{"id":30375,"date":"2020-04-05T17:37:03","date_gmt":"2020-04-05T12:07:03","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=30375"},"modified":"2020-04-05T17:37:05","modified_gmt":"2020-04-05T12:07:05","slug":"rera-act-process-documents-offences-statutory-provisions","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/rera-act-process-documents-offences-statutory-provisions\/","title":{"rendered":"Statutory Provisions of RERA: Registration Process, Documents, Offences, etc."},"content":{"rendered":"

Overview<\/h2>\n\n\n\n

In the past, we have seen or heard reports regarding the inefficiency in the work process of the real estate developers. There were reports regarding constant failures on the part of the real estate developers to keep their promises, leading to long-drawn court cases and various other issues. Therefore, in order to regulate the real estate and to establish the Real Estate Regulatory Authority (RERA) for regulating and promoting the Real estate sector, the Real Estate Regulation Act, 2016<\/strong>, was enacted.<\/p>\n\n\n\n

The main objective of this RERA Act\nis to safeguard the interest of consumers in real estate and to establish a\nredressing mechanism for a speedy resolution of the disputes<\/strong>. It led to the\nestablishment of the Appellate Tribunal to hear appeals against the decisions\nor the orders of the Real Estate Regulatory Authority. In this article, we\nshall go through the various provisions of RERA, including its registration\nprocess, documents required, offences, etc. <\/p>\n\n\n\n

What is RERA?<\/h2>\n\n\n\n

RERA stands for Real Estate Regulatory Authority. The RERA Act was enacted with an aim to regulate and promote the real estate sector so that there could be transparency and efficiency in the conduct of the sale of an apartment, land, or a building. The RERA Act, through proper regulation, ensures protection to the interest and the rights of the consumers. The Act was enforced from 1<\/strong>st<\/strong><\/sup> May 2017<\/strong>, across India after it was enacted by the Parliament in the year 2016.  <\/p>\n\n\n\n

With\nits implementation, RERA would bring a high sigh of relief for the homebuyers.\nThe builders would be accountable for the promises that they make to the\nbuyers. It would ensure that consumers are protected from fraud. Proper\nregulation would encourage consumers to invest without fear.<\/p>\n\n\n\n

What are the Documents Required for Registration under\nRERA?<\/h2>\n\n\n\n

The documents which are required for registration along with the application form are listed below:<\/strong><\/p>\n\n\n\n

  1. The name, address and\nother particulars of the enterprise and the kind of the enterprise like\nsociety, proprietorship, companies, partnership and the photographs of the\npromoters;<\/li>
  2. The details of the\nprojects by the promoters in the last five years including the current status\nof the projects and details of land type and pending payments;<\/li>
  3. A copy of approvals and\ncommencement certificate by the authorities obtained by law;<\/li>
  4. The details of the\nproposed project like the sanctioned plan, layout plan and other specifications\napproved by authorities;<\/li>
  5. Details of the development\nwork in the proposed project;<\/li>
  6. The Proforma of the\nallotment<\/a> letter and agreement of sale;<\/li>
  7. Name and addresses of the\nagents of the real estate project, if any;<\/li>
  8. Information regarding the\npersons involved in the project such as engineers, architects, contractors, and\nothers;<\/li>
  9. A declaration stating the\nlegal title of the land on which the project is proposed by the builder\nsupported by relevant proofs;<\/li>
  10. In case the builder is not the owner of the land then a\nletter of consent is required from the real owner;<\/li>
  11. Any other relevant document is needed to be presented if\nrequired under RERA.<\/li><\/ol>\n\n\n\n

    Registration Process under RERA<\/h2>\n\n\n\n

    The process of <\/em><\/strong>registration under RERA<\/em><\/strong><\/a> entails the following details:<\/em><\/strong><\/p>\n\n\n\n