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RERA, full form of which is Real Estate Regulatory Authority, stands for transparency in the real estate industry. It was brought to action to eradicate the existing discrepancies and problems within the sector.
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Documents required from developers to register an on-going project:
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Documents required for Agent Registration |
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Copy of PAN and Aadhar of promoter
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Copy of PAN and Aadhar of the Real Estate Agent
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Copy of approval obtained from the competent authority
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Details of the real estate agent such as name, address, contact details and photographs of individual/ partners/ directors.
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Development Plan
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Copy of the address proof
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Project details (location of the project, layout and sanctioned plan of the project)
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Details of designing standards, construction technology type, resistant measures in case of the uncertain event and amenities/facilities in the layout plan.
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Income Tax Returns (ITR) and audited financial statements of the past 3 years.
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Title Deed along with the chain of title |
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Documents of ownership such as proforma of the allotment letter, sale agreement, and conveyance deed. |
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If the promoter is not the owner then consent detail of the owner along with the collaboration agreement, development agreement, joint development agreement, title deed or any other agreement entered into between the promoter and owner. |
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Yes. It will improve the transparency in the real estate sector.
As per section 59 of the RERA Act, in case of non registration there is a penalty of up to 10% of the estimated project cost and in case of continuous default there will be an additional fine of up to 10% of the estimated project cost or 3 years imprisonment or both.
RERA registration can be revoked if the prescribed compliances are not complied with. It can be revoked by the authority on the basis of a complaint received or on suo moto basis by giving 30 days written a notice to the promoter. On receiving the notice, the promoter will give the show cause notice as to why the RERA registration should not be revoked by the authority.
On the following grounds, show cause notice may be issued:
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