RERA Registration

In May 2016, the Indian government passed the RERA Act to improve transparency in the home- buying process. RERA was quickly implemented to address the concerns of homebuyers, builders, brokers, and other real estate industry stakeholders. RERA has enacted numerous reforms since its start, with more on the way. As a result, knowing RERA laws and principles will help you navigate the real estate landscape with ease, whether you're a house buyer or a builder. RERA stands for Real Estate Regulatory Authority in its entire form, which stands for transparency in the real estate market. It was established to address current inconsistencies and difficulties in the industry.

Benefits

Right to information

The buyer will have access to all project information, including the plan layout, execution plan, and stage-by-stage completion status.

Rate of interest on default

In the event that the buyer defaults on payment or the builder fails to complete the project, both parties must pay the same rate of interest.

Builders Won’t Be Able to Delay the Projects

Each real estate developer is required by the RERA act to provide a delivery date for the handover of apartment possession. If the builder fails to complete the project by the scheduled delivery date, penalties will be imposed.

Increased transparency

Easy access to information will boost housing demand in established developer projects and eliminate dishonest fly-by-night operators, resulting in a more organised
market.

Documents Required

Details of previous project experience of the promoter, if any
The plan of development works to be executed in the project
The Sanction Plan, Layout Plan, location details of the project
Commencement Certificate of the project
Encumbrance Certificate relating to the land of the project
Legal title deeds reflecting the title of the promoter of the land on which project is proposed
Parking slots available in the real estate project.
PAN card of the promoter.
Documents of the project proposed for registration
Documents of the project launched in the last five years, if any
Proof of Office Address
Registration certificates as a Real Estate Project Promoter
Proof of Residence
Passport size photograph

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FAQ

What is RERA?

The Real Estate (Regulation and Development) Act, 2016, was enacted to regulate and regulate the real estate sector in India.

Is the RERA Act applicable in all states of India?

Yes, the RERA Act applies to all Indian states.

Can RERA Registration be extended?

Only in the event of a natural disaster (flood, drought, fire, etc.) or a war can RERA registration be prolonged. These extensions will be valid for one year.

What is the validity of RERA Registration?

Essentially, the RERA Registration is valid for a period of five years, or until the project is completed.

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