RERA Registration Form
What is RERA Registration?
RERA Registration is a registration covered under the Real Estate (Regulation & Development) Act. RERA stands for Real Estate Regulatory Authority which was established to regularize the problems that subsist in the real estate sector. Before Advertising, Marketing, Book, sells or, offers for sale or, invite persons to invest in any plot, apartment, or building is it mandatory to get the RERA registration. It is done in order to accompany with the bellow mentioned dependability, which are as follows:-
- Ensures Transparency
- Accountability (By minimizing the chance of fraud).
- Provides the benefit and maintains the interest of the promoter and purchaser.
What are the Benefits of Obtaining the RERA Registration?
Timely Possession of the Property
Increased Compliances Reduces the Fraud
Clearance of Assured License
Proper Disclosure of Projects and Activities Involved
What is the Checklist on the Applicability of RERA Registration?
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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
Additional Documents are Required if in Case of Promotor as Company
Documents required for Real Estate Agent Registration
What is the Procedure to obtain RERA Registration?
The process of RERA Registration is done state-wise and hence varies from state to state. The process of registration is online, and the application is filed from the official website of the state in which registration is required to be done.
Every real estate Promoter/agent is required to make an application for RERA registration to their respective state. An application shall be submitted along with the above-mentioned documents and fees as prescribed by the law.
After application renewal, the state authority will grant a RERA registration for the respective state as applied for. However, in case of discrepancies, the authority may even reject the application. It is also provided that, before rejecting the application, the applicant will be provided an opportunity of being heard.
Note- The authorities shall issue the RERA registration number, along with the certificate, within 30 days from the date of registration. However, if the applicant does receive any revert from the authority, consider that the application to be accepted.
The Below-mentioned procedure is to be followed to obtain the RERA Registration-
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
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:-
1. Demand draft or,
2. Bankers cheque is drawn on any scheduled bank or,
3. Online payment to the real estate regulatory authority is calculated in the schedule.
What Penalties are Applicable under the RERA Act?
1. If the agent commits any default, he shall be liable for a penalty of Rs 10000 per day that can extend to 5% of the cost of the plot or building.
2. In case any unfair trade practices are conducted by the agent, he shall be liable for punishment by way of 1-year imprisonment.
Which RERA Projects are Not Required to be Registered under the RERA Act?
Below mentioned projects are not required to be registered under the RERA Act-
1. Where the area of the land does not exceed 500 square meters or the number of apartments does not exceed 8 (eight),
2. Where the work involved is restricted only to-
- Renovation or
- Repair or Re-development
- Also, it does not involve marketing, advertising, selling, or new allotment of any apartment, plot, or building.
3. Where the Promoter has obtained a completion certificate for a Real estate project before the commencement of RERA.
Under what Circumstances the RERA Registration can be Revoked?
RERA specifies various compliances concerning real estate project. If the promoter or the agent has not complied with the rules and regulations, the registration of an already registered real estate project may get revoked.
Further, the Authority may revoke a registration based on a complaint received or Suo moto by the Authority by giving 30 days’ notice in writing to the Promoter of such real estate project explaining the basis of proposed revocation and directing the registration holder to show cause as to why the registration should not be revoked.
Based on the promoter’s reply, the Authority may allow it to be registered or may cancel the registration. Show cause notice is sent by the authority on the below-mentioned grounds-
- Default is done by the promoter under RERA.
- If the Promotor breaches any terms and conditions of the approval granted by the Authority.
- If the Promotor is engaged in any kind of unfair practice or irregularities.
- If the Promoter is involved in any fraudulent practices.
LegalVidur Procedure for RERA Registration
Kindly utilize the steps given above to integrate legally and securely a RERA Registration and get the benefits in the form of better-quality sales and satisfied clients. Our LegalVidur experts will be at your disposal for assisting you with guidance concerning RERA Registration and its compliance for the smooth functioning of your real estate business in India. LegalVidur professionals will assist you in planning seamlessly at the least cost, confirming the successful conclusion of the process.
It is advisable that an attorney with “real estate experience” must be appointed to overwhelm many of the potential pitfalls that creep around within RERA Registration and to understand the requirement in detail. The elementary information would be mandatory from your end to start the process. The Attorney will begin working on your request once all the information is provided, and the payment is received.
Frequently Asked Questions (FAQs)
In the absence of any regulating mechanism for consumer protection, builders exploit the innocent customer by indulging in unfair & unethical practices that required the certain body to be in place, and thus Real Estate Regulation Act is introduced as a saviour.
Establish the Real Estate Regulatory Authority (RERA)
Promote transparency and efficiency in the sale of real estate projects
Also, care for the consumers in the real estate sector
Establish an adjudging mechanism for speedy dispute settlement
Set up the Appellate Tribunal to listen to appeals from the decisions, directions or orders of the RERA