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(RERA) Registration - An Overview
Companies and society cannot function without the constructed environment, which is explained by real estate. The Real Estate Act (Regulation & Development), 2016, protects residential and commercial subdivisions in the real estate sector. The RERA Act’s goal is to safeguard consumers’ rights and interests while also promoting uniformity and standardisation of business operations and transactions in the real estate industry. It also tries to strike a balance between the interests of buyers and promoters by putting specific obligations on each of them, as well as establishing information symmetry between the two. Any home buyer can submit an RERA complaint against the builder, developer, or agent if the buyer’s rights are breached or the Act’s provisions are broken.
PROCESS
- RERA registration is done on a state-by-state basis, hence it differs from one state to the next. The registration process is completed entirely online, with the application being submitted through the official website of the state in which registration is required.
- Every real estate promoter or agent is required to register with the RERA in their particular state. An application must be submitted with the above-mentioned documentation as well as the payments required by law.
- The state government will grant an RERA registration for the respective state if the application is renewed. The authority may, however, reject the application if there are any irregularities. It is also stated that the applicant would be given an opportunity to be heard before the application is rejected.
- The Below-Mentioned Procedure Is To Be Followed To Obtain The RERA Registration-
- Filing The RERA Registration Form
- The applicant shall make an application in the respective form (Varies from state to state) to the authority along with the requisite details and documents.
- The website for RERA registration is http://rera (Respective state).gov.in Submission Of Requisite Documents
- The application form shall be submitted along with the requisite documents. After document submission, the applicant shall pay the fees either by the way of:-
- Demand draft or,
- Bankers cheque is drawn on any scheduled bank or,
- Online payment to the real estate regulatory authority is calculated in the schedule.
- Acceptance Or Rejection By The Authority
- The authority will either accept or reject the application within 30 days of receipt of such application form. In case no revert is provided, it will be considered as acceptance from the authority.
- Issuance Of Registration Certificate
- The authority shall issue a registration certificate to the promoter or the agent.
Documents Required for RERA Registration
The documents required for RERA registration depend on who is getting registered under RERA i.e. the promoter or the Agent. Here is the list of documents required for RERA Registration:-
Documents Required For Promoter Registration
- Id and address proof of the promoter.
- Photographs
- PAN Number
- Email id
- Commencement Certificate along with the Sanction Plan,
- Layout Plan,
- Location details of the project.
- The plan of action works to be executed in the project.
- Availability of Parking slots in the real estate project.
- Legal title deeds considering the title of the promoter of the land on which the project is proposed.
- Particulars of previous project experience of the promoter, if any. The particulars shall include-
- Name and status of the project.
- Any delay in its completion.
Additional Documents Are Required If In Case Of Promotor As Company
- Certificate of Incorporation,
- CIN / TAN number
- Memorandum of Association and Articles of Association.
- The Audited balance sheet of 3 financial years along with the Audited report and director’s report of the preceding 3 years.
- Particulars of directors/chairperson or any other authorized person.
Documents Required For Real Estate Agent Registration
- Id and address proof of the applicant
- Photographs
- Particulars of real estate agent Company (that includes name, registered address, Byelaws, MOA, AOA, and type of company.
Benefits of RERA Registration
- The buyers do not have to go through a lengthy legal process before the consumer forum to file a complaint against the builder.
- For dealing with RERA complaints against builders, there is an adjudication mechanism in place.
- The dedicated website for each state provides transparency in dealing with RERA complaints as well as the status of RERA complaints.
- Promoter compensation for delayed possession is ensured by RERA complaints against Builders.
- RERA concerns are handled quickly and efficiently.
- Documents required for filing a complaint
- The following information and documentation must be included in the complaint to the Real Estate Regulatory Commission:
- The complainants name, entire address, email address, and phone number
- The builder/name promoters
- Facts must be revealed in a nutshell
- Proof documents, such as signed agreements, mail transactions, letters exchanged, and legal notices sent
- All states charge INR 1,000 as a fee, except Maharashtra and Goa, which charge INÂ 5,000.
FAQs
In March of 2016, the RERA (Real Estate (Regulation and Development Act) was published in the Gazette. The implementation of the same was to be don in stages in each state and territory. As stated in the Act, each State/UT must develop its own guidelines within six months of the Acts adoption. Within one year, it must also notify its own RERA authority. It may take some time for specific compliance rules to be applied. General compliance rules for developers/builders, on the other hand, should go into effect as soon as the Act is passed.
Yes, RERA covers all commercial projects, inclusive of buildings, shops and offices.
The Act covers ongoing / existing projects that have not received an occupation or completion certificate, according to section 3(1). Within three months of the Acts implementation, builders and developers must register such projects under RERA.
Any person aggrieved by the decisions of the RERA or an adjudicating officer can appeal to the Appellate Tribunal
If a person is offended by the Appellate Tribunals judgement, he or she can appeal to the High Court; however, this is not permitted in circumstances where the decision was made with the permission of the disputing parties.