RERA Registration

RERA (Real Estate Regulatory Authority) is an act for the promotion and regulation of the real estate sector to ensure the sale of apartment, plot, or building efficiently and transparently. The Act aims to preserve the interest of consumers. It was established by the Parliament in May 2016 and the Act has come into force with all its 92 sections from 1st May 2017 across India. So far, 14 states and union territories like Uttar Pradesh, Madhya Pradesh, Odisha, Gujarat, Bihar, Andhra Pradesh, and Maharashtra have notified their rules with RERA, and the others are expected to follow suit. Regulatory rights are established at the state level, governing authority is liable for registration and other similar approvals to register commercial and residential projects. RERA registration ensures greater transparency by reducing the chances of delays and frauds that occur in these real estate contracts.

RERA registration can be done with the guidance of experts and here at SK Tax Law Firm, you will be able to get done with your RERA registration with a simple process.

Why is RERA Needed?

As per the RERA Act, RERA committees have been set up across India to regulate the real estate sector. With RERA, every developer and builder is required to inform homebuyers of the construction progress and offer the keys to their property by the notified date and abide by every rule described by RERA, to assure accountability.

Objectives of RERA Registration

Following are the main objectives of RERA registration:

  • Better clarity and accountability towards consumers for protecting their interest
  • Dispute resolution mechanism in point to resolve grievances
  • Reducing scams by increased compliances and guarantees fair-play through reduced delays
  • Professionalism and rules in place lead to regular operations of the real estate sector
  • With the imposed duties on promoter as well as buyer, RERA leads to smooth and ease in transactions.
  • It creates information by promoting good governance practices.

Documents Need at the Time of RERA Registration Process:

There are the following documents required for registration under RERA:

  • PAN Card of the builder
  • Builder’s last 3 years ITR and the balance sheet
  • The builder must define the apartment (carpet area, number of floors, parking space)
  • Statement by the builder of having the legal title of the land with proof
  • Details of the property (rights, title, mortgage)
  • If the builder is not the owner of the land, the consent report of the actual owner with documents will be required
  • Details of the project (sanctioned plan, location, and layout plan)
  • Ownership certificates (proforma of allotment letter and agreement of sale)
  • Information of the persons included (Architects, Engineers, and others)

How to Get RERA Registration Number?

For the RERA registration process, an application form will be filed alongside expense and necessary documents.

  • Upload the demanded documents & report to our web portal.
  • Consult our business advisor on how to arrange the RERA registration number.
  • Our expert will check the validity of documents & information provided.
  • On approval, make online payment of RERA registration fees.
  • Our expert will prepare and apply with jurisdictional RERA authority.
  • On successful confirmation, the authority shall issue a RERA license
  • The agent may be suspended for misrepresentation or fraud during the registration process.

Impacts of RERA Registration

RERA registration has various key-impacts on real estate industries:

  • The project cost has been increased
  • Cost of capital is enhanced
  • Liquidity in the hands of promoters

Validity for Registration

RERA registration for agents remains valid for a time being of one year or more depending on the amount of fee paid. The agent can renew their registration at the end of its period. In case of any misrepresentation, fraud, or breach of authority possess the right to revoke the agent’s registration at any time.

How to Check RERA Registration Status?

To check for RERA registration, you can visit the RERA website of the concerned state, then go to the verify option. On the next page, you can select the registration type, enter the registration number, fill the captcha, and click on ‘verify’.

What are the RERA Guidelines?

Here are some guidelines of RERA:

  • Registration is compulsory where the land is over 500 square meters.
  • Project details have to be updated by developers and builders quarterly.
  • 70% of the money collected from customers has to be transferred to an escrow account by the developer.
  • As an application fee or advance, a promoter cannot take more than 10% of the cost of the project.

Penalties for Non-Registration

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

RERA Registration Fees

RERA registration fees vary according to the different categories of applicants. SK Tax Law Firm provide RERA registration service at very pocket-friendly rates as per the need of clients.

SK Tax Law Firm provides this RERA service with the assistance of skilled team members as per client diverse requirements. They put their greatest efforts to attain complete customer satisfaction by providing them with the best solution. Our staff members closely communicate with the customers and provide these well-managed RERA registration number services as per their needs. Also, the RERA registration process time with us is minimum. You can reach us if you face any problem or contact us, send your query at info@sktaxlawfirm.com, or call us at +91-9719586772.