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RERA REGISTRATION

RERA REGISTRATION

he documents required for RERA (Real Estate Regulatory Authority) registration may vary slightly from state to state in India as each state has its own RERA rules and regulations. However, there are certain common documents that are typically required for RERA registration. Here is a general list of documents that promoters (real estate developers) need to provide:

  1. Promoter Details:
    • PAN card of the promoter.
    • Address proof of the promoter.
    • Passport-size photograph of the promoter.
  2. Project Details:
    • Title deed of the land.
    • Layout plan of the project.
    • Project’s sanctioned plan, layout, and specifications.
    • Approval letter from the competent authority (local development authority or municipality).
    • Commencement certificate.
    • Intimation of disapproval (IOD), if applicable.
    • Certificate from an architect or engineer indicating the estimated project cost and the means of finance.
    • Proforma of the allotment letter, agreement for sale, and the conveyance deed proposed to be signed with the buyers.
    • Declaration confirming that 70% of the funds collected from allottees will be deposited in a separate bank account.
  3. Financial Details:
    • Audited balance sheet of the promoter for the preceding three financial years.
    • Income tax returns filed for the preceding three years.
  4. Agent Details (if applicable):
    • PAN card of the real estate agent.
    • Address proof of the real estate agent.
    • Passport-size photograph of the real estate agent.
    • Details of experience in real estate brokerage during the last five years.
  5. Other Relevant Documents:
    • Any other documents specified by the respective state’s RERA authority.

It’s important for promoters to thoroughly review the RERA rules and guidelines of the specific state in which their project is located to ensure compliance with all requirements. The submission of accurate and complete documents is essential for successful RERA registration.

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Additional Details

RERA stands for the Real Estate (Regulation and Development) Act, which was enacted by the Indian Parliament in 2016. The primary objective of RERA is to regulate the real estate sector and protect the interests of homebuyers. One of the key provisions of RERA is the mandatory registration of real estate projects and real estate agents with the respective state’s Real Estate Regulatory Authority.

Here are the key points related to RERA registration:

  1. Applicability: RERA is applicable to residential and commercial real estate projects. It covers both new and ongoing projects.
  2. Registration of Real Estate Projects:
    • Promoter’s Obligation: Any real estate developer or promoter is required to register their project with the RERA authority before advertising or selling plots, apartments, or buildings.
    • Details Required: The promoter needs to provide details of the project, including approvals, layout plan, schedule of completion, and financial details.
  3. Registration of Real Estate Agents:
    • Agent’s Obligation: Real estate agents are also required to register with the RERA authority. It is illegal for agents to facilitate the sale or purchase of properties without registration.
    • Details Required: Agents need to provide details such as their PAN card, address proof, and details of past five years’ experience.
  4. Consequences of Non-Registration:
    • Promoters and agents who fail to register with RERA may face penalties.
    • Non-registration may result in the inability to advertise, market, sell, or enter into agreements for the sale of properties.
  5. RERA Number in Advertisements: Once registered, the promoter is required to mention the RERA registration number in all advertisements and sale-related documents.
  6. Buyer’s Rights and Protections:
    • RERA provides buyers with various rights and protections, including information about the project, the right to demand timely possession, and compensation for delays.
  7. Complaint Redressal:
    • RERA authorities have the power to adjudicate disputes between the promoters and buyers.
    • Homebuyers can file complaints with the respective state’s RERA authority for any violations of the provisions of the Act.
  8. State-wise Implementation: Each state and union territory in India has its own RERA authority responsible for implementing and enforcing the provisions of RERA.

It’s crucial for real estate developers, promoters, and agents to comply with the registration requirements of RERA to ensure transparency and accountability in the real estate sector. Additionally, homebuyers are encouraged to check the RERA registration status of a project before making any property transactions.

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