RERA Registration in India
RERA refers to Real Estate Regulations Act. This act is applicable for every real estate agent in India. A real Estate agent refer to a person who, on the behalf on another deals with real estate transaction and is benefitted via the fees for those services. The real estate agents provide services that include but are not limited to the following:
- Sale of plot, flat, building or apartment.
- Sealing of plot, flat, building or apartment.
The RERA registration is a requirement for any agent who wants to deal with any project whose area exceeds 500 meters or there are more than 8 apartments. To that end, if you want to be a lot 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 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:
- It prevents insolvency: through an escrow account for future construction projects, it prevents insolvency
- Authenticity: With RERA registration, the promoters as well as brokers can be authenticated. To that end, this registration is able to attract a lot of property buyers.
- It shows that you are a professional: 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.
- It avails flexibility: With RERA registration, the real estate agents can be a lot more flexible when it comes to the date of delivery of the project.
- The Registration allow them to complaint: Through RERA registration brokers as well as promoters can actually complaint 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 and cause the government to revoke the license as well.
- RERA registration certificate: The RERA registration certificate is granted for an entire state or a union territory. This time that it takes to get this certificate is about 15 days. This time taken is applicable for most of the states in India.
- Penalties associated: 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.
- The Duty of the real estate agent: The real estate agent must not make any false representations of the service provided. Furthermore, it is a crime to state the approval or affiliations that the agent does not have.
Documents Required for RERA Registration
There are two types of RERA registration and the respective documents required for each of them are as follows:
- PAN card of the promoter
- Annual report of the promoter
- The number of open parking and covered parking areas of 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
- Identity proof
- Contact information
- Address proof of the directors, partners, and directors.
- For 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 individual:
- Address proof
- Details of the entity if there are multiple real estate agents:
- PAN card Photostat
- Address proof of the place where the business is conducted
Procedure of RERA Registration
- Gather the documents
- Draft the application RERA 1
- Submit the application