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RERA stands for Real Estate Regulatory Authority and is established under the Real Estate (Regulation and Development) Act. The Act was introduced in 2016 to regularise the issues in the real estate sector. With the advent of RERA registration, transparency has improved and has benefited all parties to the transaction. It has also brought in accountability by reducing the chances of delay in real estate contracts. In this article, we shall look at the RERA registration process.
The following objectives are intended to be achieved:
The RERA Registration Process shall be applicable to-
The below mentioned persons are exempted from the registration of real estate projects:
Documents required for Promoter Registration-
Along with this, the following documents relating to previous project experience of the promoter is to be submitted:
In case the promoter is an enterprise like a company, partnership, society, or proprietorship, the following additional documents is to be submitted:
Documents required for Real estate agent registration-
There are numerous reasons as to why the RERA registration process is beneficial for buyers. Some of the reasons include the following:
When promoters register under RERA, they are required to provide the estimated date of the completion of the project. In case the promoter fails to deliver, huge penalties will be imposed on such promoter.
The promoter is required to give the accurate details of the project such as the stag of completion, the amenities provided and other details which can’t be changed later.
The promoter shall set right any defect or deficiencies post the purchase of the project.
Promoters registered under RERA should have licenses in place before selling. Therefore the buyers can’t be lured into fraudulent schemes anymore.
The payment of the booking amount has to be done only after the registration of the sale agreement.
It may be noted that RERA Registration is mandatory for promoters, real estate agents, and in case of non-registration severe penalties may be imposed. The RERA Registration process is simple however you are advised to seek the assistance of a professional in this regard.
Read our article:RERA for Promoters, Developers & Agents
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