Transparency in the real estate sector is represented by RERA, short for Real Estate Regulatory Authority. It was implemented to get rid of the inconsistencies and issues the industry was experiencing.
RERA committees have been established across India in accordance with the RERA Act to encourage uniformity and transparency and to control the real estate industry. Look up RERA Karnataka, RERA Delhi, RERA West Bengal, RERA UP, RERA Punjab, RERA Goa, and other similar acronyms to learn more.
With RERA in effect, every builder or developer is obligated to be accountable by providing homeowners with updates on the development process, giving them the keys to their property on the specified date, and abiding by all RERA-outlined rules.
Advantages of RERA registration:
There are two types of RERA registration and the respective documents required for each of them are as follows:
1. PAN card of the promoter
2. Annual report of the promoter
3. The number of open parking and covered parking areas of the project
4. An authenticated copy of the title of the deed that details the title of the promoter and the title of the project
5. Details of encumbrances on the land on which the construction project is proposed
6. Details of the owner of the land where the project is proposed. These details entail:
a. Collaboration agreement
b. Development agreement
c. Joint development agreement
d. Or any other agreement that the owner has entered with the promoter.
7. Personal details of the promoter
b. Identity proof
d. Contact information
e. Address proof of the directors, partners, and directors.
For real estate agents: the documents that are required for the real estate agents are as follows:
1. Particulars pertaining to the registration:
a. Bye laws
b. Memorandum of Association
c. Articles of Associations
2. Details of the real estate agent if the agent is individual:
b. Address proof
3. Details of the entity if there are multiple real estate agents:
4. PAN card Photostat
5. Address proof of the place where the business is conducted
Procedure of RERA Registration
1. Gather the documents
2. Draft the application RERA 1
3. Submit the application
To check for RERA registration, you can visit the RERA website of the concerned state, then go to verify option. In the next page, you can select the registration type, enter the registration number, fill the captcha and click on ‘verify’.
In order to create a residential or commercial project on land larger than 500 square metres or with more than 8 proposed apartments throughout all phases, a builder must register under RERA.
The registration fee for an individual applicant is Rs. 10,000. Whereas, if the applicant is a body corporate registered under the Companies Act, 2013, then the RERA registration fee is Rs. 25 lakhs.
1. The registration fee varies from Rs. 10,000 to Rs. 25 lakhs as per the applicant.
2. The Real Estate Agent is required to display the number of his registration in all its branches and offices.
3. The application of renewal of registration by the agent should be made at least 60 days prior to the expiry of registration.
4. After renewal, the registration is valid for 5 years.