RERA Registration Online

What is RERA Registration?

RERA registration is the process by which real estate developers and agents are required to register their projects and themselves with the respective state Real Estate Regulatory Authority (RERA). The registration ensures that the projects and agents comply with the regulations and safeguards the interests of homebuyers. RERA aims to create a fair and transparent environment in the real estate sector, protecting the rights of buyers and enhancing investor confidence.

Importance of RERA Registration:

1- Legal Compliance: RERA registration is a legal requirement for developers to initiate and promote real estate projects. Non-compliance can lead to penalties and other legal consequences.

2- Consumer Protection: RERA aims to protect the interests of homebuyers by ensuring that developers deliver projects as per the promised specifications and timelines. RERA registration instills confidence in buyers and enhances trust in the real estate sector.

3- Credibility and Trust: RERA registration signifies that the developer is committed to transparency, accountability, and adhering to the rules and regulations of the real estate sector. It enhances the credibility of the developer among potential buyers and financial institutions.

4- Marketing and Sales: RERA registration is a prerequisite for advertising, marketing, and selling real estate projects. Builders can promote their projects confidently, knowing that they have complied with the regulatory framework.

What does the RERA Registration Online Applicability Checklist entail?

1. It is applicable to project promoters, real estate agents, and projects.
2. It is applicable to planned developments for businesses, homes, and plots.
3. Any builder who wishes to construct a building (commercial or residential) on land measuring more than 500 square metres or who proposes to build more than 8 flats in total must get RERA registration.
4. The RERA registration certificate must be obtained by agents who are involved in the sale and purchase of real estate.
5. The RERA Registration Certificate is still in effect all over the State.
6. It is applicable to the transaction’s Parties.

How to Get a RERA Registration Certificate?

Preparing Documents: Builders need to gather and prepare various documents required for RERA registration, such as:

– Details of the promoter, including PAN card, address proof, and photograph.
– Details of the project, including location, sanctioned plan, layout plan, and schedule of implementation.
– Commencement and completion certificates, along with the architectural and structural plans of the project.
– Information on the land title, ownership, and encumbrances.
– Details of the project’s financials, including estimated cost, source of funds, and escrow account details.

Online Application: Builders need to visit the respective state’s RERA website and fill in the online application form, providing all the necessary project and promoter details.

Payment of Fees: Builders are required to pay the registration fees online as per the guidelines prescribed by the respective state RERA authority. The fees are based on the project size and other factors.

Submission of Documents: Builders must upload all the required documents along with the application form on the RERA website. The documents should be in the prescribed format and comply with the guidelines provided by the authority.

Verification and Grant of Certificate: The state RERA authority verifies the application and documents submitted. Once the verification is complete and all the requirements are met, the authority grants the RERA registration certificate to the builder.

What documents are Necessary for Online RERA Registration?

Whether the promoter or the agent is registering under RERA will determine which documents are needed.

For Promoter, The list of documents needed for RERA registration is as follows:-

• Promoter’s ID proof and address proof
• Photos
• PAN Number
• Email ID
• Commencement Certificate with the Sanction Plan
• Project Layout Plan
• Complete location details of the project
• The plan of action works to be executed in the project.
• Availability of Parking slots in the real estate project.
• Legal title deeds considering the title of the promoter of the land on which the project is proposed.

Compliance and Obligations:

Project Updates: Builders are required to regularly update the project status on the RERA website, ensuring transparency and informing buyers about the progress of the project.

Escrow Account: Builders must maintain a separate escrow account for each project, where 70% of the funds received from buyers must be deposited and used only for the specific project’s construction and development.

Timely Completion: Developers need to ensure timely completion and delivery of the project as per the specifications mentioned in the agreement with the buyers.

Adherence to Guidelines: Builders must comply with the guidelines and regulations specified by the state RERA authority, including quality standards, building norms, and project specifications.

Conclusion:

RERA registration plays a vital role in promoting transparency, accountability, and consumer protection in the Indian real estate sector. It is crucial for builders to understand the importance of RERA registration and comply with the regulations. The process involves gathering the necessary documents, submitting an online application, paying the fees, and providing regular project updates. By obtaining a RERA registration certificate, builders demonstrate their commitment to the principles of fairness, integrity, and professionalism, enhancing their credibility and establishing trust among homebuyers.

Are you also looking for RERA Registration Online service? Contact us today to get a free consultation for your upcoming RERA project.