RERA Registration

RERA Registration

RERA registration means obtaining a registration under the Real Estate (Regulation and Development) Act, 2016 (RERA). This act was enacted by the government of India on 26th March 2016 in order to protect the interest of the home buyers and enhance transparency in the real estate sector. RERA registration once obtained will be valid for a time period of 5 years.

After the implementation of this Act every real estate project (where the total area to be developed exceeds 500 sq meters or more than 8 apartments is proposed to be developed in any phase), must be registered with its respective state’s RERA. In addition to this, existing projects where the completion certificate (CC) or occupancy certificate (OC) has not been issued, are also required to obtain RERA registration.

With trademark bazaar, the whole process of obtaining RERA registration from filing the application to receiving the license number has become much more simplified. 

Benefits of obtaining RERA registration

  • Increased transparency.
  • Accountability.
  • Facilitates standardization of procedures.
  • Ensures timely completion of projects.
  • Helps to boost the investments in real estate sector.

Documents Required for RERA registration

 

The documents required for obtaining RERA registration are as follows -

  • PAN Card of the builder
  • Clarification about the property (carpet area, number of floors, parking space)
  • Details of the land (rights, title, mortgage)
  • ITR of last 3 years and the balance sheet of the builder
  • Details of the project like the location, layout plan, sanctioned plan etc.

 

  • Ownership documents like allotment letter, agreement of sale.
  • Information of the other persons involved like architects, engineers etc.
  • Declaration by the builder of having legal title to the land with proof.
  • In case the builder is not the owner of the land, the consent letter of the actual owner with documents.

 

Registration Process for RERA Registration

 

Step 1
Basic Documents & Information
1-2 Days

 

Step 2
Application Drafting
3-4 Days

 

Step 3
Review & Changes
5-6 Days

 

Step 4
RERA Registration
7 to 10 Days

 

 

Frequently Asked Questions

 

What is the objective behind the introduction of the RERA, 2016?

The main objective behind the introduction of the RERA Act was to increase the transparency and efficiency in the real estate sector. Further, it aims at ensuring speedy settlement of disputes and providing assistance to the consumers.

Why is the developer required to specify the carpet area instead of super built-up area?

The developer is required to mention carpet area as carpet area is the net usable area which excludes common areas, balconies, verandas, terraces etc, whereas the super built-up area could be the addition of both. 

Is RERA registration required for ongoing processes?

Yes, RERA registration is required for ongoing procedures, in case they meet the requirements for registration.

Which real estate projects are required to obtain RERA registration?

Every project measuring more than 500 square meters or more than eight apartments will have to be registered with the RERA.

Is there any legal norms by RERA on advertisement or promotions of real estate projects?

Yes, the RERA provide guidelines for promotion or advertisement. The guidelines provided under the Act are very stringent. As per the rules of the Act, anything shown in the marketing material must be in line with the final product. Also, the advertisement or prospectus issued or published by the developer must mention the website address of the authority, where all details of the registered project have been entered along with the registration number obtained from the authority. Failure to comply with any compliance specified will result in the penalty.

Can a registration of RERA once granted stand revoked?

Yes, the registration once granted can be revoked on the following grounds -

  • If the real estate developer has not complied with the rules and regulations stated under the Act.
  • If he has violated the terms & conditions of approval given by competent authority
  • If he is involved in unfair practices to sell, market or advertise his project

 

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