RERA i.e. Real Estate Regulatory Authority which is established under the Real Estate Act, 2016 to protect home-buyers & for boosting investments in the real estate industry. The aim is to bring transparency and accountability towards customers. RERA is established in every state having respective rules & requirements.
All commercial and residential real estate (including plotted development) are covered for RERA registration. 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. Application for registration must be approved or rejected within 30 days from the date of application by the RERA. We at Legal Suvidha will help you in getting RERA registration in the respective state.
Advantages of RERA Registration
|DELIVERY ON TIME
||RERA registration ensures the timely delivery of the flat/apartment etc. to the buyer as if there is no delivery on time the promoter, builder, etc. have to pay interest, penalty, etc.
|| While registering, promoters, builders, etc. have to give accurate details about the project. Any change can make liable for the penalty.
|NO REGISTRATION, NO ADVERTISEMENT
||As per the Act, no advertisement can be done without RERA registration. Furthermore, each advertisement has to carry the RERA registration number.
||Brokers and promoters registered with RERA are also empowered to complain about the authority regarding any matters.
RERA Registration Registration Process
Documents required for RERA Registration
1. PAN Card of the builder
2. ITR of last 3 years and the balance sheet of the builder
3. The builders must clarify about the apartment (carpet area, number of floors, parking space)
4. Declaration by the builder of having legal title of the land with proof
5. Details of the land (rights, title, mortgage)
6. If the builder is not the owner of the land, the consent letter of the actual owner with documents will be required
7. Details of the project (location, sanctioned plan, layout plan)
8. Ownership documents (proforma of allotment letter, agreement of sale)
9. Information of the persons involved (Architects, Engineers, and others)
Frequently Asked Questions