RERA Registration for Real Estate Agent
All Real estate agents are required to do RERA Registration. They should do it with the concerned state-level regulatory authorities. In this article we shall focus on the RERA Registration for Real estate agents.
Who are Real estate agents?
Such agents work as intermediary to facilitate the transaction and stimulate fair practices among buyers and builders. They have an important role to play that includes keeping all records and documents of promoters and they are required to present the records and documents as and when required by the buyer.
What is RERA Registration for Real Estate agent?
As stated earlier all RERA agents should register with concerned state-level regulatory authorities compulsorily. Once they are registered, the agents would be provided registration number that is valid for 5 years.
Procedure of RERA Registration for Real Estate Agent
We have discussed the process of RERA registration for agents in Delhi. Every real estate agent in Delhi, require to be registered shall make an application in writing in Form ‘G.’ The following documents shall also be submitted along with the application, namely:
- Brief details of the enterprise including its name, registered address or place of business, type of enterprise of proprietorship/societies/partnership /company, as the case may be;
- the particulars of registration including the bye-laws, Memorandum of Association, Articles of Association, etc. whether as a proprietorship, partnership, company, society, etc. as the case may be;
- name, address, contact details and a photograph of the real estate agent;
- Authenticated copy of the PAN card of the real estate agent;
- Address proof of the Place of Business.
- Income tax return of last three years and declaration.
Registration fee at the time of application for registration shall be paid by the real estate agent by way of a demand draft or a banker’s cheque drawn on any scheduled bank or through online payment, as the case may be, for a sum of:
- In the case of Individual: Rs. 10,000
- In the case of the applicant other than the individual: Rs. 50,000
The Authority, may, within 30 days of receipt of application may accept the application or reject the application. If the application is accepted, then the Authority shall issue a registration certificate with a registration number in Form ‘H.’ In the case of rejection of the application, the Authority shall after recording the reasons in writing inform the applicant in Form ‘I.’
It may be noted that:
- The registration granted shall be valid for a period of 5 years.
- On the expiry of the registration number, the applicant has to make an application for renewal of RERA registration, in Form ‘J’ at least 3 months before the expiry of the registration granted.
- The real estate agent shall pay a registration fee at the time of application for renewal of RERA Registration by way of a demand draft or a banker’s cheque drawn on any scheduled bank or through online payment, as the case may be, for a sum of:
- In the case of Individual: Rs. 5,000
- In the case of the applicant other than an individual: Rs. 25,000
- In the case of renewal of registration number, the authority shall inform the real estate agent about the same in Form ‘K’ and in the case of rejection of the application for renewal of registration number the authority, shall inform the real estate agent in Form ‘I.’
- The renewal granted for registration to a real estate agent shall also be valid for a period of 5 years from the date of its renewal.
- If the real estate agent commits any fraud or breaches any regulations, then the Authority may revoke the registration and shall intimate about the same to the concerned real estate agent in Form ‘I.’
- The real estate agent shall maintain and preserve its books of accounts, records, and documents in accordance with the provisions of the Act.
It may be noted that there are penalties as well under RERA Act for RERA registration for real estate agent. In case of default, the agent may be liable for 10000 rupees per day and it can extend to 5% of the plot or building cost.
Read our article:
Statutory Provisions of RERA: Registration Process, Documents, Offences, etc.