RERA Registration Services for Seamless Real Estate Compliance

RERA Registration

Why Real Estate Regulation Act (RERA) is Important?

The real-estate (Regulation & Development) Act,2016 intends to set that the real-estate Regulatory Authority which would govern and advertise the real estate industry. The chief goal of this Act is to promote transparency, accountability and efficiency in the real estate sector. So that the customers get timely delivery of Property.

Every developer developing property over 500 sq. mtr or with at least 8 flats, needs to be enrolled. Developers need to place info like layout plan, project plan, Sanction, property name standing, information of promoters, architects, contractors and day of conclusion with their state RERA

Developers need to place aside 70 percent of amount received from customers in RERA designated bank accounts towards the project Construction. Builders will probably undoubtedly be penalized whether there’s just a delay in deliveries. The carpeting area was clearly explained in the law.

What Exactly Is RERA Project Registration?

No Promoter can Advertise or Accept any booking before getting RERA Registration. Every promoter has to apply for RERA online. When a real-estate can’t get Registrationed for any project, it is going to bring a penalty.

Here are the Required Documents for RERA Registration

1. PROMOTER (DEVELOPER)

Organisation Details (Pan,Address,Partnership Deed) Partners Details (Pan, Aadhar , Photo, Mobile, Email) Mobile And Email Project Details

2. Title certificate/search report.

3. Allotment letter

4. Development agreement

5. Draft agreement

6. Encumbrance certificate.

7. Floor area and plan.

8. Stamp paper of 100

9. Income tax returns

10.Project layout

11. Brouchers

12. Engineers and Architechture certificate

13. Details of other registration

FAQs

What is RERA act

The Real Estate (Regulation and Development) Act, 2016 (RERA) is an Act passed by the Indian Parliament. The RERA seeks to protect the interests of home buyers and also boost investments in the real estate sector.

what is the procedure to register under RERA?

The center has clarified through a press release that the Promoters and agents are required to get their on-going projects registered with 3 months of the Act applies i.e. 1st, May 2017 (Maharashtra). Also Non Registration of Projects will attract heavy penalty under RERA Act.
Registration Process for Real Estate Agents
• File an application form along with fee and documents to get registered with RERA
• You will receive a registration number from the regulator. This need to be mentioned in every property sale
• On a quarterly basis, you are required to maintain the books of account, records and documents related to the transactions
• Share all the information and documents about the project with the buyer
• Agent may be suspended for the misrepresentation or fraud during the registration process.

What is Benefit of RERA

The RERA act aims to promote transparency, accountability, and efficiency in the real estate sector the act has also led to the creation of a mechanism wherein issues such as project delays, quality of the projects, pricing of the property, etc

Why RERA required ?

The Real Estate Act makes it mandatory for all commercial and residential real estate projects where the land is over 500 square metres, or eight apartments, to register with the Real Estate Regulatory (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution.

when did the Act come into force?

The Act came into force on 1 May 2016 with 59 of 92 sections notified. Remaining provisions came into force on 1 May 2017.

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