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Brief of Rera Registration

In India, the Real Estate Industry acts a pillar of strength for economy, as it aims to satisfy the need and demand of affordable housing and infrastructure. However, it is significant to take into consideration that the reason behind the growth of this industry is RERA 2016, as earlier this sector was mainly unregulated and unorganised.

The factors that lacked in this sector includes professionalism, transparency, accountability, standardization, and most notably consumer protection. Moreover, there were no sectoral regulators, such as SEBI, TRAI, IRDAI for this sector as well.

The Real Estate (Regulation and Development) Act 2016 was enforced on 01.05.2016, with an aim to infuse accountability, transparency and unambiguousness in the Indian Real Estate Industry.

Further, as per this act, it is now mandatory for both the promoters and real estate agents to obtain RERA Registration under this act.

Objectives of the RERA Act

The key objectives of the RERA 2016 are as follows:

  • Increases Confidence and Trust among all the stakeholders like, developer, promoter, and buyer.
  • Infuses transparency, responsibility, accountability, and comprehensibility, towards the buyers to safeguard their interest;
  • Sets up a mechanism for faster dispute settlement to redress grievances;
  • Eradicates frauds and scams by intensifying compliances;
  • Ensures fair-play because of reduced delays;
  • Embraces professionalism, standards, expertise, etc., to lead smooth and hassle-free working in the Real Estate Sector;
  • Imposes compliances and obligations both on promoters and buyers, to carry out transactions smoothly;
  • Create consciousness among all the stakeholders by upholding the practice of good governance;

Impacts of the RERA Act

The Key Impacts of the RERA Act are as follows:

  • Increment in the Cost of Project;
  • Improvement in the Cost of Capital;
  • This has led to liquidity in the hands of developers and promoters
  • Establishment of the State RERA Authority and the Real Estate Appellate Tribunal;
  • Established Standards and Grounds for faster settlement of the grievances;

Applicability of RERA Registration

The Applicability of RERA Act can be summarised as:

  • This act applies to both real estate projects/ promoters and real estate agents;
  • It is compulsory for all the residential, commercial and planned development to obtain RERA Registration;
  • Earlier, the only requirement for RERA Registration was to either have the area of 500 sq. meters or eight or more apartments. However, now the same covers small projects, i.e., the projects which are either less than 500 sq. meters or are having up to 8 apartments;
  • It is mandatory for Real Estate Agents to acquire the certificate of RERA registration. Further, the certificate issued has the validity all over the State;
RERA Registration

Documents needed to obtain RERA Registration

When Promoter or Builder is a Company

  • Certificate of Registration (COR);
  • Name and Address of the Directors/ Chairman of the Governing body/ or Partners;
  • Date of Incorporation;
  • Passport-sized photograph;
  • Registered Address of the Company;
  • Builder’s PAN Card;
  • Registered Email Id;
  • A copy of CIN and TAN;
  • Details regarding prior Project experience, if in case any;
  • Audited Balance Sheet of the last financial year;
  • Official website for Promoter or the Builder;
  • ITRs for the last 3 financial years;
  • Details regarding the real estate projects taken up in the last 5 years;
  • Name of the real estate project;
  • Till date Status (either Completed or Under Progress);
  • Any pending case, if yes, then the name and case number;

When Promoter or Builder is an Individual

  • Name of the Applicant;
  • Name of the Applicant’s Father;
  • Occupation;
  • Passport-sized photograph;
  • Permanent Address;
  • A copy of Aadhar card;
  • Audited Balance Sheet for the last Financial Year;
  • Official Website of the Promoter;
  • ITRs for the last 3 years;
  • PAN Card;
  • Registered Email Id;
  • Details regarding the prior project experience, if in case any;

By a Real Estate Agent

  • Name of Applicant;
  • Name of Applicant’s Father;
  • State;
  • District;
  • Tehsil;
  • Permanent address;
  • Passport-sized photograph;
  • PAN Card;
  • Registered Email Id;
  • Registration fee (in Rs);
  • Date of Payment;
  • Bank’s Collection Date;
  • Bank Account Details;
  • DSC of Directors;

Procedure for obtaining RERA Registration

Nowadays, acquiring RERA registration is an online process and everyone needs to visit the official RERA website. However, the same varies from state to state. For example, the official Uttar Pradesh RERA website is https://www.up-rera.in/index.

Penalties Prescribed under the RERA Act

In case the buyer, builder, developer, or a real estate agent fails to abide the regulations mentioned under the RERA Act 2016, then the penalties levied are as follows:

Offenses

Penalty Prescribed

In case of Promoters

Non-registration of Projects

10% of the total estimated cost

Providing untrue and vague information

5% of the total estimated cost

Infringement of the laws mentioned

Imprisonment up to 3 years, or a fine of 10% of the total estimated cost, or both

In case of Buyers

Non-compliance of the guidelines specified by RERA

Daily penalty up to 5% of the total estimated cost of the project

Non-compliance to the orders passed by the Real Estate Appellate Tribunal.

Imprisonment up to 1 year, or 10% of the total estimated cost of the project, or both

In case of Real Estate Agents

Non-registration of the project

Rs. 10,000 every day up to 5% of the total expected cost of the project

Non-compliance with the guidelines given by the RERA

Day-to-day penalty up to 5% of the total estimated value

Non-compliance with the orders passed by the Real Estate Appellate Tribunal.

Imprisonment up to 1 year, or 10% of the total estimated cost, or both

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Frequently Asked Questions

Yes, the provisions of RERA 2016 covers commercial projects as well.

Yes, it is mandatory for all the promoters/ builder/ developers and real estate agents to obtain Registration under RERA 2016.

No, a developer is not allowed to leave a real estate project in half-way, as the same will result in levy of hefty penalties.
Yes, the provisions of RERA 2106 are applicable to all the Indian State.
Yes, if a complaint has been filed against the developer, builder, or real estate agents, then it is possible for the authorities to revoke RERA Registration

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