RERA Registration in India

What is RERA Registration?

RERA registration refers to registration under the Real Estate (Regulation and Development) Act, 2016. This act was enacted by the Indian Parliament to regulate the real estate sector and promote transparency, accountability, and efficiency in real estate transactions. RERA registration is mandatory for real estate projects and agents operating in India.

Under RERA, developers are required to register their real estate projects with the respective state’s Real Estate Regulatory Authority (RERA) before advertising, marketing, or selling any plot, apartment, or building. Similarly, real estate agents or brokers also need to register themselves with RERA to facilitate property transactions legally.

RERA registration aims to protect the interests of homebuyers by ensuring that real estate projects are completed on time, adhering to approved plans and specifications. It also mandates developers to deposit a certain percentage of the project funds in a separate escrow account to prevent fund diversion and ensure timely completion of projects.

Furthermore, RERA registration enhances transparency in the real estate sector by mandating developers to provide accurate project-related information on the RERA website, including project details, approvals, status updates, and financial statements.

Overall, RERA registration plays a crucial role in promoting consumer confidence, mitigating project delays, and fostering a more transparent and accountable real estate market in India.

Basic Provisions under RERA

• Establishment of Regulatory Authority: State governments establish RERAs to regulate and promote the real estate sector.
• Project Registration: Most commercial and residential projects must register with RERAs.
• Real Estate Agents Registration: Agents facilitating property sales or purchases need to register.
• Complaints Redressal: Individuals can file complaints for violations of the Act.
• Financial Discipline: Regulations on fund collection and utilization by promoters, including escrow accounts.
• Transparency: Promoters must provide detailed project information on RERA’s online portal.
• Citizen Centricity: Online access to project disclosures empowers informed decisions; allottee consent required for plan alterations.
• Refund Mechanism: Registration fees may be retained in case of project withdrawal or rejection.

Exempted Projects from RERA Registration (Rajasthan Example)

In Rajasthan, all commercial and residential real estate projects are mandated to register with the Rajasthan Real Estate Regulatory Authority (RERA), except in certain exemptions. These exemptions include projects where:

• The area of land proposed to be developed does not exceed five hundred square meters.
• The number of apartments proposed to be developed does not exceed eight, inclusive of all phases.
• The promoter has received a completion certificate for a real estate project prior to the commencement of the Real Estate (Regulation and Development) Act.
• The project is for the purpose of renovation, repair, or redevelopment, which does not involve marketing, advertising, selling, or new allotment of any apartment, plot, or building.

Note: Exemption rules may vary by state.

Why Choose Us?

• Expert Knowledge: In-depth understanding of RERA requirements.
• Complete Support: Assistance with documentation and submission.
• Trust and Transparency: Build credibility with compliant real estate projects.

Conclusion

RERA registration is essential for real estate developers and agents in India to ensure compliance, transparency, and protection for homebuyers. By adhering to RERA requirements, stakeholders can enhance credibility and contribute to a more accountable and efficient real estate market.

FAQ

1. What is RERA registration?

   RERA (Real Estate Regulatory Authority) registration is mandatory for builders and real estate agents to ensure transparency and accountability in real estate projects.

2. Who needs RERA registration?

   Builders, developers, and real estate agents involved in projects exceeding 500 square meters or 8 units must register under RERA.

3. What are the benefits of RERA registration?

   It enhances trust among buyers, ensures timely project delivery, and promotes transparency in real estate transactions.

4. What documents are required for RERA registration?

   Essential documents include project details, land ownership proof, approved building plans, and financial disclosures.

5. What are the penalties for not complying with RERA?

   Non-compliance can lead to heavy fines, imprisonment, or de-registration of the project by the RERA authority.