RERA Registration

Overview of RERA Registration

(Real estate agent). Is an individual who acts on behalf of someone else in a real estate transaction. 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 introduction 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 agents.

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 require 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.

Eligibility criteria for RERA Registration in India

1. Any person who constructs or who wants to builds an independent building or a building consisting of apartments or modification of existing structure into apartments to sell apartments to the persons.
2. Any person who develops the land into a project, to sell projects to other persons.
3. Any development authority or another public body in respect of allottees of
4. Buildings or plots constructed by such authority or public body on who owns land or placed at their disposal by the government.
5. Plots owned by development authority or which is place at their disposal by the government to sell the apartments.
6. A state-level cooperative housing finance society. a primitive cooperative housing society which constructs the apartments or buildings for its members or to the allottees.
7. Any person who acts himself as a builder, coloniser, contractor, developer, estate developer. by any different name or claims to be acting as the holder of a power of attorney from. the owner of the land on which the building or apartment is constructe or plot is developed for sale.

Note: The person who builds, converts a building into apartments, develops a plot for sale & the persons who sell flats, plots are different persons, but both of them are deemed to be promoters are liable to follow the rules & regulations specified under real estate Act.

Documents required to obtain an RERA Registration

1. The details of the enterprise including its name, registered address, enterprise type like proprietorship, societies, partnership, companies, competent authority and the particulars of such enterprise and their names, photographs of the promoters.
2. Details of the projects launched by the promoter in the last 5 years. whether completed or under development, including the current status of the project. Completion delay, pending case details, land type details and pending payments.
3. The authenticated copy of the approvals and commencement certificate from the competent authority obtained by the laws if applicable.
4. Copy of sanctioned plan, layout plan and specifications of the proposed project and the entire project as approved by the component authority.
5. The plan of development works to be execute in the proposed project and the proposed facilities to be provided including fire-fighting facilities, drinking water facilities, emergency evacuation services, use of renewable energy.
6. Proforma of the allotment letter, an agreement for sale, and the conveyance deed proposed to be signe with the allottees.
7. The number, type and the carpet area of apartments for sale in the project along with the area of the private balcony. Verandah areas and the exclusive open terrace area with the apartment, if applicable.
8. The names and addresses of the real estate project agents, if applicable for the proposed project.
9. The name and address of the contractors, architect, structural engineer, if applicable and also other persons concerned with the development of the proposed project.
10. A declaration, supported by an affidavit, which should be signe by the promoter. Any person authorised by the promoter stating that:
11. The land has a legal title on which the development is along with the legally valid documents. With authentication of such title, in case of property owned by another person.
12. The land should be clear from all encumbrances. Details of the encumbrance of the property including any rights, title, interest or name of any party related to that land.
13. Details of the period of the project taken to complete the project.
14. Any other documents have to be furnishe if needed under the rules and regulations of RERA.

Penalties for Non-Registration

In case of non-registration of the real estate project. Under Section 59 imposes a penalty of up to 10% of the estimated project cost. In case of continued default, an additional fine up to 10% of the estimated project cost. Imprisonment up to three years or both.

FAQs About RERA Registration?