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
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.