In this Article, Myonlineca let you know about the Rera Registration and Rera Agent Registration. The Government of India enacted The Real Estate Regulatory (RERA) Authority Act in 2016 which came into force in 2017. Real Estate Regulatory Authority (RERA) Act makes it compulsory for all residential and commercial real estate projects with land coverage of over 500 sq. or eight apartments, to register with the regulatory authority. RERA act also makes it compulsory for all real estate agents who mediate real estate deals. So Registration under RERA is mandatory. You have to apply for registration under RERA because it is required to show Registration number during every sale.
As real estate is a state subject to the state governments are conducting implementation of RERA. State Government is required to establish Real Estate Regulatory Authority for regulation and promotion of the real estate sector in the State. The Authority shall strive to facilitate the growth and promotion of a healthy, transparent, efficient and competitive real estate sector while protecting the interest of allotters, promoters, and real estate agents.
Function of RERA Registration
- Ensuring Disclosures of Real Estate Projects by Promoters
- Real Estate Projects Registration
- Real Estate Agents Registration
- Complaints Redressal
- Provide recommendations to appropriate Government on in matters relating to the development & promotion of real estate sector
If you are thinking of starting a residential or commercial project, then you should register your project under RERA because you have to comply with the rules and regulation of The Real Estate Regulation Authority Act 2016.
And if you are thinking of starting work as agent or mediator, then you should register under RERA. RERA is mandatory so you should obtain this.
Real Estate Projects Registration
RERA Act makes it compulsory for all commercial and residential real estate projects where the area of land proposed to be developed does exceed five hundred square meters, and the number of apartments proposed to be developed does exceed eights inclusive of all phases.
If you want to do marketing, advertising selling or new allotment of any apartment, plot or building, as the case may be, you have to register under the RERA. Promoters are not allowed to promote in the absence of Registration, and In case of failure of registration as per Act, you may have to face legal problems. There is a provision of imprisonment in violation of rules and regulation of RERA.
So you have to obtain a registration number from RERA so you can run your business without facing any legal problems.
Real Estate Agent Registration
Real Estate Agent Registration is compulsory. All Real Estate Agents should register under this Act. RERA Act says that “No real estate agent shall facilitate the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot, apartment or building, as the case may be, in a real estate project or part of it, without obtaining registration under this section”. In simple language, it says that you cannot work as a mediator/agent without registration under RERA. You are not allowed to sell or purchase of any property without obtaining a registration number.
In case of failure of Registration, you may have to face some legal problems. So registration of Real Estate Agent Registration is important. You should obtain the registration number before starting off your work as an agent.
Registration under RERA is important nowadays because it is mandatory by law. You will not get any benefit from the government if you not registered under RERA and also you have to face legal problems without registration. Some important fact of RERA is mentioned below
- RERA is mandatory for Developer/Builder and Agents
- In the case of failure of registration under RERA or failure of compliance with the rules and regulation of RERA, it will be considered as an unlawful activity.
- You may have to face Imprisonment for a term which may extend up to three years, or you may have to pay the penalty
- In case failure of your registration for the project, you may have to pay 10 percent penalty of your project cost
- Registration of project is important, in the case of its absence builder stands to lose the project
- Registration of project is important so you can promote your property
- Each advertisement required RERA registration
- It is a legal proof
- It will create your corporate branding
- Transparency will increase by this
RERA Registration Fees
You have to pay fees for registration for Agent Registration and Project Registration. RERA Registration fees are dependent on the state. Every state has their own rules and regulation so required fees independent on the state for Example Project registration under Maharashtra RERA Rs. 10 per square meter. Or Rs.50, 000 Minimum and maximum Rs. 10 Lac, in UP Rs 10 per square meter for Project size less than 1000 Square meter. So you can see a difference in the above-mentioned example. So registration fees are dependent on the state. You have to pay this after submission of your form which can be done online and you can pay your fee online.
Process of Project Registration
The process of Project Registration is very easy and simple there is no complication arises during filing for an application. You can apply for this online. For which you have to visit the official website of RERA. You have to follow some steps during filing of form which is given below
- All Authenticated copy of approvals from a local body or other authorities required when you were applying for registration
- You have to visit the official website of your state RERA
- You have to click on registration of Estate project
- Then you have to fill out the form
- Upload the required documents
- Submit the form along with required fees
- After successful submission of your form, you will get registration number.
Documents Required for Project
You have to submit some documents during filing form of Registration. Required documents list given below
- PAN of the Promoter/Developer
- Audited Balance Sheet of the preceding the financial year
- The legal title deed is reflecting the title of the promoter of the land on which the real estate project is proposed to be developed along with legally valid documents for a chain of title with authentication of such title.
- Documents of Loans/ Encumbrances/ Lien/ Mortgage, if any.
- Development Agreement / Power of Attorney, etc.
- Documents of Approvals and Commencement Certificate from Competent Authority
- Documents of Approved Maps, Layout, etc.
- Facilities Proposed:
- Fire Fighting Facility
- Drinking Water Facility (wherever applicable)
- Emergency Evacuation Services
- Use of Renewable Energy
- Demarcation with Longitude and Latitude (NOC from the Airport Authority of India)
- There is a need for Performa to be executed with allotters:
- Allotment Letter
- Agreement to Sale
- Conveyance / Sale Deed
- Carpet Area (Excluding Common Areas)
- List of No. of Garage for Sale in project
- List of No. of Parking Areas
A process of RERA Agent Registration
- You have to visit the official website of your state RERA
- Then click on online registration.
- Fill your form
- Upload required documents
- Submit the form and pay the required fees
- After successful submission of your form, you will get your registration number along with the certificate.
Documents Required for RERA Agent Registration
- PAN CARD
- Identity card
- Brief detail of enterprise (in case of partnership/company etc.)
- Authenticate copy of letterhead
- Address proof
Conclusion for RERA Registration
As you can see in the above-mentioned article that RERA registration is so important for a project and an agent as it is mandatory. It is important for the promoter also because you cannot promote your project without registration under RERA. You may have to face legal problems in the absence of Registration number. There is a provision of imprisonment in the absence of compliance with rule and regulation under RERA. You can obtain your registration number from RERA for which you have to apply your application online. You can obtain your registration through online mode. Some documents will be required during the filing of form. You can see a list of required documents which is mentioned above.
As you can see in the above-mentioned article that why it is important, so you should register your registration under RERA, so you have not to face any legal problem.