RERA Registration

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: The Act mandates the establishment of Real Estate Regulatory Authorities (RERAs) by state governments to regulate and promote the real estate sector. RERAs aim to foster a transparent, efficient, and competitive real estate market while safeguarding the interests of allottees, promoters, and real estate agents.

• Project Registration: All commercial and residential real estate projects, except those meeting specific criteria, must register with RERAs. This registration requirement enhances accountability and transparency in the sector.

• Real Estate Agents Registration: The Act mandates the registration of real estate agents to facilitate the sale or purchase of properties. Unregistered agents are subject to penalties, promoting professionalism and accountability among agents.

• Complaints Redressal: Individuals can file complaints with RERAs or designated adjudicating officers for violations of the Act or related rules. This provision ensures that aggrieved parties have a mechanism to address grievances effectively.

• Financial Discipline: To promote financial discipline, the Act imposes regulations on the collection and utilization of funds by promoters. It mandates the deposit of a significant portion of funds received from allottees into a designated bank account for project-related expenses.

• Transparency: The Act emphasizes transparency by requiring promoters to provide detailed project information, including sanctioned plans, layout plans, and project status updates, on RERA's online portal. This transparency enables informed decision-making by stakeholders and promotes accountability.

• Citizen Centricity: RERA's online platform allows citizens to access project disclosures, empowering them to make data-driven decisions regarding real estate investments. Additionally, promoters are required to obtain consent from allottees for any alterations to project plans, ensuring stakeholder involvement.

• Refund Mechanism: The Act establishes a refund mechanism whereby registration fees are retained by authorities in specific instances, such as project withdrawal or rejection. This mechanism protects the interests of investors and promotes fair practices.

Exempted Projects from RERA Registration

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.

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.