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
The documents required for obtaining RERA registration are as follows -
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 -