“RERA” stands forReal Estate Regulatory Authority that came into force to bring transparency in the real estate sector.
It was brought into force to cater down the problem faced by the occupants due to delays or discrepancies made on the part of the promoters or contractors of buildings, flats, apartments,
Advantages of RERA
- Transparency: It brought transparency of services provided by developers or promoters to homebuyers.
- Right to information: RERA brings out the Right to information about the property, which is a big benefit for home buyers.
- Standardization: RERA provides standardization in the area of the property e.g. carpet area, garage area, etc.
- Reduces delays: RERA reduces the delays in the completion of projects by the promoters or developers.
- Speedy disposal of cases: RERA provides speedy disposal of cases or complaint of homebuyers relating to their properties.
- Remedial action against Developers: RERA helps the home buyers by providing an appropriate remedy against the developers of buildings, apartments, complex, etc.
Documents / Details Required for RERA Registration
The following details and documents shall be required to be provided by the applicant for the grant of registration of project under Real estate Regulation Authority :
- Enterprise’s brief details including :
- registered address,
- enterprise type (companies, partnership, proprietorship, societies, competent authority), and the particulars of registration, and the names and photographs of the promoter;
- Brief detail of the projects launched by the promoter in the last five years including the details relating to the following :
- Whether already completed
- Whether under construction
- Current status of the project
- Delay, if any incompletion
- Details of the type of land, if any
- Details of cases pending, if any
- Details of payment pending, if any
- an authenticated copy of the approvals and commencement certificate from the competent authority
- details regarding the sanctioned plan, layout plan, and specifications of the proposed project
- details regarding the plan of development work to be executed in the proposed project
- details regarding project location along with proper demarcation
- proforma regarding allotment letter, conveyance deed, agreement for sale proposed to be signed
- number, type, the carpet area of apartments and other details
- details regarding the number and areas of the garage for sale
- details regarding names and addresses of real estates agents, if any
- the names and addresses of the contractors, architect, structural engineer concerned with the development of the project.
- a declaration supported by an affidavit signed by the promoter or any other person authorized by the promoter
Process for Applying for RERA Registration
The Process for RERA Registration is as follows :
Opening of Bank Account:
The promoter shall open a Bank Account first of all for applying by way of Application for registration.
Application for registration:
For registration of the real estate project under Real estate Regulation Authority, the promoter of the project shall make an application to the Authority in FORM A along with such fee that varies from state to state as specified by the regulations made by the Authority
Submission of Documents along with the Application:
Documents shall be enclosed along with the application for registration under the Real estate Regulation Authority.
Acceptance or rejection of Application by the Authority:
On receipt of the application, the Real estate Regulation Authority shall scrutinize the application and shall accept or reject the application as the authority may consider necessary.
Time Limit for Grant of Registration or Rejection of Application
The Real estate Regulation Authority shall grant registration of the project or reject the project within 30 days of receipt of application.
The Real estate Regulation Authority shall not reject the application without giving an opportunity of being heard.
Consequences on Non-Acceptance or Rejection of Application
In case where the Real estate Regulation Authority, fails to accept or reject the application within 30 days from the date of receipt of the application, the application shall deemed to be registered.
Extension of Registration
The registration granted by the Real estate Regulation Authority can be extended only due to Force majeure i.e. only due to causes beyond the control of the Promoter such as war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature affecting the regular development of the real estate project.
Further, the registration may on reasonable circumstances to be recorded in writing may be extended by the Authority.
The application for grant of extension of registration shall be made by the promoter in the prescribed form along with prescribed fees.
Revocation of Registration
- The registration granted by the Real estate Regulation Authority based on the following :
- on receipt of a complaint
- suo motu
- on the recommendation of the competent authority
- The revocation of Registration may be on any of the following grounds
- Where any default is made by the promoter in doing anything as required by or under this Act or the rules or the regulations made thereunder or
- Where the promoter violates any of the terms or conditions of the approval given by the competent authority or
- Where the promoter is involved in any kind of unfair practice or irregularities.
Frequently Asked Questions
What is the Real Estate (Regulation and Development) Act 2016?
The act is for regulation and promotion of the real estate sector by promoting transparency and uniformity in the real estate sector.
What is the main objective of the Real Estate (Regulation and Development) Act 2016?
The main objective of this act is to promote the interest of consumers and investors in the real estate industry.
Is registration under RERA is compulsory for promoters?
Yes, Registration under RERA is compulsory for promoters.
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What to do if the Authority fails to grants registration?
The Registration shall be deemed to be granted if the authority does not grant or reject the application for registration. The Authority shall within 7 days provide the login Id and Password for accessing the portal.