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RERA Registration

RERA Registration

RERA Registration is regulated by RERA Act 2016. All the states have their own RERA Act as this is subject matter of respective states. Mostly all the states have online portal for RERA Registration and compliance.

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RERA Registration

Comprehensive Guide on RERA Registration and Compliance in India

1. Introduction to RERA

RERA stands for Real Estate Regulatory Authority, established under the RERA Act, which was passed by the Government of India in May 2016. This act aims to bring transparency and accountability to the real estate sector by regulating builders, developers, and real estate agents.

The RERA Act is implemented at the state level, with each state having its own RERA authority, such as:

  • RERA Maharashtra (maharerait.mahaonline.gov.in)
  • RERA Delhi (rera.delhi.gov.in)
  • RERA Uttar Pradesh (up-rera.in)

2. Impact of RERA

2.1 Impact of RERA Registration on Home Buyers: Benefits to Home Buyers

·       Buyers can track project status and match it with the given timelines.

·       Payment is required only for carpet area, not for common spaces like lobbies, lifts, etc.

·       Builders cannot collect more than 10% advance from buyers.

·       Timely project completion is mandated, with penalties for delays.

·       Developers must deposit 70% of collected funds into an escrow account for construction use only.

·       Disputes must be resolved within 120 days of filing.

·       Buyers can claim compensation for discrepancies in the title deed.

2.2 Impact of RERA Registration on Developers and Real Estate Agents

·       Obligations for Developers and Agents

·       Builders must disclose project details and progress on the RERA portal.

·       Projects exceeding 500 sq. meters or having more than 8 apartments must register under RERA.

·       Developers are legally bound to complete projects within stipulated timelines.

·       70% of buyer funds must be deposited in a separate escrow account.

·       Developers are prohibited from money laundering or fraudulent activities.

3. Types of RERA Registration

There are two categories of RERA registration:

  1. Registration of Projects
  2. Registration of Agents

4. Documents Required for RERA Registration

4.1 Documents for Project Registration

·       Details of the promoter (individual or entity)

·       PAN and Aadhaar of individual promoters, partners, or directors.

·       Project development plan and layout.

·       Income Tax Return and audited financial statements for the past 3 years.

·       Title deed and Chain of title documents.

·       Architect and engineer details related to the project.

4.2 Documents for Real Estate Agent Registration

·       Name, address, contact details, and photograph of the agent.

·       PAN and Aadhaar copies.

·       Adress proof of the agent.

5. Process of RERA Registration

  1. Visit the respective state RERA portal.
  2. Select project or agent registration as applicable.
  3. Fill in the required details and upload documents.
  4. Pay the applicable registration fee.
  5. Submit the application and track its status online.

6. Compliance Requirements under RERA

  • Developers must regularly update project progress on the RERA portal.
  • Any modifications in the project require prior approval.
  • Mandatory adherence to the completion timeline.
  • Developers must resolve buyer complaints within 120 days.
  • Strict penalties are imposed for violations.

7. Penalties for Non-Compliance

Violation

Penalty

Non-registration under RERA

Up to 10% of project cost

Providing false information

5% of project cost

Delay in project completion

Interest penalty to buyers

Breach of RERA regulations

Jail term up to 3 years or fine

For expert assistance with RERA registration and compliance, visit ReturnFilings.Com. Our team provides end-to-end solutions to ensure smooth regulatory compliance while you focus on your business. For professional assistance, reach out to us on email: info@returnfilings.com or on whatsapp: https://wa.me/919910123091.

8. Additional Resources

For further reading, explore the following topics:

•            FSSAI Registration and Food Business Compliance

•            Shops and Establishments Act: Rules and Regulations

•            GST Registration for Businesses in India

•            Digital Signature Certificate (DSC): Types, Benefits, and How to Apply

Frequently Asked Questions (FAQs) on RERA Registration and Compliance in India

A. General Information about RERA

  1. What is RERA?

RERA stands for the Real Estate (Regulation and Development) Act, 2016. It is a central government act that aims to bring transparency and accountability to the real estate sector in India, protecting the interests of homebuyers.

  1. What is the purpose of RERA?

The primary purpose of RERA is to:

    • Regulate and promote the real estate sector.
    • Ensure timely completion of real estate projects.
    • Protect the interests of homebuyers.
    • Establish a fast-track dispute resolution mechanism.
  2. Who comes under RERA?

RERA applies to all real estate projects (both residential and commercial) above a certain size (generally projects with more than eight apartments or plots or those on land exceeding 500 square meters). It also covers real estate agents. Certain projects are exempt, such as those undertaken by government authorities.

  1. What is a RERA Authority?

Each state government is required to establish a Real Estate Regulatory Authority (RERA Authority) to implement the provisions of the RERA Act within their state.

B. Registration Process and Requirements (for Projects)

  1. Do I need to register my real estate project under RERA?

Yes, if your project meets the size criteria and is not exempt, registration with the state’s RERA Authority is mandatory before you can advertise, market, or sell any units in the project.

  1. How do I register my real estate project under RERA?

You need to apply online through the RERA portal of the respective state where the project is located.

  1. What documents are required for RERA project registration?

A comprehensive set of documents is required, including:

    • Details of the promoter/developer.
    • Project plan and layout.
    • Land documents (title deeds, etc.).
    • Approvals and permissions from various authorities.
    • Financial details of the project.
    • Proposed timeline for completion.
    • Details of the proposed amenities and infrastructure.
  2. What is the fee for RERA project registration?

The registration fee varies by state and the size of the project. Check the respective state’s RERA website for the fee structure.

  1. How long does it take to get RERA project registration?

The processing time varies depending on the state’s RERA Authority and the completeness of the application.

  1. What if I don’t register my project under RERA?

Non-registration is illegal and can lead to penalties, fines, and even prosecution.

C. Registration and Compliance (for Agents)

  1. Do real estate agents need to register under RERA?

Yes, real estate agents also need to register with the RERA Authority of the state where they operate.

  1. How do I register as a real estate agent under RERA?

You need to apply online through the RERA portal of the respective state.

  1. What are the requirements for RERA agent registration?

Requirements vary by state but typically include:

    • Proof of identity and address.
    • Educational qualifications.
    • PAN card.
    • Details of past experience.

D. Ongoing Compliance

  1. What are the ongoing compliance requirements for RERA registered projects?

Promoters need to:

    • Regularly update project details on the RERA portal.
    • Submit quarterly progress reports.
    • Maintain separate bank accounts for the project.
    • Adhere to the approved project plan.
    • Complete the project within the declared timeline.
  2. What are the compliance requirements for RERA registered agents?

Agents need to:

    • Maintain proper records of transactions.
    • Adhere to the code of conduct specified by RERA.
    • Not engage in unfair trade practices.
  2. What are the penalties for non-compliance with RERA regulations?

Non-compliance can lead to fines, penalties, and even de-registration of the project or agent.

E. Other Aspects

  1. How can I file a complaint under RERA?

You can file a complaint online through the RERA portal of the respective state against a builder or agent for non-compliance with RERA regulations.

  1. What is the RERA appellate tribunal?

If you are not satisfied with the decision of the RERA Authority, you can appeal to the Real Estate Appellate Tribunal.

F. Other generally asked questions related to RERA:

         19.   How do I register a real estate project under RERA?

           Covered in the registration process details.

  1. What are the RERA rules and regulations?

Refer to the RERA Act and the rules framed by the respective state governments.

  1. How do I find RERA registered projects in my state?

Search on the respective state’s RERA website.

  1. How do I file a RERA complaint?

Online through the state’s RERA portal.

  1. What is the RERA registration fee?

Varies by state and project size; check the state’s RERA website.

  1. What is the full form of RERA?

Real Estate Regulation and Development Act.

  1. What are the benefits of buying a RERA registered property?

Increased transparency, timely completion, and protection of buyer’s interests.