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 stands for Real Estate Regulatory Authority; it is a regulatory authority which drives its power from RERA Act passed by Indian Government in May 2016. RERA Act is the subject matter of State Government and almost every State Government in India follows it, example RERA Maharashtra, RERA Delhi, RERA Punjab, RERA West Bengal, RERA Uttar Pradesh etc. The need to bring RERA Act is to bring transparency in the real estate sector and regulate the builders, developers and real estate agents.
Impact of RERA
Impact of RERA Registration on home buyers
Impact of RERA Registration on Real Estate Agents / Developer
Buyers can able to know the current stage of project and match it with the timelines of project.
Every builder / developer need to disclose the details and progress in the project, this details need to update regularly. This details need to publish on official RERA Portal.
Buyer need to pay for the carpet area and not for the super built-up area such as lifts / stair / lobbies etc.
All the projects which are in excess of 500 sq mtrs or having more than 8 apartments are compulsorily required to register under respective State RERA.
The builder / developer cannot collect more than 10% as advance from the buyers
Builder / developer need to emphasize on timely completion of project, in case of delay builder / developer need to pay to the buyer interest @ 2% over SBI MCLR for the period of delay
Before RERA Registration, most of the developers miss their timelines, now post RERA implementation, the developer and real estate agent accountability increases.
Builder / developer need to deposit at-least 70% of the amount collected from buyers in separate bank account, which can be use only for construction purposes.
The Builder / Developer cannot engage in money laundering or fraudulent activities, it need to deposit at-least 70% of money received from buyers in separate bank account and is accountable for every rupee spent.
Any dispute arises, the developer / builder need to resolve it within time frame of 120 days from the date of complaint filed.
If there is any discrepancy in the title deed, the buyer can ask for compensation from developer / builder
There are two categories under RERA Registration; Registration of projects and Registration of Agents:
Documents required for registration of projects in RERA
Documents required for registration of Agent in RERA
If promoter is individual, its name, address, contacts details etc. If promoter id company or partnership firm then details of Chairman, Partners, Directors, entity name, entity registered address details are required
Details of real estate agent such as name, address, photograph, contact details etc.
Copy of PAN and aadhaar of individual or partners in case of partnership fir or directors in case of Company
Copy of PAN and Aadhaar of the real estate agent
Copy of address proof of real estate agent
Development Plan of the project
Income tax return and audited financial statement for past 3 years
Title Deed along-with Chain of Title
Document of Ownership i.e. allotment letter
Details of Architect, engineers and any other details as required by RERA Authority in respective State.
Some of the RERA authorities can be accessed at:
RERA Delhi on rera.delhi.gov.in
RERA Maharashtra on maharerait.mahaonline.gov.in
RERA Uttar Pradesh on up-rera.in
With the ever changing Law and regulatory requirements, we keep on track and advise the same on timely manner in order to ensure proper compliance. We at ReturnFilings.Com will understand the purpose of your RERA registration in India and thereafter will provide you detailed analysis mentioning the law requirement and compliance need to fulfill in order to operate it economically and efficiently. We at ReturnFilings.Com will provide you details of regulatory filings in order to ensure proper smooth and timely compliance. We at ReturnFilings.Com are determinate to provide end to end solution; our motto is you concentrate on your business while we at ReturnFilings.Com will take care of all your compliance need.