RERA Registration in India

RERA refers to Real Estate Regulations Act. This act is applicable to every actual estate agent in India. A real Estate agent talk to someone who, on the behalf of every other deal with actual estate transactions and is benefitted through the prices for those offerings. The actual property retailers offer offerings that encompass however aren’t restrained to the following:

Sale of the plot, flat, building or apartment.
Sealing of plot, flat, constructing or condominium.
The RERA registration is a demand for an agent who wants to address any undertaking whose vicinity exceeds 500 meters or there are more than eight residences. To that stop, in case you need to be a lot greater than a small-time actual estate agent, you want to get this registration and pave the way to your enlargement.

Getting this license isn’t an easy prospect. However, with Abgps Advisory, you could avail of the registration offerings for this license in any state. Get in contact with our experts to recognize extra.

Benefits of RERA Registration

The benefits of RERA registration are as follows:

1. It prevents insolvency:  through an   escrow account for future construction projects, it prevents insolvency
2. Authenticity: With RERA registration, the promoters as well as brokers can be authenticated. To that end, this registration is able to attract a lot of property buyers.
3. It shows that you are a professional: Property buyers always gravitate towards individuals who have covered all of their bases. To that end, the RERA registration assists the real estate to appear professional to the customers.
4. It avails flexibility: With RERA registration, the real estate agents can be a lot more flexible when it comes to the date of delivery of the project.
5. The Registration allow them to complaint: Through RERA registration brokers as well as promoters can actually complaint to the authority regarding any matter.

Features of RERA Registration

1. Validity:  The minimum validity of RERA registration is for one year. However, it can be more pertaining to the fees paid. Once the period of over, the RERA license can also be renewed. However, any breach of conduct and cause the government to revoke the license as well.
2. RERA registration certificate: The RERA registration certificate is granted for an entire state or a union territory. This time that it takes to get this certificate is about 15 days. This time taken is applicable for most of the states in India.
3. Penalties associated: There are penalties associated with non registration of this license. This can either be NR 10000 for each day of default to 5% of the cost of the plot.
4. The Duty of the real estate agent: The real estate agent must not make any false representations of the service provided. Furthermore, it is a crime to state the approval or affiliations that the agent does not have.

Documents Required for RERA Registration

There are two types of RERA registration and the respective documents required for each of them are as follows:

1. Projects:
   1. PAN card of the promoter
   2. Annual report of the promoter
   3. The number of open parking and covered parking areas of the project
   4. An authenticated copy of the title of the deed that details the title of the promoter and the title of the project
   5. Details of encumbrances on the land on which the construction project is proposed
   6. Details of the owner of the land where the project is proposed. These details entail:
      1. Collaboration agreement
      2. Development agreement
      3. Joint development agreement
      4. Or any other agreement that the owner has entered with the promoter.
   7. Personal details of the promoter
      1. Name
      2. Identity proof
      3. Photographs
      4. Contact information
      5. Address proof of the directors, partners, and directors.
2. For real estate agents: the documents that are required for the real estate agents are as follows:
   1. Particulars pertaining to the registration:
      1. Bye laws
      2. Memorandum of Association
      3. Articles of Associations
   2. Details of the real estate agent if the agent is individual:
      1. Name
      2. Address proof
      3. Photograph
   3. Details of the entity if there are multiple real estate agents:
      1. Name
      2. Address
      3. Photographs
   4. PAN card Photostat
   5. Address proof of the place where the business is conducted

Procedure of RERA Registration

1. Gather the documents
2. Draft the application RERA 1
3. Submit the application