17 Apr 2024
1245
2 Mins
By CRSPL

RERA Registration:- Fees, Process and Documentation

RERA registration stands for Real Estate Regulatory Authority, it has been playing vital role in the real estate sector. It is a necessary aspect of real estate business, way back when homebuyers and investors used to face hardships in the real estate sector before RERA introduction. After that, RERA came in existence to address and resolve all the existing issues.

RERA registration was introduced with the primary objective to bring transparency, accountability and efficiency in the real estate industry by regulating the real estate sector transactions, projects and developers. If you are the one, who is seeking for RERA registration fees, process, eligibility and more details, this is right blog to get all insights about RERA, so let’s get started.

RERA also establishes the mechanisms for addressing disputes between the developers and buyers, providing a forum for grievances to be resolved in a timely and transparent manner. Overall, RERA registration has significantly improved the functioning of the real estate sector by fostering the trust and confidence among the homebuyers and investors, promoting the fair competition and enhancing the accountability among developers.

The registration is enforced at State Level, therefore authorities are liable for the implementation of RERA registration as follows:-

Registration and necessary approvals for the commercial properties and residential flats under RERA.
Regulation of sale and purchase transaction in real estate properties.

Why Real Estate Agents Require RERA Registration?

Real estate agents are individuals who are engaged in making deals between property buyer and seller. They play vital role in displaying, introducing, and negotiating the deal for property. They are the middlemen between buyer and seller, who earn fees like commission on the successful transaction. A real estate agent aims to facilitate the process of selling and buying the property, land, building etc.

RERA requires real estate agents and developers to provide their accurate information for their project such as including project details, layout plans, land status, approvals, and timeline for completion.

Here are some reasons for why real estate agents requires the mandatory registration under RERA as follows:

Legally Authorised: - RERA registration reserves legal authority to real estate agents to advertise, market, book, sell, and offer for sale real estate covered under RERA Act to buyers
Enhanced Credibility: - RERA registration builds credibility of real estate agents among buyers and sellers.
Consumer Protection: - Through RERA registration consumer protection is ensured and it also increases the accountability with the framework of fair activities. It promotes 100% transparency between clients and agents.
Access to RERA project:- RERA registration also opens a door for golden opportunity for real estate agents, as they can deal with the projects under RERA, this is only for registered agents.
Compliances with Regulations:- The real estate agents can stay up to date with the RERA registration and get latest rules, regulation and policies to avoid penalties.
Professional Recognition:- RERA registration expresses the dedication of the agency and its authenticity towards real estate sector. Registering with RERA is the sign of professionalism, and the agent is matching the standards of real estate regulatory authority.

Applicability of RERA Registration

Promoters and real estate agents who undertake the real estate projects.
The person who undertakes residential, commercial, and plot development.
Any builder, who desires to build commercial or residential property on land more than 500 square meter with number of apartments exceeds than 8, must obtain RERA registration.
Agents who are engaged in buying and selling real estate property whether it is for residential or commercial purpose, they are required to get RERA registration certificate.
Any individual and entities engaged in selling, advertising, marketing and buying properties, must obtain RERA registration.

Process for RERA Registration

There are various step to follow in order to obtain RERA registration, process is given below:-

You need to navigate to the official RERA website.
On the home page, you need to select the “Registration” tab present at the top of the page.
This will present you with 3 options that you will be required to choose from- Projects, Real Estate Agent, and Promoter.
Understanding the RERA Registration requirements.
Preparations of the required documents include project details, promoter details, etc.
Online filling of the application on the RERA platforms offered by the state as per their jurisdictions.
Payment of the prescribed fees for the applications.
Detailed project submission with the payment of registration fees.
Application for registration must be either approved or rejected within a period of 30 days from the date of application by the RERA
Compliance with the RERA guidelines.
After, all the verification from the department, you will receive the RERA number.
On successful registration, the promoter of the project will be provided with a registration number, a login id and password for the applicant

Documents Required For RERA Registration

Identification and address proof of the promoter
Photos and PAN
Email id and Contact number
Commencement Certificate with the Sanction Plan.
Layout Plan and Location details of the project
The proposed span of action for the project’s execution, including availability of parking spaces within the real estate project. Legal document in order to ensure the ownership of land, where project is supposed to take place. Apart from this any previous experience of promoter such as project name, status, delay in completion etc.

Documents Required for Companies Deals in Real Estate

Certificate of Establishment and PAN of the company
CIN / TAN number
Memorandum of Association and Articles of Association
The audited balance sheet of the preceding three financial years and the Audited report and director’s report
Particulars of directors or any other authorized person
Documents required for Real Estate Agent Registration
Identification and address proof of the applicant
Photographs, Sanctioned plan, Layout plan and the plan of the development works.
Particulars of the real estate agent company, including its name, registered address, bylaws and type of company.

Note:- These are the general requirements, as per the specific state regulations, other states may require additional documents.

Validity of RERA Registration

Moving forward validity of RERA Registration, once RERA certificate is issued, it is valid as per prescribed years on the basis of the jurisdictions after that it gets expired and needs renewal. During the validity, real estate agents have to maintain the books of accounts, financial transactions and records for the regulatory requirement. Its aim is to make sure the transparency and credibility of agent’s business.

Renewal of RERA Registration

RERA registration can be renewed by a real estate agent while going through the renewal application submission. It allows registered agent to extent the validity of registration beyond the initial registration period.