RERA Registration

Real Estate Regulatory Authority, formed to set up across India to bring transparency in the real estate industry.

PACKAGE INCLUSION

  • Consultancy with RERA Expert
  • Drafting/Evaluation of documents
  • Builder’s Registration with RERA
  • Builder’s Status
  • RERA Certificate Issuance

Start Your Application

What is RERA (Real Estate Regulatory Act)?

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

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

RERA ensures greater transparency & accountability by reducing the chances of frauds and delays that occur in these real estate contracts. RERA in order to benefit the interest of both, i.e. promoter & purchaser establish the following:

  • Easy & transparent information sharing between seller & buyer
  • Contracts are formed to ensure higher transparency
  • Standards of accountability are set that are required to be adhered to
  • A dispute redressal mechanism is established for quick disposal of grievances.

Impacts of RERA

Introduction of RERA has several key-impacts on Real Estate Industries:

  • The project cost has been increased.
  • Cost of capital is enhanced
  • There remains liquidity in the hands of promoters

Introduction of State Real estate regulatory authority along with Real estate appellate tribunal for fast disposal of complaints relating to the purchase of property, has positively influenced the real estate sectors. Such tribunal shall be the authority to entertain complaints and no any other civil court or consumer forum shall have any jurisdiction. RERA has set standards and ground for fast disposal of grievances.

Objectives of RERA Establishment

Following are the main objectives of enforcement of RERA:

  • Better transparency and accountability towards consumers for protecting their interest
  • Dispute resolution mechanism in place to resolve grievances
  • Reducing frauds by increased compliances and ensures fair-play through reduced delays
  • Professionalism and standards in place lead to smooth operations of the real estate sector
  • With the imposed responsibilities on promoter as well as buyer, RERA leads to smooth & ease in transactions.
  • It creates awareness by promoting good governance practices.

Merits of Registration of Real Estate Projects Under RERA

Following are the advantages of getting the project registered under RERA:

  • On-time execution of the contract:

    Before the introduction of RERA, constructors make fake promises to deliver the project to the buyer on a certain date and hardly make timely delivery. Thus during the project registration under RERA, the estimated date of completion of the project is required to be entered on which project will be completed and delivered to customers failing which promoters are heavily penalized.

  • Complete details of the project:

    At the time of applying for online RERA registration, the promoter needs to give accurate details of the project right about starting from the construction stage to certain amenities & features provided in apartments or projects being executed which are prohibited from any alteration.

  • Clearance through necessary authority:

    Before RERA, buyers were falsely attracted to promoters various scheme, and those buyers have the least knowledge or are least bothered about such clearance purchase the property from such promoter who later delays the execution of contract due to delays in getting government clearance. However, during project registration under RERA, clearance is made mandatory before selling even a single flat or house

  • Structural defects:

    It is the developer’s responsibility to repair defects or deficiency in case the buyer founds after the purchase of property any structure has a defect in project development.

  • Restricted Advertisement:

    Promoter is not allowed to advertise their projects without getting their project registered under RERA and must display their Registration Number in each advertisement.

  • Booking Amount:

    The buyer has to pay 10% of the cost as the booking amount only after the sale agreement is prepared and registered.

Applicability of RERA Registration

Following is the applicability of RERA registration:

  • It applies to the promoter, projects, and real estate agents.
  • RERA registration is applicable on commercial, residential and plotted development.
  • Earlier, the requirement to get compulsorily registered was on the projects exceeding 500 Sq. Meters or having more than eight apartments is now covering even the small projects (less than 500 sq. meters or eight apartments) under its ambit.
  • Real estate agents who are engaged to sale and purchase the properties shall take the RERA registration certificate that remains valid throughout the State.
  • After the successful registration under RERA, a unique identification number (UIN), user id and password are generated. The promoter can use the user id and password to log in to its project for updating the details.

RERA Registration Process and Documentation

RERA registration is a completely online process that can be done through its official website of RERA, which is different from state to state. For instance, the UP RERA website is https://www.up-rera.in/index.

Certain common documents for RERA registration in any state are as follows:

a) Documents Required From Promoter registration as a Company

  • Registration certificate
  • Main objective Name of the chairmen of governing body/partners/directors
  • Address of the chairmen of governing body/partners/directors
  • Date of incorporation
  • Photograph
  • Address
  • Pan card and PAN Number
  • Email id
  • CIN / TAN number
  • CIN/TAN copy
  • Details of project experience, if any
  • The audited balance sheet of the proceeding year
  • Website of promoter
  • Income tax return of 3 years
  • Previous project experience-if yes-details of last 5years

    • Name Of Project

    • Status (Completion/under progress)

    • Pending Case If Yes- Case Name & Case Number

b) Documents Required For Promoter Registration Promoter/Builder as an Individual

  • Name
  • Father’s name
  • Occupation
  • Photograph
  • Address
  • Adhar card
  • The audited Balance sheet of the proceeding year
  • Website of promoter
  • Income tax return of proceeding three years
  • Pan number
  • Pan card
  • Email id
  • Details of project experience, if any

c) Documents/Details Required 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:

    • Account Number

    • Account Name

    • Bank Name

    • IFSC Code

    • Branch Name

    • Branch Address

  • DSC of directors

Frequently Asked Questions

The real estate sector plays an important role in fulfilling the demands of house & infrastructure development. This sector has increased at a fast pace in recent times, creating the need for the establishment of professional and certain standards to bring unregulated operations within the framework of the law.

In the absence of any regulating mechanism for consumer protection, builders exploit the innocent customer by indulging in unfair & unethical practices that required the certain body to be in place, and thus Real Estate Regulation Act is introduced as a saviour.

Testimonial

Related Articles

Our Partners

Forbes 30
KU
Stripe
DHFL
Bank of Maharashtra
Food Panda