17-04-2024
2904
6 Min 5 Sec

RERA Registration:- Fees, Process, and Documentation

RERA registration stands for Real Estate Regulatory Authority, which has been playing a vital role in the real estate sector. It is a necessary aspect of the real estate business; way back when, homebuyers and investors used to face hardships in the real estate sector before the 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 RERA registration fees, process, eligibility, and more details, this is the right blog to get all insights about RERA, so let’s get started.

RERA also establishes the mechanisms for addressing disputes between 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 trust and confidence among homebuyers and investors, promoting fair competition, and enhancing accountability among developers.

The registration is enforced at the 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 transactions in real estate properties.

Why Real Estate Agents Require RERA Registration?

Real estate agents are individuals who are engaged in making deals between property buyers and sellers. They play a 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 accurate information about their projects, including project details, layout plans, land status, approvals, and the timeline for completion.

Here are some reasons why real estate agents require 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 the 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 accountability with the framework of fair activities. It promotes 100% transparency between clients and agents.
Access to the RERA project:- RERA registration also opens a door for a golden opportunity for real estate agents, as they can deal with the projects under RERA. This is only for registered agents.
Compliance with Regulations:- The real estate agents can stay up to date with the RERA registration and get the latest rules, regulations, and policies to avoid penalties.
Professional Recognition:- RERA registration expresses the dedication of the agency and its authenticity towards the real estate sector. Registering with RERA is the sign of professionalism, and the agent is matching the standards of the 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 meters with several 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 purposes, are required to get an 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 steps to follow to obtain RERA registration. The process is given below:-

You need to navigate to the official RERA website.
On the home page, you need to select the “Registration” tab 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 jurisdiction.
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 a 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 includes the availability of parking spaces within the real estate project. Legal document in order to ensure the ownership of land, where the project is supposed to take place. Apart from this, any previous experience of a promoter, such as project name, status, delay in completion, etc.

Documents Required for Companies Dealing 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, the audited report, and the 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, the validity of the RERA Registration. Once the RERA certificate is issued, it is valid for the prescribed years on the basis of the jurisdictions after that, it expires and needs renewal. During the validity period, real estate agents have to maintain the books of account, financial transactions, and records to meet regulatory requirements. It aims to make sure the transparency and credibility of the 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 a registered agent to extend the validity of registration beyond the initial registration period.