Overview of RERA Registration

The Government of India introduced the RERA Registration in 2016 to increase transparency in real estate dealings. This Act clarified the requirements of the buyers, sellers, and real estate agents. All the individuals and companies associated with buying and selling property must acquire RERA registration. The implementation of this Act was done as there was no transparency in the real estate business; the authorities such as SEBI, IRDAI, and TRAI were also not involved in the Real Estate Business, resulting in many discrepancies. With the introduction of the Real Estate Regulation and Development Act 2016, construction projects whether residential or commercial must secure registration under this Act. In this write-up, we will learn about the required documents and the procedure for registering with the RERA.

Requirements of RERA Registration

To be eligible under the RERA Act, the following eligibility criteria must be ensured

1. Applicability - The RERA Act applies to the promoter, the construction company, and any other intermediate operating in the Real Estate Industry, and they must comply with the RERA Act


2. Type of project - All the residential project community and commercial projects must comply with the RERA act, and registration has to be taken under this Act; the promoter and the builder of the project must ensure the project is RERA approved.


3. Structure of the project - If the building exceeds 500 square meters and has more than one, it must comply with the RERA.


4. Registration with the Real Estate Regulatory Authority - A unique Identification number will be provided once the registration with the Real Estate Regulatory Authority is done, after which the application can be made.

Characteristics of RERA Registration

There are several characteristics of the RERA Act 2016 as follows:
 

• It allows the establishment of the Real Estate Regulatory Authority to register state construction project builders and Agents.


• It ensures transparency between the promoter and the buyer, protects the buyer's interest, and provides security to the seller.


• It states the obligation and the functions and duties of the promoters to disclose all information regarding the project, the project plan for the advertisement in the prospectus, and the rectification of defects in the structure, if any, and provides for the option of a refund of money in case of default.


• The buyers or allottees must make a compulsory deposit of at least 70% of the real estate project schedule by 15 days after the construction cost is covered.


• It also states the real estate agent's function regarding selling the property, keeping a book of account, and deterring from unfair trade practices.


• In case of a dispute, it ensures Fast Track dispute settlement between the seller and the buyer and establishes the real estate appellate Tribunal in the Act for appeals.


• It also contains specific provisions under the Act that provide for penalties in case of contradiction of any regulation

Advantages Of RERa Registration

There are several benefits of RERA registration, which are stated as follows:

• RERA Registration - The registration ensures that the project is completed within the promised time the project developer promised. It also provides that if a project is not completed as promised, there is also a provision of refunding the total amount and the interest of the money that the allottee had deposited.


• Securing the buyers from false promises - The RERA Act ensures that builders, promoters, and building developers do not falsely promise any amenities that the property will not provide.


• Progress of the project - The buyers would have to be notified regularly regarding the progress of the project. Also, the buyers should be let know for any information regarding the project if the project is on hold.


• Provision for registering complaints - Any buyer, promoter, or real estate broker can make a complaint to get a possible resolution.

Documents required for RERA Registration

The documents required for RERA registration are stated as follows:

For a company or promoter, the documents are:

• The Article of Association and the Memorandum of Association.


• Incorporation certificate of the company.


• The PAN and TAN card


• Official email of the company


• Company identification number


• Business address


• Prior Real estate experience


• Information regarding the director and the shareholder

In case an individual registers under the RERA Act, then the document will be as follows:

• The name of the individual


• The PAN Card


• Occupation


• Proof of address


• Father's name


• Details about Income Tax


• The official website of the promoter


• Audited balance sheet


• Income tax returns


• Any project experiences


• Photographs


• Official email ID of the Builder

For an agent registering under the RERA Act, the documents are as follows:

• The state and district registration will be made


• The Tehsil


• Bank details


• Name and identity proof


• Father's name


• Occupation


• Auditor balance sheet and Income Tax details

Process of RERA Registration

To register with the RERA, the following process must be followed:

• The official website of the RERA must be visited for the registration


• A new account must be created along with the email ID and setting up a password


• The next step is to fill out the form along with the required information about the project and the construction details.


• Documents will have to be attached along with the form of application


• The required fees will have to be paid for the RERA registration. The fees will differ based on the premises, that is, whether it is a residential or commercial premise


• The declaration must be made for the information related to the building that the information given is correct and true. After that, the application can be submitted for verification


• After verifying the data's authenticity has been confirmed, the RERA Registration certificate will be provided.

Why Adviso?

RERA Registration involves various requirements, document preparation, and pre- and post-compliance obligations. It is essential to comply with the specific terms of the RERA Act 2016. The application for RERA Registration can be a tedious process without professional support. That’s where Adviso comes in.

At Adviso, we provide expert services for online RERA registration on the RERA Portal. Our Lawyers, CA, and CS experts guide you through every step of the journey to ensure your company lists smoothly and efficiently.

With Adviso's expertise and assistance, you can easily navigate the complexities of RERA registration, saving time and ensuring compliance with all necessary regulations.