RERA Registration | MyCompanywala

RERA Registration

INR @Price: 49,999/-


Package Inclusions:–

Drafting of an application for RERA registration

Online filing of an application

End to end follow up with the government department

Certificate of RERA Registration

Easy & Fast RERA Registration Process


The term RERA stands for the Real Estate Regulatory Act. Further, obtaining RERA Registration is mandatory for those who are dealing in the properties in the real estate industry.

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What is RERA?

  • 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.

  • Why is RERA required?

  • As per the RERA Act, RERA committees have been set up across India to promote uniformity and transparency, as well as to regulate the real estate sector. 

    With RERA in place, every builder or developer is required to inform homebuyers of the progress of construction, offer them keys to their property on the due date, and abide by every rule outlined by RERA, to ensure accountability.
  • Benefits of RERA

    • Authencity: RERA aims to reduce project delays and mis-selling. In order to do so, authorities have made it mandatory for all builders/developers to carry out RERA registration before they start a project.
    • Area: RERA has been sub-divided into smaller regulatory bodies, each of which look after the real estate development in a single state or union territory in India.
    • Applcablity: RERA rules are applicable to both residential and commercial properties.
    • Interest: The standardisation brought about by RERA aims to protect the interests of buyers and developers alike.
    • Accountability: The RERA Act has brought about more accountability and transparency within the real estate industry.

     

    S.No.

    Documents required from developers to register an on-going project:

     

    Documents required for Agent Registration

                1.

               Copy of PAN and Aadhar of promoter

     

               Copy of PAN and Aadhar of the Real Estate Agent

               

                2.

               Copy of approval obtained from the competent authority

     

               Details of the real estate agent such as name, address, contact details and photographs of individual/ partners/ directors.

     

                3.

                Development Plan

     

              Copy of the address proof

     

                4.

               Project details (location of the project, layout and sanctioned plan of the project)

     

     

                5.

              Details of designing standards, construction technology type, resistant measures in case of the uncertain event and amenities/facilities in the layout plan.

     

     

                6.

               Income Tax Returns (ITR) and audited financial statements of the past 3 years.

     

     

                7.

             Title Deed along with the chain of title

     

                8.

                Documents of ownership such as proforma of the allotment letter, sale agreement, and conveyance deed.

     

                9.

              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.

     



  • Frequently Asked Questions

    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:

    • In case of default made by the promoter;
    • In case of the violation of the terms and conditions by the promoter;
    • If it is found that Promoter is indulged in unfair practice and in any fraudulent practices like misrepresentation / publication of any advertisement  which are not intended to be offered;


    • Promoters have to pay 10% of the project’s estimated cost if they do not register under RERA. Moreover, they are charged 5% of the project’s estimated cost if they are found giving out false information related to the project.
    • For promoters, violation of laws can lead to imprisonment for up to 3 years or cost them 10% of the project’s estimated cost.
    • Agents are charged Rs.10,000 per day up to 5% of the cost of the project, in case they are found conducting construction and sales on their project sans RERA registration.
    • Severe non-compliance with RERA will require developers to pay a daily penalty of up to 5% of the project’s probable value.
    • In case of non-compliance with the Appellate Tribunal, the penalty is imprisonment for up to 1 year, or 10% of the project’s probable cost, or both.

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