The Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, was introduced by the Indian government to bring transparency, accountability, and efficiency to the real estate sector. It aims to safeguard the interests of homebuyers and promote fair practices in the industry.

Applicability of RERA:

RERA is applicable to both residential and commercial real estate projects. It applies to developers, promoters, and real estate agents engaged in the sale or purchase of properties. Projects with an area exceeding 500 square meters or comprising more than 8 apartments must register under RERA before advertising, marketing, or selling.

Scope of RERA:

Promoter Registration: Developers or promoters of real estate projects must register themselves and their projects with the respective state's RERA authority.

Agent Registration: Real estate agents involved in property transactions are also required to register with RERA.

Types of Registration under RERA:

Project Registration: Developers or promoters need to register each ongoing or upcoming real estate project with the state's RERA authority. This involves detailed project information, approvals, financial statements, and timelines.

Agent Registration: Real estate agents or brokers facilitating property transactions need to register themselves individually under RERA. This includes providing personal details, qualifications, and business information.

Threshold Limits for Registration:

Projects or developments with an area over 500 square meters or including more than 8 apartments are subject to RERA registration.

Real estate agents, irrespective of the size of the property, are required to register with RERA.

Process of RERA Registration:

1. Document Gathering: Promoters need to collect all necessary documents related to the project, including land titles, approvals, plans, financial statements, and ownership details.
2. Online Application: The promoter or agent submits an application on the respective state's RERA website with all required documents and pays the prescribed fees.
3. Verification and Approval: The RERA authority verifies the submitted documents and project details. Upon successful verification, registration is granted, and a unique RERA registration number is issued.
4. Compliance and Reporting: Promoters must comply with RERA regulations, adhere to timelines, and periodically update the RERA authority on project progress.

 

Conclusion:

RERA registration is pivotal for ensuring transparency and protecting the interests of homebuyers in India's real estate sector. It aims to curb malpractices and promote a fair and regulated environment for all stakeholders involved.