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RERA Registration for Real Estate Projects

Under the Real Estate (Regulation and Development) Act, 2016 (RERA), the registration of real estate projects and agents is a mandatory legal requirement in India. RERA aims to promote transparency, accountability, and efficiency in the real estate sector, safeguarding the interests of homebuyers and ensuring the timely completion of projects.

 

As per RERA regulations, any real estate project exceeding a certain threshold in terms of land area or number of units must be registered with the respective State Real Estate Regulatory Authority (RERA). The registration process involves detailed documentation, including project plans, financial details, and approvals obtained from relevant authorities. Non-compliance with RERA registration requirements can result in hefty penalties and legal consequences.

Key Responsibilities of RERA-Registered Developers

  • Adherence to Project Timelines:
  • Disclosure of Project Details
  • Maintenance of Separate Escrow Accounts
  • Rectification of Defects
  • RERA Registration for Real Estate Agents

Applicability of RERA Registration Certificate in India

Real Estate Projects:

RERA mandates the registration of real estate projects that meet specific criteria in terms of land area or number of units. Projects exceeding the prescribed thresholds are required to be registered with the respective State Real Estate Regulatory Authority (RERA).

Promoters and Developers

Promoters or developers undertaking the construction and sale of real estate projects are obligated to register under RERA. This includes individuals, partnerships, companies, or any other entity involved in the development and marketing of real estate properties.

Commercial vs. Residential Projects

RERA registration applies to both commercial and residential real estate projects, including apartments, villas, plots, commercial complexes, and mixed-development projects.

Exceptions and Exemptions:

Certain categories of real estate projects are exempt from RERA registration requirements, such as projects for renovation or repair, projects where the area of land proposed to be developed does not exceed the threshold specified by the state government, and projects for which completion certificates have been obtained before the implementation of RERA.

Real Estate Agents

RERA also extends to real estate agents or brokers involved in property transactions. Agents facilitating the sale or purchase of properties are required to register with the State RERA Authority, providing transparency and accountability in real estate transactions.

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Procedure for RERA License Registration in India

RERA, or the Real Estate (Regulation and Development) Act, 2016, has brought significant reforms to the real estate sector in India, aiming to protect the interests of homebuyers and promote transparency and accountability in the industry. 

Step 1: Project Analysis and Eligibility Determination:

Before initiating the registration process, developers must analyze their real estate project to determine its eligibility for RERA registration. Projects meeting the prescribed threshold in terms of land area or number of units are required to be registered under RERA.

Step 2: Compilation of Documents:

Developers need to compile a comprehensive set of documents as per the requirements specified by the respective State Real Estate Regulatory Authority (RERA). These documents typically include project details, land title documents, layout plans, financial statements, and approvals obtained from relevant authorities.

Step 3: Online Application Submission

Once the necessary documents are in order, developers can proceed to submit their RERA registration application through the official RERA website of the concerned state. The online application form must be filled accurately, providing all required project details and developer information.

Step 4: Payment of Registration Fees

Along with the application submission, developers are required to pay the prescribed registration fees as per the RERA regulations. The registration fees vary based on factors such as the size and location of the project.

Step 5: Scrutiny and Verification

Upon receipt of the application, the State RERA Authority conducts a thorough scrutiny of the submitted documents and project details to ensure compliance with RERA regulations. Any deficiencies or discrepancies may require developers to provide additional information or rectify the issues identified.

Step 6: Issuance of RERA Registration Number:

Upon successful verification and compliance with RERA requirements, the State RERA Authority issues a unique registration number for the real estate project. This registration number serves as a hallmark of regulatory compliance and must be prominently displayed in all project communications and advertisements.

Step 7: Ongoing Compliance and Reporting:

Post-registration, developers are required to adhere to various ongoing compliance obligations under RERA, including maintaining separate project accounts, providing regular updates to buyers on project progress, and adhering to prescribed timelines for project completion.

Documents Required for Promoter Registration under RERA

  • PAN card and Aadhaar card of the promoter(s)
  • Passport size photograph(s) of the promoter(s)
  • Contact details and address proof of the promoter(s)
  • Certificate of incorporation of the promoter entity, issued by the Registrar of Companies (ROC)
  • Memorandum and Articles of Association (MOA/AOA)
  • Audited financial statements, including balance sheet, profit and loss statement, and cash flow statement of the promoter entity for the past three years
  • Details of the promoter's background, experience, and track record in the real estate sector, including any past projects undertaken
  • Comprehensive details of the real estate projects undertaken by the promoter, including land title documents, layout plans, building plan approvals, and project timelines
  • Details of the promoter's bank account(s), including the account number and IFSC code, for the escrow account to be maintained for the project
  • Declaration by the promoter(s) stating compliance with RERA regulations and undertaking to adhere to the prescribed project completion timelines and provisions
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Disclaimer: The information provided on this page is for general informational purposes only. It is not intended to be, nor should it be construed as legal, financial, or professional advice. Readers are advised to seek appropriate guidance and conduct their own research or consult with a qualified professional regarding specific legal, financial, or business matters. The author and publisher of this content make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the information contained herein. Any reliance you place on such information is therefore strictly at your own risk. In no event will the author and publisher be liable for any loss or damage arising out of, or in connection with, the use of this information. 

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