Rera Registration

RERA Registration for builders represents for Real Estate Regulatory Authority which is an act of the Parliament of India trying to ensure home-buyers and assists to boost investments in the real estate business. It is intended to bring clarity and responsibility that would recapture the lost faith of the individuals in the real estate business. Through RERA registration for builders, the real estate Act, 2016 built up it in each state for regulation of the real estate sector and also acts an adjudicating body for quick dispute redressal. This Act came into existence on 1st May 2016 with 59 of 92 sections notified. Within the period of 6 months, the central and state governments are legally responsible for notifying the rules under the Act.

Benefit for Rera Registration for builders

• Protecting the interest of allottees and ensure responsibility.

• Ensuring fair-play, maintain transparency and decrease frauds as well as delays.

• Towards introducing professionalism as well as pan India standardization.

• Towards establishing informational symmetry amid the promoter and allottee.

• Imposing accountability on both promoter and allottees.

• Enforcing contracts by establishing a regulatory oversight mechanism.

• Developing investor confidence by promoting good governance in the sector.

Related Section With The Latest Amendment On Rera Registration For Builders

It was instituted by the Parliament in May 2016 and the Act has come into power with all its 92 sections from 1st May 2017 all over India. Up until this point, 14 states and union territories, have notified their standards with RERA and the others are relied upon to take action accordingly.

Legal remedies

In case of non-registration of the real estate project, as per Section 59 imposes a punishment of up to 10% of the estimated project cost and in case of continued default, an additional fine up to 10% of the estimated project cost or imprisonment up to 3 years or both.

Penalties and Punishments under RERA Registration for builders

On Promoters/Builders

• Non-registration of a project- 10% of the estimated cost of real estate project.

• Violation of law - Imprisonment for up to 3 years with or without fine for 10% of the estimated cost of the project.

• Providing false information - 5% of the estimated cost of the project.

• Other contraventions - 5% of the estimated cost of the project.

Document Required for Registration

The documents required to be submitted are:

• PAN Card of the builder.

• ITR of the last 3 years and the balance sheet of the builder.

• The builder must mention about the apartment (carpet area, number of floors, parking space).

• Declaration of the title of the land with proof.

• Details of the land (rights, title, mortgage).

• In the case land is not owned, the consent letter of the actual owner with documents will be required.

• Details of the project like location, sanctioned plan, layout plan.

• Ownership documents like proforma of allotment letter, agreement of sale.

• Information of the persons involved like Architects, Engineers, and others.

Rera Registration for an Agent

A "Real estate agent" is an individual who acts on behalf of someone else in a real estate transaction, and is profited with fees for the service extended. Real estate agents incorporate the likes of property dealers, brokers, middlemen and so forth. Top services rendered by real estate agents incorporate the introducing as well as deal-making on leasing or sale of plot, land, building, and apartments. Under the RERA Act applicable in India, every real estate agent should obtain a RERA registration for Agent.

The RERA Act has furnished State Governments with the powers to issue rules as well as regulations relating to RERA registration for an agent. Any project where the area of development surpasses 500 square meters or if the number of apartments developed is more than eight, RERA registration shall be required for the project and the project could be sold only by an Agent having RERA registration. Subsequently, only an Agent having RERA Registration is qualified for managing in properties having RERA registration.

Benefits of RERA Registration for an agent

As per the RERA Act, a real estate project that should be registered under the RERA Act could be dealt with only by a real estate agent having RERA registration. RERA registration is requisite to advertise, market, book, sell or offer for sale, or invite individuals to purchase in any plot, apartment or building.

There are only the following types of plots and apartments are exempted from RERA registration for agent requirements:

• The area of land proposed to be developed doesn’t surpass 500 square meters.

• The number of apartments proposed to be developed does not surpass eight, inclusive of all phases.

• Renovation or repair or re-development which doesn’t involve marketing, advertising selling or new allotment of any apartment, plot or building.

Related section with the latest amendment

RERA represents for Real Estate Regulatory Authority which is an act of the Parliament of India trying to ensure home-buyers and assists to boost investments in the real estate business. It is intended to bring clarity and responsibility that would recapture the lost faith of the individuals in the real estate business. Through RERA registration for an agent, the real estate Act, 2016 built up it in each state for regulation of the real estate sector and also acts an adjudicating body for quick dispute redressal. This Act came into existence on 1st May 2016 with 59 of 92 sections notified.

Legal Remedies

The Real Estate (Regulatory and Development) Act, 2016 provides for rules and regulations. A real-estate agent would be punished with a sum of Rs 10,000 for every day of default, which may extend up to 5% of the cost of the property, be it for non-registration or any other violation of conduct. The fee could cumulatively extend up to 5% of the price of the plot, apartment or building. Also in case of any further indulgence in unfair trade practices, an agent can get imprisonment for up to 1 year with without fine which may extend up to 10% of the estimated cost of the project.

Document Required for Registration

• A duly filled RERA agent registration form.

• Particulars stating the type of organization (Pvt. Ltd./Public Ltd./LLP/Partnership firm/Proprietorship Firm) with the registration number.

• The particulars of registration including the bye-laws, memorandum of association, articles of association, etc. as the case may be.

• Name, address, contact details and photographs of the real estate agent, if it is an individual and the name, address, contact details and photograph of the partners, directors, etc. in case of other entities.

• An authentic copy of the address proof of the place of business.

• An authentic copy of Pan card of the real estate agent.