In 2016, the Government of India passed the Real Estate Regulatory Authority Act in order to streamline the home buying process, facilitate transparency, and eliminate any prevailing problems.
The state RERA committee must approve all developers and builders before the project launches, and the RERA authority must create a portal that displays all relevant and critical information.
The RERA registration number is provided if the proposed project complies with all the guidelines, and it must appear in all communications related to the project, including advertisements and agreements. To verify the RERA registration number of the project, buyers should visit the Vakilsearch website.
Why It Is Important?
RERA was needed to revive confidence in the nation’s real estate market. We need some transparent government authority to keep a check on developers since it is one of the major revenue generators in our country. As a result of RERA, buyers and developers will have more common ground, which will reduce the risks they had before. RERA is extremely important, as it will be applicable to over 76,000 companies throughout the country. As a result of this act, a number of things, such as the registration of projects and the registration of real estate agents, have become mandatory. In addition to knowing all the details about a real estate project, the buyer will also be able to get all the related documents. In addition to governing residential and commercial real estate transactions, RERA establishes a state authority. The RERA will ensure that the project is completed on time, bringing a sigh of relief to homebuyers. As a result, RERA will guarantee greater precision between developers and buyers.
RERA Registration Process
The RERA registration process varies by state and union territory and depends on whether the individual or builder/developer/promoter is registered with the RERA website.
Here, we will look at the RERA registration process:
- Go to the official website of RERA
- Select New User if you wish to register for the first time.
- Select your User Type (real estate agent/promoter/citizen) in the new window.
- Then click ‘Create User’ after entering the necessary information.
RERA Registration Fees
An applicant for registration is required to pay a fee of ten per square meter, up to a maximum of ten lakhs.
Documents to be produced for successful Registration
Apart from RERA registration fees, the following documents must be presented in order to be approved by the RERA.
- A genuine photocopy of the PAN, the Direct Identification Number of the real estate agent, the AADHAR number, and the same set of documents for all directors and partners.
- Briefly describe the business, including its name, address, type of ownership or partnership, etc.
- Photocopies of partnership deed, incorporation certificate, memorandum of association or MOU, and articles of association.
- At the time of application, complete income tax returns for the previous three fiscal years must be submitted. A formal notice is issued if the real estate agent fails to file returns for a particular year.
- A photo of the agent along with his partners and fellow directors.
- Information about all the offices (main branch and auxiliary offices, if any).
- Under RERA, the state committee wants to see a detailed record of all real estate ventures and their dealers that a person has worked for in the last five years.
- The agent and related partners, directors, or other individuals should be provided with a written report on any civil and criminal cases pending against them.
- The rubber stamp images approved letterhead copies, and acknowledgment receipts issued during the process should be kept handy for future reference.
RERA is an important landmark in the registration process. Commercial and residential real estate transactions are governed and regulated by the governments of the notifying states and union territories.
As a result, RERA protects the interests of the buyers by registering developers, builders, and agents, ensuring full disclosure of project details and prompt completion of projects, enabling one to check the builder’s RERA registration, and handing over the property on the designated date.