Registration under RERA is mandatory for all type of real-estate business
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What is RERA and How do I register with RERA?
The Real Estate (Regulation and Development) Act, 2016 provides for establishing regulatory authorities at the state level to register residential real estate projects and seeks to regulate contracts between buyers and sellers in the real estate sector to ensure sale of plot, apartment or building, etc. in an efficient and transparent manner. It also proposes to ensure greater accountability towards consumers, and significantly reduce frauds and delays as also the current high transaction costs. By imposing certain responsibilities on consumers and promoters, it attempts to balance the interest of both. It seeks to establish ease of information between the promoter and purchaser, high level of transparency of contractual conditions, set minimum standards of accountability and a fast track dispute resolution mechanism.
The real estate sector plays a vital role in fulfilling the need and demand for housing and infrastructure development in the India. While this sector has grown rapidly in recent years, it has been largely unregulated, though in India there is state apartment act, with the absence of professionalism and standardization. The lack of adequate consumer protection mechanism resulted in exploitation and profiteering by unscrupulous builders. Thus, the Real Estate Act will protect the interest of buyers and also give much-needed impetus to the sector.
Main Objective of RERA Act.
Establishing a fast-track dispute resolution mechanism
Ensuring accountability towards buyers and protect their interest
Infusing transparency, ensure fair-play and reduce frauds & delays
Ensuring the sale of real estate project, in an efficient and transparent manner
Introducing professionalism and pan India standardization
Establishing symmetry of information between the developer and buyer
Imposing certain responsibilities on both developer and buyers
Promoting good governance in the sector and create investor confidence
Advantages from RERA Registration
It is seen that Developers often make false promises about the completion date of the project, but hardly ever deliver on time. As per the bill, strict regulations will be enforced on developers to ensure that construction runs on time and flats are delivered on decided time. In case if the builder is not able to deliver the flats on time, he/she will have to refund the purchaser with interest.
Accurate project details
In the construction stage, builders promote their projects, defining the various amenities and features related to projects. As per this bill, there can't be any changes to a plan. And if a builder is found guilty of this, he/she will be penalized 10% of the project's costs or face jail time of up to three years.
Builders often attract buyers with huge discounts and pre-launch offers. And, the buyer, enticed by the offers, does not bother about the clearance. But, due to delays in getting clearance, the buyer does not get the flat on time. This bill ensures that developers get all the clearances before selling flats.
Proper After sales service If the buyer finds any structural deficiency in the development of the building, then it is the developer's responsibility to repair structural defects up to 5 years.
First RERA Registration, Then Advertisement
Promoters are not permitted to advertise any project without registering under the real estate project with the Real Estate Regulatory Authority established under this Act. Additionally, each advertisement has to carry the RERA registration number.
The amount to be paid by the buyer has been reduced from 20% to 10%, which should be paid only after registering the agreement for sale with the builder. Termination of the agreement is permitted only if the buyer defaults on payment thrice. The Buyer is entitled to a 15-day notice.
Who all are required to register under RERA?
RERA is application on promotors, project and real-sate agents subject to following conditions
The applicability of the Act has been extended to commercial and residential real estate (including plotted development).
All the residential and the commercial projects exceeding 500 square meters or more than 8 units/apartments has to mandatorily get register with the Real Estate Regulatory Authority (RERA); thereby ensuring that even the small projects by local promoters are brought under the ambit of the Act.
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 under respective state laws by the Real estate agents who facilitate selling or purchase of properties. Registration certificate is valid of whole state / UT.
Application for registration must be approved or rejected within a period of 30 days from the date of application by the RERA
On successful registration and approval from the authority, the promoter of the project will be provided with an unique registration number, a login id, and password for the applicants to update the necessary details about the company and project
For failure to register, a penalty of up to 10 percent of the project cost or three years’ imprisonment may be imposed.
RERA Registration Fees for Different Category of Applicant
RERA Registration fees in Maharashtra
Project registration under MH-RERA Rs. 10 per square meter. Or Rs.50,000 Minimum and maximum Rs. 10 Lac.
Agent registration under Maharashtra RERA Rs. 10,000 in case of individual and Rs. 100,000 in case others.
RERA Registration fees in Uttar Pradesh
In case residential Apartments / Project in UP
Rs 10 per square meter for Project size less than 1000 Square meter.
Rs 500 per 100 square meter for project size exceeds 1000 square meters.
In case of commercial projects in UP
Rs 20 per square meter for projects size less than 1000 square meters.
Rs 1000 per 100 square meter – For projects size more than 1000 square meters.
For Agent registration under RERA as individual Rs. 25000 and in case others Rs. 2,50,000/-.
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