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RERA Registration
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RERA (Real State Regulation Act)
RERA Stand for Real State Regulation Act and came into picture in 2016, India has witnessed a major growth in Real estate Market which has contributed remarkably in infrastructural growth over the period of time in Indian economy, but often seen the cases whereby the dealers and developers acted against the fair play and as a result the buyers were the one who were left unattended and because of draconian one sided lobby of Developers there were cases where the property were not delivered on time or there was no delivery of possession to buyers .
The much awaited Real Estate Regulation and Development act (RERA), came into full force on 1st May, 2017.The main Objective of bringing this act were:
- To ensure the on time delivery of possession to allottees.
- To ensure the total compliance and minimise the chances of Fraud.
- To develop the sense of Professionalism in Real Estate Sector.
- To levy the sense of responsibility on seller and buyer.
- To develop a Quasi Judicial Body for Real Estate sector as well.
How to ensure the applicability of RERA?
Entities and Individuals involved.
RERA is not only applicable to Promoters of Real Estate Companies but also to all the intermediaries and brokers involved in the selling and purchase of Property viz Real Estate consultants and Brokers. The Compliance of Law is mandatory for all the stakeholders stated above.
Types of Premises.
All Residential, Commercial or any other projects would require the RERA Registration, if any of the above projects is undertaken the registration becomes compulsory.
Structure and Carpet area of Premises.
The Definition of “Carpet Area” is specially defined to explain the real meaning of Carpet area; the carpet area has direct impact on Cost of Property:
Cost of Property = Carpet Area * Rate per Sq Feet.
Whereby carpet area” means the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or veranda area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.
How to Register with RERA?
(state wise)
Documents Required for RERA Registration:
For Companies
- ✓ Copy of MOA and AOA
- ✓ Certificate of Incorporation
- ✓ PAN and TAN
- ✓ Audited Balance Sheet
- ✓ Email of the Company
- ✓ Registered business poof
- ✓ Experience in Real Estate Project
- ✓ Projects in Process
- ✓ Website of Company
Individual
- ✓ Individual Name
- ✓ PAN and ID
- ✓ Occupation
- ✓ Income Tax Details
- ✓ Promoter’s Website
- ✓ Email of Builder
- ✓ Passport Size Photo
- ✓ Income Tax Returns
- ✓ Experience in Real Estate Project
- ✓ Projects in Process
Unknown but Important Facts under RERA
The implementation of this law has upto maximum extant has reduced the untimely delivery of Projects on the basis of detailed research we have filtered 6 fun facts:
70 percent of the amount will be kept in the bank.
The most important aspect of the act is that the builders would be required to keep 70 percent of the amount in a separate bank account to be used only for construction work only, which would help in timely closure of project and the possession can be delivered within due time .
Agents need registration.
RERA is not only applicable to Promoters of Real Estate Companies but also to all the intermediaries and brokers involved in the selling and purchase of Property viz Real Estate consultants and Brokers. The Compliance of Law is mandatory for all the stakeholders stated above which would reduce the chance of fraud.
RERA act applicable to both residential and commercial property.
All Residential, Commercial or any other projects would require the RERA Registration, if any of the above projects is undertaken the registration becomes compulsory.
Get your home on time
The first builders used to put this money in another project, which delayed the earlier projects and the customers could not get the house at the time fixed, but now it will not be so with the implementation of this law.
Action will be on arbitrary builders
If the builder does any kind of arbitrariness and works by acting contrary to the rules, then this whole attitude will be treated as a violation of the RERA law and the provision of the sentence to the builder for a huge penalty or for three years in jail.
Builder will look at penalties
If the builder sells a project that is not registered then the projected penalty will be found on the builder.
Important Points to remember:
- RERA Carpet Area: Net Usable Floor Area + Internal Walls (Excluding outer walls )
- Build Up area = RERA Carpet area + Exclusive common area
- Super Build area= Build up area + Share Area