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RERA REGISTRATION

RERA India is a Government body whose main work is to safeguard the buyer’s interest and lay a path. Therefore, the real estate agents and promoters get an opportunity to come up with the better service. The current real estate structure is quite messy because of the corruption in the Government bodies as well as opaqueness of the information. The policies in RERA made by keeping in mind that because of lack of activeness in the Government work like project approval.

OFFER PRICE

Rs 110999 /- Plus Tax

Timeline - 7 Working days

WHAT IS RERA ?

The Real Estate sector has grown in the recent years but has largely been unregulated from the perspective of consumer protection. Though, consumer protection laws are available, the recourse available therein are only curative, but not preventive. This has affected the overall potential growth of the sector due to absence of professionalism and standardization.
The Real Estate (Regulation and Development) Act, 2016 (the Act, from hereon) is an initiative by Indian Government to enhance transparency in the real estate related transactions by creating a systematic and a uniform regulatory environment, thereby protecting consumers’ interest and making real estate developers liable for timely completion of projects.

FEATURES

Features of RERA

  1. Citizens have rights to view the state’s TN RERA Registration website, all disclosures pertaining to registered projects.
  2. The promoter is prohibited from making any additions and alterations in the sanctioned plans, layout plans and specifications and the nature of fixtures, fittings and amenities etc. without the previous consent of at least two-thirds of the allottes, other than the promoter, who have agreed to take apartments in such building.
  3. The promoter shall pay interest or every month of delay if he/she fails to give possession of an apartment, plot or building, in accordance with the terms of the agreement for sale. He shall also return the full amount along with the interest taken from the allottee if in case the allottee wishes to withdraw from the project if the promoter fails to provide any other remedy available.
  4. The promoter shall form legal entity like cooperative society, association, federation etc. within three months from the date on which sixty per cent of the total number of purchasers in such a building or a wing, have booked their apartment.
  5. The promoter shall execute a registered conveyance deed in favor of the allottee within three months from the date of issue of occupancy certificate or sixty per cent of the total numbers of purchasers in such a building or a wing have paid the full consideration to the promoter, whichever is earlier.

ADVANTAGES

Advantages of RERA for Developers/Builders

  • The customers will regain trust on builders and the real estate sector as a whole, which will also increase the investment by the customers.
  • RERA mandates the possession within two months after issuing occupancy certificate. This reduces the number of unoccupied properties and increases the credibility of Builders.
  • Foreign Investment will also escalate due to an authentic and regulated sector.
  • As per RERA rules, the customers are bound to make the payments on time to the builders as per the agreement. The customers also should pay the share of registration charges, municipal taxes, maintenance charges, electricity charges, water supply charges etc.
  • The value of the reputed builders will greatly enhance as the RERA has made it mandatory to invest 70% of the collected amount from the customers in the approved and planned project. RERA will not entertain builders to use the collected amount as pre-investment in upcoming projects. This will suffocate the number of unreliable and untrustworthy builders and developers.

ADVANTAGES

Advantages of RERA for Home Buyers

  • All real estate developers/promoters have to compulsorily register ongoing and upcoming real estate projects with RERA.
  • Home buyers will have to pay only for carpet area.
  • Developers/promoters will have to disclose project related details, including: project plan, layout, and government approvals related information to the customers such as sanctioned floor space index (FSI), number of buildings and wings, number of floors in each building, etc.,
  • Developers/promoters will have to transfer 70% of the money received from buyers for particular project to an escrow account. These funds should be used only to cover the cost of construction and land cost.
  • The real estate act includes projects that are ongoing on the date of commencement of the Act that is May 1, 2017 and for which the completion certificate (CC) has not been issued.
  • RERA 2016 recommends imprisonment for a term which may extend up to three years, or fine which may extend up to 10% of the estimated cost of the real estate project, or both, in case of non-compliance with the Act.
  •  If any developer/promoter provides false information or contravenes the provisions of registration of real estate projects – has to pay penalty upto 5% of the estimated cost of the project.
  • Developers/promoters have to update project details quarterly on the RERA website.
  • Any structural defect, or any other obligations of the developer/promoter as per the agreement for sale, brought to notice of developer/promoter within five years from possession to be rectified free of cost.

TYPES OF RERA REGISTRATION

  1. Project Registration
  2. Agent Registration
PROJECT REGISTRATION
  • Area of land proposed to be developed is more than five hundred square meters
  • More than eight apartments inclusive of all phases
  • The promoter has not received completion certificate for a real estate project/phase of the project prior to initiation of this Act. Failing to do so will attract a penalty which may extend up to ten per cent of the estimated cost of the real estate project and if the promoter violates the rules continuously then he shall be punishable with imprisonment up to three years or with fine which may extend up to a further ten per cent of the estimated cost of the real estate project or both
  • Any alternation or deed in the real estate project which involve marketing, advertising, selling or new allotment of any apartment, and plot or building

DOCUMENTS

What are the Documents required for RERA  Project Registration?

  • Authenticated copy of the PAN card of the promoter;
  • Audited balance sheet of the promoter firm/company for the preceding financial year and income tax returns of the promoter firm/company for three preceding financial years
  • Copy of the legal title deed reflecting the title of the promoter to the land on which development is proposed to be developed along with legally valid documents with authentication of such title, if such land is owned by another person
  • The details of encumbrances on the land on which development is proposed including any rights, title, interest or name of any party in or over such land along with details
  • Copies of the approved plan and approval letter along with the No objection Certificates submitted while obtaining planning permission and building licence
  • Where the promoter is not the owner of the land on which development is proposed, the details of the consent of the owner of the land along with a copy of agreement between promoter and such owner of the land.
  • Detailed design and drawing for Structural Stability, Electrical Wiring, plumbing, Sewage Treatment Plans, etc. Including parking spaces.
AGENT REGISTRATION
Under RERA Act, It is mandatory that all real estate agents to get TN RERA Registration. It prohibits any real estate agent to facilitate any real estate business such as the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot or apartment or building in a real estate project or part of it, without obtaining registration under this section.
If any real estate agent fails to register with the authority, he shall be liable to a penalty of ten thousand rupees for every day during which such default continues, which may cumulatively extend up to five per cent of the cost of plot, apartment or buildings of the real estate project, for which the sale or purchase has been facilitated.

DOCUMENTS

What are the documents needed for RERA Agent Registration ?

  • Particulars stating the type of organization (Pvt. Ltd./Public Ltd./LLP/Partnership firm/Proprietorship Firm) with the registration number
  • An authentic copy of the address proof of the place of business
  • An authentic copy of Pan card of the real estate agent

INCLUSIONS  

WHATS INCLUDED IN THIS PACKAGE ?

  • Verification of Documents
  • Filing the RERA Application form as required
  • Following unitl Certificate is allotted
  • Delivery of RERA Registration Certificate

PROCEDURES

What is the process for RERA Registration?

Documents required

Send Documents list required for registration which will be informed by our support team

Verification of Documents

Verifying the required documents sent by the client

Filing Online Application

Application filing as per given details

Processing of Application

Application will be sent to Authorities for Registration

Registration Certificate

Once the verification is done authorities will issue Certificate.

FAQ's

The Real Estate (Regulation and Development) Act, 2016 (the Act, from hereon) is an initiative by Indian Government to enhance transparency in the real estate related transactions by creating a systematic and a uniform regulatory environment, thereby protecting consumers’ interest and making real estate developers liable for timely completion of projects.

These are the five major objectives of RERA, 2016.


  1. To establish the Real Estate Regulatory Authority (RERA)

  2. To promote transparency and efficiency in the sale of real estate projects

  3. To protect the interest of consumers in the real estate sector

  4. To establish an adjudging mechanism for speedy dispute settlement

  5. To set up an Appellate Tribunal to hear appeals from the decisions, directions or orders of the RERA

Initially, the bill was supposed to cover only residential projects. On further amendments, commercial projects including shops, offices and buildings were also included.

Yes, A Central Advisory council will be set up to advice the Central Government on the implications of the Act to recommend policies in order to protect consumers’ interest and to supervise the growth & development of the real estate sector. In addition, there will be a dedicated Appellate Tribunal set up for RERAs to hear appeals from orders of the RERAs and the adjudicating officer.

In order to escalate the responsibility and accountability of real estate developers towards consumers, the RERA has made the following compulsory for them:


  1. It is mandatory for the real estate developer to register the project with the RERA and obtain a valid registration number before proceeding

  2. Any kind of marketing, advertising or selling of units is strictly prohibited before the registration of the project

  3. The real estate developer is required to submit all documents related to the project which is considered necessary by the RERA

  4. The real estate developer must deposit 70% of the payment received from the consumers in an escrow account and ensure that the amount is solely used for the development of the project for which it was taken

  5. Must adhere to the project plan at all times

  6. Refund the money taken from the consumers with an applicable interest in case the project cannot be completed.

  7. Compensate the consumer for the time delay if any

  8. To repair any structural defects in the construction even after 5 years of handover of the project

Following actions will be taken by the RERA after an application has been submitted for project registration:


  1. The RERA is required to either grant registration or reject the application within 30 days of its submission

  2. On acceptance of application, the real estate developer will be provided with a login id and password to access the RERA portal for the submission of documents and details

  3. If the application is not in conformation with the guidelines then the RERA may reject it after hearing the applicant’s plea

The real estate developer has to specify the project completion time in the RERA application form. Hence, the real estate developer is accountable to follow the timelines otherwise, he will suffer losses/ penalties

The real estate developer who will violate the order of the appellate Tribunal of the RERA may face imprisonment up to three years with a fine of up to 10% of the total estimated cost of the project in question.

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OFFER PRICE

Rs 110999 /- Plus Tax

Timeline - 7 Working days

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