RERA Registration

RERA stands for the Real Estate (Regulation and Development) Act, which is a landmark legislation in India aimed at regulating the real estate sector and promoting transparency and accountability in the real estate industry. RERA was enacted by the Indian Parliament in 2016 and has been implemented in various states and union territories across the country.

Here are the key points regarding RERA registration of projects in India:

1. Applicability: RERA registration is mandatory for all new and ongoing real estate projects that meet certain criteria. The law applies to both residential and commercial real estate projects.

2. Registration of Projects: Promoters (real estate developers) need to register their projects with the respective state's Real Estate Regulatory Authority (RERA) before advertising, marketing, or selling any units in the project.

3. Registration Process: The promoter needs to submit detailed information about the project, such as project layout, approvals obtained, timelines, financial details, and details of the land on which the project is being developed, among other information.

4. Escrow Account: RERA requires promoters to open a separate escrow account for each project, where they need to deposit 70% of the funds collected from buyers. This provision aims to ensure that the funds are utilized only for the development of the registered project.

5. Project Updates and Disclosures: Promoters are required to provide regular updates and disclosures on the RERA website regarding the progress of the project, construction status, and any changes in plans.

6. Carpet Area: RERA mandates that the prices of units should be based on the carpet area and not on the super-built-up area, to prevent misleading pricing practices.

7. Penalties for Non-Compliance: RERA provides for strict penalties for non-compliance with the registration requirements and other provisions of the Act. These penalties may include monetary fines and imprisonment.

RERA aims to protect the interests of homebuyers and promote a fair and transparent real estate market. It provides buyers with access to information about real estate projects, ensures timely completion of projects, and establishes a mechanism for resolving disputes between buyers and promoters.

Registration for Promoters

Application Form: Obtain the application form for RERA registration for promoters from the official website of the respective state's RERA authority.

Fill the Application: Fill out the application form with the necessary details, including project information, financial details, contact information, and other relevant information as required.

Supporting Documents: Attach the required supporting documents along with the application form. The specific documents may vary, but typically include:

Identity proof of the promoter (such as PAN card, Aadhaar card, or passport).

Address proof of the promoter (such as passport, voter ID, or utility bills).

Certificate of incorporation or registration of the promoter's legal entity.

Ownership documents or development rights agreement for the land.

Project layout, design plans, and approvals from relevant authorities.

Financial statements of the promoter's entity.

Any other documents as specified by the respective state's RERA authority.

Pay the Registration Fee: Pay the prescribed registration fee as mentioned in the application form. The fee amount may vary based on the state and the size of the project.

Registration for Real Estate Agents

As per the Real Estate (Regulation and Development) Act, 2016 (RERA), real estate agents are also required to register with the respective state's Real Estate Regulatory Authority (RERA) to operate legally in the real estate market.

Here are the key points regarding RERA registration for real estate agents in India:

1. Mandatory Registration: Real estate agents, brokers, or property dealers who facilitate the sale or purchase of properties must register with the RERA of the state in which they operate. RERA registration is mandatory, and operating as an unregistered agent is not allowed.

2. Eligibility Criteria: Real estate agents need to meet the eligibility criteria set by the respective state's RERA for registration. These criteria may include qualifications, experience, and financial standing.

3. Online Application: The registration process for real estate agents is usually done online through the official website of the respective state's RERA. The agent needs to create an account, fill the required information, and upload necessary documents.

4. Documents Required: The documents required for RERA registration of real estate agents may include the following:

   • Proof of identity of the agent (such as Aadhaar card, PAN card, etc.).

   • Address proof of the agent's office.

   • Details of the agent's qualifications and experience.

   • Financial statements and bank details.

5. Registration Fees: Real estate agents are required to pay the registration fees as prescribed by the respective state's RERA.

6. Validity of Registration: The RERA registration for real estate agents is typically valid for a specified period, after which it needs to be renewed.

7. Code of Conduct: RERA also specifies a code of conduct that real estate agents must adhere to while carrying out their business activities.