as follows:

  • It applies to the promoter, projects, and real estate agents.
  • RERA registration applies to commercial, residential and plotted development.
  • Real estate agents engaged in the sale and purchase of the properties shall take the RERA registration certificate that will remain valid through the state.
  • After successful registration under RERA, a Unique Identification Number (UIN), user ID and password are generated. The promoter can use this user ID and password to log in to the project for updating the details.

 

What are Documents are required for RERA Registration?

RERA registration is an entirely online process that can be done through the official website of RERA, which differs from State to State.

 

Documents required for RERA registration in any state are as follows:

 

For Promoters registered as a Company

  • Certificate of registration
  • Name of the directors
  • Address of the directors
  • Date of incorporation
  • Photograph
  • Address
  • PAN
  • Email ID
  • CIN or TAN
  • Copy of CIN or TAN
  • Details of project experience
  • The audited balance sheet
  • Website of promoter
  • Income tax return of 3 years
  • Previous project experience and features for last 5years –
  • Name of Project
  • Status of the Project
  • Pending Cases details, if any

For Promoter/Builder as an Individual

  • Name
  • Father’s name
  • Occupation
  • Photograph
  • Address
  • Adhar card
  • The audited Balance sheet of the former year
  • Website of the promoter
  • Income tax return of proceeding three years
  • PAN
  • Email ID
  • Details of project experience

 

For Real Estate Agent Registration

  • Name of the applicant
  • Father’s name
  • State
  • District
  • Tehsil
  • Permanent address
  • Photograph
  • Pan number
  • Pan copy
  • Email id
  • Registration fee(INR)
  • Payment date
  • PNB collection date
  • Bank Details:
  1. Account Number
  2. Account Name
  3. Bank Name
  4. IFSC Code
  5. Branch Name
  6. Branch Address

 

How can you register your projects under RERA?

If you want to register a project under RERA Arunachal Pradesh, RERA Sikkim, RERA Haryana, RERA Kerala or any other state follow these steps-

  • Open a bank account as specified under Section 4 (2) (I) (D) of the RERA Act and then gather all the necessary documents.
  • Submit Form A specified for RERA registration. Additionally, being a promoter or agent, you will need to file Form B, declaring your role within the real estate sector.
  • You have to submit other forms as per Real Estate Regulatory Authority guidelines to clarify your project’s purposes further.
  • You need to pay the registration fees to complete the registration procedure. The amount differs from state to state of India.
  • Once registered, you can use the RERA registration number allotted, for acquiring the project and for all future communications.

Conclusion

Before the establishment of the RERA, there was no such authority that was responsible for regulating or providing guidelines related to the real estate sector. On the other hand, with the origination of the Real Estate (Regulation and Development) Act, 2016, new rules were set up. RERA Registration is appropriate for promoters, builders or anyone involved in the purchasing or selling off residential properties.

For any query, feel free to contact Corpbiz.

 

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