RERA

RERA: The Real Estate (Regulation and Development) Act, 2016 introduced with a view to establish regulatory authorities at the State Level to register residential Real Estate projects and seeks to regulate contracts between buyers and sellers in the real estate sector to ensure sale of plot, apartment or building, etc. in an efficient and transparent manner. It also proposes to ensure greater accountability towards consumers, and significantly reduce frauds and delays as also the current high transaction costs.

Advantages of RERA registration:

• Ease of information between the Promoter and Purchaser.
• High level of transparency of contractual Conditions.
• Set minimum standards of accountability and.
• A fast-track dispute resolution mechanism.

RERA Applicability:

• The applicability of the Act has been extended to commercial and residential real estate (including plotted development).
• All the residential and the commercial projects exceeding 500 square meters or more than 8 units/apartments have to mandatorily apply for RERA registration with the Real Estate Regulatory Authority (RERA); thereby ensuring that even the small projects by local promoters are brought under the ambit of the Act.
• All the ongoing projects that have not received Completion Certificates have also been brought under the purview of the Act and such projects will need to apply for RERA registration with the Regulator within 3 months.
• Prior RERA registration is required to be taken from RERA under respective state laws by the Real estate agents who facilitate selling or purchase of properties. RERA Registration certificate is valid for all over the state / UT.
• Application for RERA registration must be approved or rejected within a period of 30 days from the date of an application made.
• On successful RERA registration and approval from the authority, the promoter of the project will be provided with a unique registration number, a login id, and password for the applicants to update the necessary details about the company and project.

Documents required for RERA registration vary from state to state. Here are the following basic documents required for RERA registration:

• In case promoter is individual then basic details such as name, address, photograph and contact details.
• In case of other than individual, details of chairman, partners, directors, and authorized person and details of an entity such as the type of entity, name and address of the entity.
• Copy of PAN and Aadhar of promoter
• Copy of approval obtained from the competent authority
• Development Plan
• Project details (location of the project, layout and sanctioned plan of the project)
• Details of designing standards, construction technology type, resistant measures in case of the uncertain event and amenities/facilities in the layout plan.
• Income Tax Returns (ITR) and audited financial statements of the past 3 years.
• Title Deed along with the chain of title
• Documents of ownership such as proforma of the allotment letter, sale agreement, and conveyance deed.
• Details of the architect, engineers, and others.
• If the promoter is not the owner then consent detail of the owner along with the collaboration agreement, development agreement, joint development agreement, title deed or any other agreement entered into between the promoter and owner.
• Any other document asked by the authority 

Documents required for Agent Registration:

• Details of the real estate agent such as name, address, contact details and photographs of individual/ partners/ directors.
• Copy of PAN and Aadhar of the Real Estate Agent
• Copy of the address proof

Procedure of RERA registration:

Every promoter and agent have to register themselves with the State RERA authority as per the RERA Act. There is a prescribed procedure for the registration of Real Estate projects and agents.

RERA registration is done in respect of commercial projects as well as residential projects along with the necessary documents and prescribed fees.