RERA Registration in India

RERA refers to Real Estate Regulations Act. This act applies to every real estate agent in India. A real Estate agent refers to a person who, on behalf of another, deals with real estate transactions and is benefitted from the fees for those services. The real estate agents provide services that include but are not limited to the following:

1.    Sale of Plot, Flat, Building, or Apartment

2.    Sealing of Plot, Flat, Building, or Apartment

The RERA registration is required for any agent who wants to deal with any project whose area exceeds 500 meters or has more than 8 apartments. To that end, if you want to be more than a small-time real estate agent, you need to get this Registration and pave the way for your expansion.

Getting this license isn't an easy prospect. However, with Registrationwala, you can avail of the registration services for this license in any state. Get in touch with our experts to know more.

Benefits of RERA Registration

The benefits of RERA registration are as follows:

Prevents Insolvency

RERA registration through an escrow account for future construction projects prevents insolvency.

Imparts Authenticity

With RERA registration, the promoters, as well as brokers, can be authenticated. To that end, this Registration can attract a lot of property buyers.

Showing Professionalism

Property buyers always gravitate towards individuals who have covered all of their bases.To that end, the RERA registration assists the real estate to appear professional to the customers.

Avails Flexibility

With RERA registration, real estate agents can be a lot more flexible when it comes to the date of delivery of the project.

Authority Complaint

Through RERA registration, brokers and promoters can complain to the authority regarding any matter.

Features of RERA Registration

Validity

The minimum validity of RERA registration is for one year. However, it can be more pertaining to the fees paid. Once the period of over, the RERA license can also be renewed. However, any breach of conduct also causes the government to revoke the license.

RERA Registration Certificate

The RERA registration certificate is granted for an entire state or a union territory. The time that it takes to get this certificate is about 15 days. This time taken is applicable for most of the states in India.

Associated Penalties

There are penalties associated with non Registration of this license. This can either be NR 10000 for each day of default to 5% of the cost of the plot.

Duties of Real Estate Agent

The real estate agent must not falsely represent the service provided. Furthermore, it is a crime to state the approval or affiliations the agent does not have.

Eligibility Criteria for RERA Registration in India

The following are the eligibility criteria for RERA Registration:

Property Size

The residential or commercial property you want to build should be more than 500 square meters.

Minimum No. of Apartments

The number of proposed apartments in the case of residential property should be at least 8.

Documents Required for RERA Registration in India

There are two types of RERA registration, and the respective documents required for each of them are as follows:

Projects

• PAN card of the promoter
• Annual report of the promoter
• The number of open parking and covered parking areas in the project
• An authenticated copy of the title of the deed that details the title of the promoter and the title of the project
• Details of encumbrances on the land on which the construction project is proposed
• Details of the owner of the land where the project is proposed. These details entail:

• • Collaboration agreement
  • Development agreement
  • Joint development agreement
  • Or any other agreement that the owner has entered with the promoter.
• Personal details of the promoter
  •       Name
  •       Identity proof
  •       Photographs
  •       Contact information
  •       Address proof of the directors, partners, and directors.

Real Estate Agents

The documents that are required for the real estate agents are as follows:

• Particulars pertaining to the Registration:
  •       Bye-laws
  •       Memorandum of Association
  •       Articles of Associations
• Details of the real estate agent if the agent is an individual:
  • Name
  • Address proof
  • Photograph
• Details of the entity if there are multiple real estate agents:
  • Name
  • Address
  • Photographs
• PAN card Photo state
• Address proof of the place where the business is conducted

Process of obtaining the RERA Registration in India

1. Gather the documents
2. Draft the application RERA 1
3. Submit the application

Our Assistance to get the RERA Registration in India

Registrationwala can assist you with the registration by providing you the following services:

1. Document drafting
2. Application filing
3. Processing the application
4. Completing the Registration

Therefore, get in touch with us if you want the RERA Registration in minimum time and at minimum RERA Registration fees.