Introduction: Real Estate Regulatory Authority

UPA 2 government in 2013 introduced RERA (REAL ESTATE REGULATORY AUTHORITY). 20 major amendments to the bill based on recommendations of the Rajya Sabha, the Union Cabinet of India approved the bill.

Why RERA being introduced and important?

During inflation period back in 2010, most of the Real Estate projects and assignments had been stopped, when the Real Estate Builders declared them bankrupt. To protect the interest of buyers, investors and create a boost in investment of Real Estate, the ACT RERA (REAL ESTATE REGULATORY AUTHORITY) has been introduced by the Union Government. As the Act had been introduced by the Union Government but it is regulated by the State Government.

In RERA state authority will govern both residential and commercial real estate transactions. RERA will ensure timely delivery of the project which is a big sign of relief to home buyers. RERA will guarantee more precision between the developers and buyers thereby ensuring transparency.  

Type of RERA Registration

• Promoter Registration
• Agent Registration

Real Estate Agents

To facilitate the sale and purchase of any plot, apartments or building on behalf of any person or real estate builder. A Real Estate Agent will be granted only single registration.

Documents required for registration as Real Estate Agent

• Name of the company
• Registered office address of the company
• Passport Photo of the real estate agent
• Pan card of the agent
• Three financial years income tax return
• Moa and Aoa of the company
• Certificate of incorporation of the company

Promoter Registration

No real estate builder/promoter shall advertising, marketing, book, offer for sale, and sell any plot, building or apartments in any real estate project without registering himself or real estate project with the Real Estate regulatory authority.

Exceptions

• The area does not exceed five hundred square meters or the numbers of proposed apartments to be developed does not exceed eight
• Where the completion certificate has been received for the project prior to commencement of this Act.
• Purpose of renovation or re-development or repair which does not include advertising, selling, marketing or new allotment

Documents Required

• Name of company
• Registered office address of the company
• Brief details of the project
• Copy of approval and commencement of certificate from the competent authority
• Sanctioned plan
• Layout plan
• Detailed location of project
• Proforma of allotment letter, agreement for sale
• Area of garage
• Carpet area
• Details of the real estate agents
• Details of contactors, architect, structural engineer

Additional Documents

• Pan card
• Audited Balance sheet
• Open parking area
• Income tax Return
• Title Deed
• Such other information and documents, as may be specified by regulations  

Process of Registration

In some states, there is an online process and in some, there is an offline process.

Online Process

• Create Login Id
• Filing for application
• Uploading of mandatory documents
• Pay government fee