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What is RERA? – Real Estate Regulatory Agency
RERA stands for Real Estate Regulatory Authority which is an act of the Parliament of India seeking to protect home-buyers and helps boost investments in the real estate industry. It is meant to bring transparency and accountability that would regain the lost faith of the people in the real estate industry. Through RERA registration, the real estate Act, 2016 established it in each state for regulation of the real estate sector and also acts an adjudicating body for speedy dispute redressal. This Act came into existence on 1 May 2016 with 59 of 92 sections notified. Within the period of 6 months, the central and state governments are liable to notify the rules under the Act.
Get License number of RERA through Legal Raasta.
Registration of Projects under RERA
- The promoter has received completion certificate of the project prior to commencement of Act
- The area of land proposed to be developed does not exceed 500 sq. mt
- The number of apartments is not more than 8
- Any repair or renovation of an existing building or structure that does not require marketing, advertising and selling of any apartment or plot
RERA is application on promoters, project and real-sate agents subject to following conditions:
- The applicability of the Act has been extended to commercial and residential real estate (including plotted development)
- 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 be registered with the Regulator within 3 months.
- Prior registration is required to be taken from RERA under respective state laws by the Real estate agents who facilitate selling or purchase of properties. Registration certificate is valid of whole state / UT.
- Application for registration must be approved or rejected within a period of 30 days from the date of application by the RERA
Documents required for registration under RERA
The following documents are required to be submitted in triplicate:
- PAN Card of the builder
- ITR of last 3 years and the balance sheet of the builder
- Builder must clarify about the apartment (carpet area, number of floors, parking space)
- Declaration by the builder of having legal title of the land with proof
- Details of the land (rights, title, mortgage)
- If the builder is not the owner of the land, the consent letter of the actual owner with documents will be required
- Details of the project (location, sanctioned plan, layout plan)
- Ownership documents (proforma of allotment letter, agreement of sale)
- Information of the persons involved (Architects, Engineers and others)
Objectives of RERA for Real estate
- Protect the interest of allottees and ensure accountability
- Ensure fair-play, maintain transparency and reduce frauds and delays
- To introduce professionalism as well as pan India standardization
- To establish informational symmetry between the promoter and allottee
- Impose responsibility on both promoter and allottees
- Enforce contracts by establishing a regulatory oversight mechanism
- Develop investor confidence by promoting good governance in the sector
Why to obtain RERA?
1. Time Delivery
Developers often make a false commitment about completion date of the project but it has been seen that the delivery is not on the time. According to the bill, a strict regulation is imposed on the developers. Therefore, if they don’t deliver the flats on time then the developer has to refund the purchaser with interest.
2. Accurate Project Details
Usually, builders promote their project by defining the various amenities and features of the project. As per the bill, No changes can be made to the plan and in case a builder is found guilty then there will be the penalty of 10 % of the cost of a project or even can be sentenced to jail for up to 3 years.
3. All Clearances
The bill indicates that developers get all the clearances before selling flats because due to the delays on getting clearance, the buyer does not get the flat on the time.
4. Proper Structure
In case the buyer finds any structural deficiency in the development of the building, then the developer is responsible for repair structural defects up to 5 years.
5. First RERA Registration, Then Advertisement
No permission to advertise any project before RERA registration with Real Estate Regulatory, the authority established under this act. A RERA registration number has to be carried by the advertiser.
6. Booking Amount
The buyer’s amount has been reduced from 20% to 10%, which should be paid only after registering the agreement for sale with the builder. The Buyer is entitled to a 15-day notice.
RERA is strengthening the real estate industry and is also helping it attain a certain degree of professionalism. The regulatory act will make it an option for people to join the real estate sector.
RERA registered brokers and promoters are also empowered to complain the authority regarding any matters.
RERA Registration Fees for Different Category of Applicant
RERA Registration fees in Maharashtra
- Project registration under MH-RERA Rs. 10 per square meter. Or Rs.50,000 Minimum and maximum Rs. 10 Lac.
- Agent registration under Maharashtra RERA Rs. 10,000 in case of individual and Rs. 100,000 in case others.
RERA Registration fees in Uttar Pradesh
In case residential Apartments / Project in UP
- Rs 10 per square meter for Project size less than 1000 Square meter.
- Rs 500 per 100 square meter for project size exceeds 1000 square meters.
In case of commercial projects in UP
- Rs 20 per square meter for projects size less than 1000 square meters.
- Rs 1000 per 100 square meter – For projects size more than 1000 square meters.
- For Agent registration under RERA as individual Rs. 25000 and in case others Rs. 2,50,000/-.
Frequently Asked Questions
The RERA bill was drafted in the year 2013 and was passed by the Rajya Sabha on 10th March 2016 and by the Lok Sabha on 15th March 2016. It received the Presidential nod on March 25th 2016 and came into force on 1st May 2016 with 69 of 92 sections notified.
These are the five major objectives of RERA, 2016.
- To establish the Real Estate Regulatory Authority (RERA)
- To promote transparency and efficiency in the sale of real estate projects
- To protect the interest of consumers in the real estate sector
- To establish an adjudging mechanism for speedy dispute settlement
- To set up an Appellate Tribunal to hear appeals from the decisions, directions or orders of the RERA
Yes, this act is applicable to all Indian states excluding Jammu & Kashmir.
Initially, the bill was supposed to cover only residential projects. On further amendments, commercial projects including shops, offices and buildings were also included.
Yes, A Central Advisory council will be set up to advice the Central Government on the implications of the Act to recommend policies in order to protect consumers’ interest and to supervise the growth & development of the real estate sector. In addition, there will be a dedicated Appellate Tribunal set up for RERAs to hear appeals from orders of the RERAs and the adjudicating officer.
RERA registration for Agent will be valid for 5 years from date of issue. The license can be renewed again for a period of 5 years, by submitting a renewal application 60 days prior to the expiry date.
RERA Registration for Builders will expire on the date mentioned in the form as completion of project.