RERA registration
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RERA Registration: An Overview
Are you a real estate agent, a developer, a builder, or a local promoter working on real estate projects? If yes, you must secure RERA registration. RERA stands for Real Estate Regulatory Authority.
RERA registration, which crucially addresses the existing issues in the real estate sector is governed under the Real Estate (Regulation and Development) Act, 2016. Furthermore, the RERA Act implemented at the state level is responsible for the registration of commercial properties/ residential flats (i.e., RERA project registration) and the regulation of sale and purchase transactions of real estate through RERA agent registration.
Furthermore, registration for RERA ensures boosting real estate investments by protecting the interest of home purchasers and other investors making investments in real estate projects. The registration of all real estate projects under the RERA Act, 2016 enables Authority’s jurisdiction over the project.
Obtain a RERA certificate with the help of our experts and ensure transparency in the real estate sector.
Objectives of RERA Registration
RERA registration online under the Real Estate (Regulation and Development) Act, 2016 ensures regulating the real estate properties at the State level. It further intends to maintain transparency and greater accountability by reducing the occurrence of fraud & delay during the real estate contract. Moreover, the RERA Act sets up an Appellate Tribunal for appeals arising from the orders, decisions, or directions of RERA.
Benefits of Obtaining RERA Registration Certificate
1. Timely Possession of the property
RERA Registration ensures timely possession of property on the estimated project completion date. However, in case of failure, huge penalties will be imposed on the promoter.
2. Enhanced trustworthiness among buyers
RERA certificate promotes the trustworthiness of the promoters and agents registered under the Real Estate (Regulation and Development) Act, 2016.
3. Legal Authorization for marketing & selling
RERA registration grants legal authorization for the advertisement, marketing, booking, selling, offer for sale, or inviting individuals to purchase plots/ apartments/ buildings covered under the RERA Act.
4. Consumer Protection from fraud
RERA registration certificate enables consumers to be protected from fraudulent activities by promoting transparency and accountability in real estate transactions.
5. Access to registered RERA projects
Only the registered promoters and agents are legally authorized to access RERA projects registered under the Real Estate (Regulation and Development) Act, 2016.
6. Reputation Building for developers/agents
The RERA registration certificate ensures the adherence of promoters and agents to various compliances to reduce fraud or any chance of misappropriation.
Eligibility Criteria for RERA Project Registration
The eligibility criteria required to apply for RERA project registration in India are as provided below:
Checklist for Obtaining RERA Certificate for Promoters
1. All private business ventures surpassing 500 square meters or in excess of 8 units/apartments.
2. All processing projects that received the completion certificate and are covered under the Act, and such other activities applying to RERA registration within 3 months.
3. Any person constructing or intending to build an independent building/apartment.
4. An individual or entity involved in modifying existing apartments for the purpose of sale.
5. For the purpose of sale, anyone developing land into a project.
6. Any development authority/public body constructing allottees of buildings or plots on land owned or disposed of by the government.
7. State-level cooperative housing finance society or a primitive cooperative housing society constructing buildings for its members.
8. Person claiming to hold power of attorney from the owner of the land or have legal possession of the land/property where the building or flat has been constructed for sale purposes.
Checklist- Who Can Apply for Real Estate Agent Registration?
1. Individuals above 18 or 19 years of age, vary from State to State
2. Cleared Real Estate License Examination of the State concerned
3. Completed the necessary pre-licensing education required according to the State’s educational qualification
Documents Required for Getting RERA Certificate
Have a look over the list of documents required for acquiring RERA certificate under Real Estate (Regulation and Development) Act, 2016, as enlisted below:
1. Certificate of Incorporation, CIN, TAN, MOA, etc. of the enterprise
2. Brief details of the project
3. Details of promoter
4. Commencement certificate/RERA Registration certificate from competent authority
5. Sanctioned plan, layout plan
6. Plan of development works
7. Proforma of allotment letter
8. Agreement for sale
9. Conveyance deed signed by allottees
10. Carpet area of apartments, area of garage in the project
11. Details of contractors, architect, structural engineer, etc.
12. Declaration/affidavit signed by promoter
13. Details of real estate agents
14. Particulars of real estate agent company (including name, bylaws, MOA, AOA, etc.)
15. PAN and address proof of real estate agent company
Procedure to Obtain RERA Project Registration
The procedure to obtain online RERA project registration, i.e., RERA registration for promoters as prescribed under the Real Estate (Regulation and Development) Act, 2016 are, as discussed below:
1. Filing of RERA Registration Form
Every promoter must file an application Form A to the Real Estate Regulatory Authority for the online registration of real estate projects in such form and manner as prescribed by the regulation.
2. Submission of Required Documents
The promoters are required to submit necessary documents along with the registration application to the Real Estate Regulatory Authority.
3. Payment of Registration Fees
The promoters are further required to make payment of registration fees as specified by the regulation made by the Real Estate Regulatory Authority.
4. Grant of Registration
Upon being satisfied with the application filed, the Real Estate Regulatory Authority grants registration certificate/ number/ RERA certificate within a period of 30 days.
Function & Duties under RERA Act
The functions and duties of both the promoters incorporating a real estate project and real estate agents, as prescribed under the provisions of Real Estate (Regulation and Development) Act, 2016 are as discussed below:
Functions of Promoters
1. Create a webpage comprising all details related to the proposed project on the website of the Real Estate Regulatory Authority.
2. Quarterly update the list of number and types of apartments, plots, garages booked, and approvals taken/pending subsequent to commencement/RERA certificate.
3. Advertise or issue a prospectus prominently mentioning the website address of the Authority, details of the registered projects, etc.
4. Provide sanctioned plans, layout plans, approvals by competent authority, stage-wise schedule of project completion, etc., to the allottee at the time of booking and issuance of allotment letter.
5. Responsible for all obligations, responsibilities, and functions as per the agreement of sale
6. Obtain a completion certificate or occupancy certificate, or both from the relevant authorities.
7. Obtain a lease certificate in case the real estate property is developed on leasehold land.
8. Provide essential services required to maintain the project by the association of allottees.
9. Form an association, society, or cooperative society of the allottees.
10. Execute a registered conveyance deed.
Functions of Real Estate Agents
1. Avoid the sale/purchase of any plot, apartment, or building in the real estate project or being sold by the promoter in any planning area not registered with the Real Estate Regulatory Authority.
2. Maintain books of accounts, records, and documents as may be prescribed.
3. Avoid involvement in any unfair trade practices, falsely representing any statement, or permitting the publication of any advertisement not intended to be offered.
4. Must possess all the information/documents that the allottee is entitled to at the time of booking any plot, apartment, or building.
5. Discharge such other functions as may be prescribed from time to time.
RERA Agent Registration Process
1. Filing of Application
The real estate agents are initially required to file an application along with documents and prescribed fees in form and manner as prescribed under the Real Estate (Regulation and Development) Act, 2016.
2. Comply with Necessary Conditions
The real estate agents are further required to ensure compliance with the necessary conditions as prescribed under the Real Estate (Regulation and Development) Act, 2016.
3. Grant of Registration Number
Upon being satisfied with the necessary conditions, the Real Estate Regulatory Authority grants registration number, required to be quoted by the real estate agents in every sale facilitated under the Act.
Conditions for Real Estate Agent Registration for RERA
1. Compliance with the provisions of the RERA Act.
2. Comply with guidelines regulating real estate transactions, marketing, and selling of real estate projects.
3. Comply with the code of conduct laid down by the Real Estate Regulatory Authority.
4. Display the RERA registration number in all marketing materials, advertisements, and business communications.
5. Grant a single registration to real estate agents for the entire State or Union Territory.
6. Record reasons for the rejection of applications in writing.
7. Quarterly maintenance of books of accounts, records, and other transaction-related documents.
8. Provide detailed information and supporting documents regarding the project entered into by the buyer.
9. Prohibit dealing/promoting real estate projects not registered under RERA.
10. Prohibit the involvement of the agent in any fraudulent, unfair, or misleading practices.
Post RERA Registration Compliance
1. Opening a Bank Account
Every promoter seeking RERA registration must open a separate bank account to cover the construction cost.
2. Adherence to Plans & Project Specification
The promoter must adhere to the sanctioned plan, layout plans, and other specifications required for the development of the proposed projects.
3. Transfer of Real Estate Project
The promoter is further authorized to transfer/ assign his rights and liabilities in the project only upon obtaining prior written consent from two-third allottees and the Real Estate Regulatory Authority.
4. Insurance of Real Estate Projects
The promoter must obtain all such insurance for the title and construction of the real estate project, as notified by the appropriate government.
5. Display/ Quote RERA Registration Number
Every real estate agent must display/ quote their RERA registration number received from the Real Estate Regulatory Authority at the time of every sale facilitated by him under the Act.
6. Maintain Books of Accounts
Every real estate agent must maintain and preserve such books of accounts, records, and documents as may be prescribed by the Real Estate Regulatory Authority.
7. Renewal of Registration
The real estate agents must renew their registration in such manner and upon payment of such fees as may be prescribed by the Real Estate Regulatory Authority.
Non-Compliance with RERA Act
RERA specifies various compliances concerning real estate projects. Any non-compliance of either promoter or agent leads to revocation of already registered real estate agents.
Conditions for Revocation of RERA Certificate
1. Suo moto compliance by an Authority.
2. Default by Agent/Promoter.
3. Engagement in unfair trade practices/irregularities.
4. Breach of terms and conditions.
5. Involvement in any fraudulent practices.
Penalties under RERA Act
1. Penalty for non-registration under Section 3.
2. Penalty of Rs. 10,000 per day, which may extend to 5% of the cost of the plot/building, in case the agent commits any default.
3. Imprisonment of at least 1 year for any unfair trade practices performed/conducted by real estate agents registered under the Act.
What Projects are Prohibited from RERA Registration Online?
1. Projects where the area of land is ≤500 square meters.
2. Projects with ≤8 apartments, including all phases.
3. Projects with a completion certificate before the Act's commencement.
4. Projects not involved in marketing, selling, or allotment of units.
5. Projects involving only renovation, repair, or redevelopment.
Reasons to Trust FastZeal for RERA Registration Certificate
1. Guidance for RERA Registration
Our experts provide assistance and guidance concerning RERA registration online and its compliance.
2. 99% Success Rate
Builders, real estate agents, and promoters trust us due to our high success rate in RERA registration.
3. 200+ Experienced Professionals
We have a network of 200+ professionals and attorneys specializing in real estate.
4. Saved 30 Lakh+ Hours
We've saved over 30 lakh hours for agents and builders.
5. Documentation Support
We provide seamless support for RERA documentation across India.
6. Compliance with Admissibility Criteria
We ensure all admissibility criteria are met before application submission.
7. Strong Industry Connections
Our connections with RERA authorities enable smoother processes and quicker approvals.
8. 24/7 Support
Our support team is always available for seamless communication.
9. Legal Services
We simplify legal processes related to RERA registration and provide regular updates.
10. Timely Updates
We deliver regular updates for all project and application statuses.
11. Renewal Services
We assist with timely renewal of RERA registrations.
12. Dispute Resolution Assistance
We offer support for grievances and dispute resolution related to RERA registration.
Frequently Asked Questions:
RERA stands for Real Estate (Regulation and Development) Act, 2016, which was formulated to supervise the real estate sector in India.
The objectives of RERA as enumerated under the Real Estate (Regulation and Development) Act, 2016 are as discussed below:
1. Establish the Real Estate Regulatory Authority (RERA)
2. Promote transparency and efficiency in the sale of real estate projects
3. Also, care for the consumers in the real estate sector
4. Establish an adjudging mechanism for speedy dispute settlement
5. Set up the Appellate Tribunal to listen to appeals from the decisions, directions or orders of the RERA.
RERA registration is a registration process that crucially addresses the existing issues in the real estate sector and is governed under the Real Estate (Regulation and Development) Act, 2016.
Fees for RERA registration of projects vary from state to state depending upon the state of applicant. For more information, you may please visit the respective state's RERA website.
Like promoter registration, agent fee also varies as per state to state. For more information, you may please visit the respective state's RERA website.
The RERA bill was drafted in 2013 and was passed in the Rajya Sabha on 10th March 2016 and by the Lok Sabha on 15th March 2016. Furthermore, the act came into force on 1st May 2016.
Yes, the RERA Act, 2016 is applicable in all states of India.
No, RERA does not cover rental or purchase agreements or any other agreement in any form.
RERA Registration can only be extended in case of a natural calamity such as flood, drought, fire, etc. or case of a war. Such extensions will be applicable for a period of one year.
In case the department receives any complaint against a builder/ developer and is satisfied that they are not complying with any of the regulations, then it may revoke the registration.
RERA approved implies that the projects acquire necessary approvals from the State’s RERA body. However, this term does not have an official existence, but the builders make use of this term to signify that the property is designed in compliance with the Government of India.
A copy of PAN Card, details of real estate agent enterprise, registration particulars, memorandum of association, and articles of association are some of the basic requirements required for UP RERA registration online.
No, buying a flat without RERA registration might lead to disputes and ambiguity with the delivery of amenities promised by the builder. It might further impact the valuation of the property while securing loans from financial institutions.
Enhanced transparency, accountability, and efficiency of the promoters/ agents in the real estate market are some of the benefits of RERA registration online under the Real Estate (Regulation and Development) Act, 2016.
