{"id":10135,"date":"2020-06-04T16:13:11","date_gmt":"2020-06-04T10:43:11","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=10135"},"modified":"2020-09-03T17:57:24","modified_gmt":"2020-09-03T12:27:24","slug":"guide-on-rera-registration-for-promoters-online","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-promoters-online\/","title":{"rendered":"Comprehensive Guide on RERA Registration for Promoters"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The government of India has decided that a time has come where the real estate property seekers in India must be saved from the exploitation by the promoters. The promoters, also known as builders, are doing good to the real estate sector in India. This RERA sector is considered as one of the most important economic interests for people in developed countries whereas, in India, it is seen as a blot in the economy. <\/p>\n\n\n\n<p>We are here to help and guide the <a href=\"https:\/\/corpbiz.io\/online-rera-registration-for-promoters\"><strong>RERA registration for promoters<\/strong><\/a> so that people can gain trust in them. In India, there is a requirement to decrease the gap between the buyer and the promoter so that the future can be seen in the real estate sector as in most transparent and disciplined way.&nbsp;  <\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-promoters-online\/#Overview_for_RERA_registration_for_Promoters\" >Overview for RERA registration for Promoters<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-promoters-online\/#Process_of_RERA_registration_for_Promoters\" >Process of RERA registration for Promoters<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-promoters-online\/#Requirement_of_RERA_registration_for_Promoters\" >Requirement of RERA registration for Promoters<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-promoters-online\/#New_rules_under_RERA_which_the_promoters_have_to_know\" >New rules under RERA, which the promoters have to know<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-promoters-online\/#Penalties_prescribed_under_the_RERA_Act\" >Penalties prescribed under the RERA Act<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/guide-on-rera-registration-for-promoters-online\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Overview_for_RERA_registration_for_Promoters\"><\/span>Overview for RERA registration for Promoters<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The real estate helps with the growth of India economically\nin other sectors, but the rich builders&#8217; greed has also gone up. For their own\npersonal profits, many promoters seek unethical and cunning ways to make money\nfrom a middle-class people, who innocently gives away his whole life&#8217;s income\nto own a house for himself and his family. <\/p>\n\n\n\n<p>In return for this, the middle-class buyers get delayed\npossession of their flats, faulty societies and have to face other such\nproblems. Many promoters often forget that money is not an individual luxury,\nbut it comes with many responsibilities towards the society.<\/p>\n\n\n\n<p>However, the good thing for the buyers is that at least the government has developed this conscience and has formed a body called as RERA (Real Estate Regulatory and Authority) under the <strong>Real Estate Authority Bill 2016<\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Real_Estate_(Regulation_and_Development)_Act,_2016\"><strong>[1]<\/strong><\/a><\/sup><strong>.<\/strong> This body has started from scratch and lay down the most basic rules which are always the most important. <\/p>\n\n\n\n<p>The law after RERA as the guidelines of this policy brings coordination between the buyer and the promoter. These guidelines mention several laws which are for the registration and functions of a promoter. One of the fascinating aspects of RERA is that it will also overcome the problems which promoters have to face due to the late approval of their projects by which they often force go for unfair methods to save the enormous amount of money they have invested. <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/need-to-know-regarding-the-rera-the-real-estate-act\/\">Everything You Need to Know Regarding the RERA\n<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Process_of_RERA_registration_for_Promoters\"><\/span>Process of RERA registration for Promoters<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>The promoters will make an application to get registered with RERA. This application must be submitted in its respective RERA&#8217;s body <strong><em>within three months<\/em><\/strong> of RERA being made in that particular state. <\/li><li>Along with the application, the promoter has to <strong><em>submit his personal information<\/em><\/strong> and his project information. He also has to submit documents related to projects launched by him of that the last five years. All this is required so that RERA can keep an official record of all his documents which should be made public. These all will be uploaded on the<a href=\"https:\/\/corpbiz.io\/rera-registration\"><strong> RERA India<\/strong><\/a> website along with the promoter&#8217;s photograph.&nbsp; <\/li><li>The builders who will follow the norms <strong><em>must not find any difficulty in getting registered<\/em><\/strong> with RERA. In fact, this will actually make them happy as now good promoters can now be differentiated from the bad ones. Earlier there were many of the good ones had to suffer due to the faults made by other builders.&nbsp;&nbsp; <\/li><li>The authority has also become more proactive by now, if the authority doesn&#8217;t approve or rejects an application within period of one month of its submission or if also does not give clear reasons on what ground a promoter&#8217;s application has got rejected, then the <strong><em>promoter will get registered in RERA automatically.<\/em><\/strong><\/li><li>Once they get registered, all the information of a&nbsp; promoter will be uploaded on the RERA website. The <strong><em>promoter will also be provided a login ID <\/em><\/strong>where he can update his projects&#8217; details for the awareness of the general public. The list of defaulters will also be uploaded on this website. Therefore, the promoters can&#8217;t have any other way than doing the right thing.  <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Requirement_of_RERA_registration_for_Promoters\"><\/span>Requirement of RERA registration for Promoters<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>The fair promoters are can now easily be\ndistinguished from the unfair ones. This is a basic thing, but its effect must\nbe magnanimous in the eyes of the public as each person looks to own an\naffordable house. The <strong><em>buyer now can easily develop trust on a\nbuilder who has a government stamp<\/em><\/strong> on its honesty. <\/li><li>This is also good for a promoter as well, as now\nhe would not have to worry about the government approval. The promoter can\nfocus on providing <strong><em>superior quality<\/em><\/strong> homes to people in the scheduled time. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"New_rules_under_RERA_which_the_promoters_have_to_know\"><\/span>New rules under RERA, which the promoters have to know<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"576\" height=\"215\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-25.png\" alt=\"New rules under RERA\" class=\"wp-image-10136\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-25.png 576w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/06\/image-25-300x112.png 300w\" sizes=\"(max-width: 576px) 100vw, 576px\" \/><\/figure><\/div>\n\n\n\n<ul><li><strong><em>Rigidity in Change of a plan<\/em><\/strong> &#8211;\nPromoter can now only change a project&#8217;s plan which has been registered with\nthe two-third majority of a buyer of the project. To make an easy flow in this\nregard, it has to make sure a proper discussion goes with buyers and the\nbuilder.&nbsp; <\/li><li><strong><em>Safekeeping Funds <\/em><\/strong>&#8211; A promoter has\nto keep at least 50% of the funds generated by the selling of houses of project\nin the project&#8217;s bank account. This will further ensure a buyer to trust a\nbuilder, the government itself will look into the cause for delaying projects\nor the promoter declaring lack of funds. The interest paid by the promoter and\nthe buyer is delaying giving money and the house respectively will be given\nequally.<\/li><li><strong><em>Functions of a Promoter<\/em><\/strong> &#8211; The duties\nand functions of the promoter have been increased as now they have to give the\nbuyer every document and a buyer must have to sign while making an agreement.\nHe has the responsibility of the services he provides until a local body is\nformed with the society. Promoter will also have to get two-third majority in\ncase he thinks to transfer the project to someone else.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Penalties_prescribed_under_the_RERA_Act\"><\/span>Penalties prescribed under the RERA Act <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<table class=\"table table-bordered\"><tbody><tr><td>\n  <strong>Offenses\n  in the case of Promoters<\/strong>\n  <\/td><td>\n  <strong>Prescribed\n  Penalty<\/strong>\n  <\/td><\/tr><tr><td>\n  Non-registration of the projects\n  <\/td><td>\n  10 percent of the project\u2019s total estimated cost\n  <\/td><\/tr><tr><td>\n  Providing untrue and false information\n  <\/td><td>\n  5 percent of the project\u2019s total estimated cost\n  <\/td><\/tr><tr><td>\n  Infringement of the prescribed laws\n  <\/td><td>\n  Imprisonment for three years, or a fine of 10 percent\n  of the total estimated cost of the concerned property, or even both\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The buyers and the promoters must also aware of the Central Advisory Council and the Real Estate Appellate Tribunal which are formed alongside RERA for the buyers&#8217; confidence in the promoters and also for the penalties or punishments that the promoter has to face if he does any deed of misconduct.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/rera-complaint-or-consumer-forum\/\">RERA Complaint or Consumer forum (NCDRC): Which is better?\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government of India has decided that a time has come where the real estate property seekers in India must be saved from the exploitation by the promoters. The promoters, also known as builders, are doing good to the real estate sector in India. This RERA sector is considered as one of the most important [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":10139,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[182],"tags":[631],"acf":{"service_id":"102"},"authorName":"Soumya Bajpai","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/01\/0.jpg","authorDescription":"Soumya has done LLB (Hons) and has a 2+years experience in writing. Her main interest is in reading judgments, new enactments and amendments taking around in law. She always strives to bring the best to work that she does.","postViews":4929,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/10135"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=10135"}],"version-history":[{"count":10,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/10135\/revisions"}],"predecessor-version":[{"id":15813,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/10135\/revisions\/15813"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/10139"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=10135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=10135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=10135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}