Khata Extract

In the continually changing landscape of Indian real estate, the Real Estate (Regulation and Development) Act, or simply RERA, has been a game changer. This powerful piece of legislation seeks to ensure rationality, accountability, and faith in the real estate industry. In this article, we will take you through one of the ​RERA registration steps as well as its purpose with regard to property buyers in India so that you can comprehend things on a more basic level.


1. Applicability of RERA Registration

The RERA registration on the other hand is essential to two categories of individuals in the real estate sector which are: promoters and real estate advisors.

  • Promoters: These are proprietors of any firm whether it is a builder, developer, or contractor In addition they can also be development bodies or any public agency that is involved in the buying and selling and the construction of real estate.
  • Real Estate Advisors: This category is made up of individuals or business units that engage in buying and selling of real estate.

RERA registration applies to civil works such as commercial buildings, residential apartments, and plots up for sale. However, it is important to note that not all projects require RERA registration. The regulation covers all those real estate activities that are over 500 square meters or contain over 8 apartments.


2. The RERA Registration Business Step by Step Guide

RERA registration is unique to every state. But generally what happens is that an application has to be submitted online through the official website of the concerned State authority and that is the starting point of the process. From this stage of the process onwards, promoters and real estate advisors are required to submit documents which are:Certain documents which are Promoter Registration »,Other documents required for registration, Include and more documents:

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Qualifier: The applicant is supposed to be a sole promoter or partnership firm, Registered society, or public limited company.

  • PAN Card of the Promoter: Is required in addition to the mandate of Registration of the developer.
  • Information about Parking Slots: Enclosed within the Limit of Development and Sale.
  • Legal Title Deeds: Documents of lawful ownership of land of the project.
  • Encumbrance Certificate: To demonstrate free title or ownership of the land.
  • Commencement Certificate: Required in Order to commence the business project.
  • Sanction Plan, Layout Plan, and Location Details: Where obtained in Due). Maps of the project construction grounds.
  • Development Work Plan: Statement which defines the method of the project’s Building Control.
  • Details of Previous Projects: Documentation nearly identical to the present profession if Ever It Has Been.
  • Additional Enterprise Documents: In the case of corporations, partnerships, or societies.

I also do note some follow a separate set of rules completely Limited to point documentations as Registration of real estate advisor:

  • PAN Card: Obtained for the single purpose of identification.
  • Proof of Permanent Address: Employment verification requires establishing the permanent residence of the agent.
  • Photograph: Confirmation of the agent information the Bosch of the spear head.
  • Details of the Agent’s Enterprise: Details about the company which are indispensable (for example name, address and type of the entity etc).
  • Enterprise Registration Documents: such documents include bye-laws, memorandum of articles, and association articles.
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3. The RERA Registration Fee

The registration fees for RERA varies considerably since the parties could be a promoter or an agent and this fee varies from each state.

For example:

  • In HRERA:
  • Rs. 10 for every high potential residential or industrial projects per square meter.
  • Rs. 5 per square meter in case of medium to low potential projects.
  • In the case of commercial projects, the rates are 20 repes per square meter for high potential projects while 10 repes per square for medium to low potential projects.
  • For Agent Registration in HRERA:
  • Individuals pay 25,000 rupees; non-individuals pay 250,000 rupees.

In UP RERA, the fees are:

  • 10 rupees per square metre for up to 1,000 square meters and 500 rupees for each 100 square meters exceeding 1,000.
  • Agent registration: 25,000 rupees for individuals and 250,000 rupees for non-individuals.

Keep in mind that these fees may fluctuate, so checking your state’s most recent prices is critical.


4. RERA Registration and Its Benefits to Property Buyers

There are a number of advantages that RERA registration confer to any property buyer:

  • Possession On Time: RERA is binding on promoters to indicate the expected date of completion for the project. If there is no meeting of deadline, there are penalties levied to ensure that the possession is delivered timely.
  • Transparency: Promoters are required to provide detailed project information, including the progress of the project and the minimum facilities to be offered. These details are locked and cannot be changed afterwards minimizing misrepresentation.
  • Mandatory Approvals: Promoters are required to hold all mandatory approvals and prior clearances for selling any of the units which aids in avoiding postponements on account of not having approvals.
  • Support After Purchase: Promoters also have the responsibility of correcting any defects and deficiencies which the property may have after purchase, hence comforting the buyer.
  • Anti Fraud Measures: No advertisement of the project can be done unless the project has RERA registration. The promoters are required to include their RERA registration number in all of their advertisements, this decreases chances of getting scammed.
  • Financial Security: It is sufficient for the buyers to deposit a 10% booking amount after the sale agreement has been registered thereby minimizing the financial risks.
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5. Conclusion

In this way, it can be said that, RERA registration has turned out to be an integral part of the Indian real estate landscape and has brought about an element of confidence, responsibility and credibility in the dealings of real estate properties. As a promoter or a real estate consultant or advisor, it is essential for one to be aware of the registration process and the advantages that come along, in order to cope with the ever changing real estate scenario. Understand the incentives well and act accordingly so as to maintain and protect a safe and secure future in the real estate business.

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