RERA Registration- It is compulsory for all the residential and commercial estate projects to register with the Real Estate Regulatory Act, which was enacted in 2016 and came to force in 2017, if they fall under to criteria of registration i.e. either more than 500 Sq. or 8 or more apartments. It was implemented to establish a guideline for fair practice in handling real estate and properties. This Act gave a set of rule and regulations for agents to abide by for transactions regarding real estate or properties, to act as an authentication certificate for common people. It forbids the transaction regarding real estate and properties without the required registration under the RERA.
Functions of RERA Registration are mentioned below:
- Real Estate Agents and Projects Registration.
- Complaints Redressal.
- Certifying Disclosures of Real Estate Projects to be made by Promoters.
- Disclosure of all the details required by the buyer for transaction and regular updates of the project to be given mandatorily for the projects registered under RERA registration.
- Due to RERA registration, buyers are only supposed to pay for carpet area and not for complex building parts.
- Since, 70 percent of the money collected from the buyers is kept in a separate account for the utilization for the completion of the project, projects registered under RERA registration are usually completed on time.
- For the first 5 years, the responsibility is of builder for any defect in the project or building under the RERA registration for the benefit of the customers.
- Complaint redressal regarding any issue or dispute within 120days of the complaint being made.
- Builder’s PAN Card details
- Balance sheet and bank statements of the builder
- Details of the apartment and Land by the builders.
- Declaration about title of the builder.
- Details of the Project
- Agreement and other details of the ownership
- Details of the persons involved in the project.
- Visit the official website of the RERA and register as a real estate.
- Fill the details required like name, type of enterprise, registered address and upload the online form from the RERA agent registration.
- Upload all scanned copies of the supporting documents.
- After uploading and submitting the form, pay the registration fees.
- You will receive the unique Real Estate Regulatory Authority Act registration number along with the RERA Registration certificate.
- RERA registration applies to both commercial and real estate properties of all the states of India.
- In case of violation of rules and regulation along with guidelines of RERA might lead to imprisonment up to 3 years if violated by developers and 1 year if violated by agents and buyers.
- Developers shall only ask 10% of the cost of the property as advanced payment for booking before signing the agreement.
- No advertisement of the property without the registration with authority.
- Developers shall not be allowed to do advertisements, offer, sell , market or take any book any plot without getting the registration from the authority.
- The buyer can connect with the developer of the estate within 1 year of getting possession in order to demand the shortcomings.
Click here for- How to file a complaint under RERA