RERA Registration

Introduction to RERA Registration

The Real Estate (Regulation and Development) Act (RERA) was implemented on May 1, 2017, to regulate the real estate sector in India. RERA aims to protect homebuyers and promote transparency in real estate transactions. It mandates that builders and promoters must register their real estate projects to purchase, sell, advertise, or book properties.

The primary goal of RERA is to ensure better transparency, minimize delays, reduce fraudulent activities, and lower transaction costs in the real estate industry. By enforcing these regulations, RERA strengthens the trust between buyers and sellers in real estate transactions.

Key Features of RERA

1. Transparency: Ensures transparent and clear transactions between buyers and sellers.
2. Protection for Homebuyers: Increases security for first-time homebuyers and provides assurance regarding timely possession.
3. Strict Action Against Fraud: RERA allows for strict penalties against fraud, false promises, or unethical practices.
4. Digitalization: All records are digitized to prevent data loss and improve ease of access.
5. Dispute Resolution: Provides quick remedies and dispute resolution mechanisms for consumers.
6. Timely Possession: Builders must complete projects within the promised timeframe.

Benefits of RERA Registration

1. Consumer Confidence: Increases the credibility of builders and agents, leading to enhanced consumer confidence.
2. Improved Business Practices: Encourages fair and transparent business practices in the real estate industry.
3. Timely Project Completion: Ensures that builders complete projects on time, reducing delays.
4. Dispute Redressal: Offers legal frameworks for resolving disputes between builders and buyers.
5. Market Growth: Helps build a stable and organized real estate market, attracting more investment.
6. Consumer Safety: Builders must adhere to regulatory norms, reducing the risk of fraud and negligence.

Who Needs to Apply for RERA Registration?

RERA registration is mandatory for:

1. Real Estate Agents: Individuals or firms acting as intermediaries in the buying, selling, or leasing of real estate.
2. Promoters/Builders: Developers or builders who are involved in the construction and sale of properties.
3. Projects: Any commercial or residential real estate project exceeding 500 square meters or containing more than 8 apartments or units.

Additionally, promoters must register ongoing projects that lack a completion certificate, within three months of RERA implementation.

Documents Required for RERA Registration

1. PAN Card of the builder/real estate agent.
2. Details of the property/project, including the number of floors, carpet area, parking space, etc.
3. Proof of legal possession of land by the builder.
4. Balance Sheet and Income Tax Returns (ITR) of the builder for the last 3 years.
5. Project-specific details, such as title deed, rights, mortgage information, location, layout plan, and sanctioned plans.
6. Ownership documents, such as allotment letter and sale agreement.
7. Consent letter from the landowner, if the builder is not the landowner.
8. Details of other involved parties, such as engineers, architects, etc.

Procedure for Registration of Project or Agent Under RERA

For Project Registration:

1. Create User ID: The promoter creates a user ID on the RERA portal.
2. Profile Creation and Document Upload: The promoter creates a profile and uploads project documents.
3. Application Submission & Fee Payment: Submit the application and pay the registration fee online.
4. Registration Number Issuance: The registration number is granted within 30 days.
5. Hard Copy Submission: Submit a hard copy of the online application and related documents to the RERA office.
6. Registration Certificate: After verification, the certificate of registration is issued.

For Agent Registration:

1. Create User ID: The agent creates a user ID on the RERA portal.
2. Upload Agent Details: Upload necessary details and documents.
3. Application Submission & Fee Payment: Submit the application and pay the registration fee.
4. Registration Number Issuance: The registration number is issued within 30 days.
5. Hard Copy Submission: Submit a hard copy of the online application and documents.
6. Registration Certificate: After verification, the certificate of registration is issued.

RERA Registration Fees for Real Estate Agents

• For Individuals/Proprietorship Firms: Rs. 10,000.
• For Business Entities (Partnership Firms, LLPs, Pvt Ltd Companies, etc.): Rs. 50,000.

Note: The fees are paid via online modes like NEFT, RTGS, or other digital transactions.

Validity of RERA Registration

• The validity of RERA registration is determined by the promoter, as specified in the affidavit submitted with the application.
• In cases of unforeseen circumstances like natural calamities, the registration validity may be extended for up to 1 year.