Under RERA Act, it is essential for the promoters to register their real estate project to sell, advertise, market, purchase etc. The motto for the RERA implementation is to make Builders more accountable for the timely delivery of the projects and to protect buyers from fraud sellers. For that purpose RERA Authorities has determined a simple and transparent registration process of Real Estate Projects & Agents.
Registration of Projects Under RERA
All commercial and residential real estate projects will need to register RERA by submitting essential documents with the prescribed fees except in projects where:
- The promoter has received completion certificate of the project prior to beginning of Act
- The area of land proposed to be developed does not exceed 500 square mtr.
- The no. of apartments is not more than eight
- Any renovation or repair of an existing building that does not require marketing, advertising and selling of any apartment or plot
Documents Required for Registration Under RERA
The following documents are required to be submitted:
- PAN Card of the builder
- ITR of last three years and the balance sheet of the builder
- Builder must clarify about the apartment (carpet area, no. of floors, parking space)
- Details of the land (rights, title, mortgage)
- If the builder is not the real owner of the land, the actual owner’s consent letter with documents will be required
- Details of the project (location, sanctioned plan, layout plan)
- Ownership documents
- Information of the persons involved (Architects, Engineers and others)
Who Needs to Register?
The specified persons are required to register:
- Any person who builds an independent building or a building consisting of apartments or modification of existing structure into apartments to sell apartments to the persons.
- Any person who develops the land into a project, for selling projects to other persons.
- Any public body or another development authority in respect of allottees of
- Buildings built by such authority or public body placed at their disposal by the govt.
- A state-level cooperative housing finance society and a primitive cooperative housing society who build the buildings for their members or to the allottees.
- Any person who acts as a builder, contractor, developer, estate developer or by any different name or claims to be acting as the holder of a power of attorney from the owner of the land on which the building is built or plot is developed for sale.
Note: The person who builds or transform a building into apartments or develops a plot for sale and the persons who sell flats or plots are different persons, but both of them are deemed to be promoters are liable to follow the rules and regulations mentioned under real estate Act.
Who Are Exempted from Registration?
These kind of persons are exempted from the registration of the real estate project with authority are as follows:
- The area of land proposed for developing does not exceed 500 square meters or the number of apartments developed does not exceed eight apartments including all the phases are exempted from registration.
- The promoter has received the completion certificate for a real estate project prior before the commencement of RERA.
- The real estate project requested for replacement or development of projects are those projects which do not require marketing, advertising, selling or new allotment of an apartment.
Grant of Registration
The applicant need to request an application in the Form-A & Form-B to the authority, and then the authority will grant registration within 30 days from the date of application submitted. Also, the registration no. with login id & password for accessing the website to fill the details of the project.
What Are The Penalties for Non-Registration?
If the promoter/builder are not able to registration the real estate project then under Section 59 imposes a penalty of up to 10% of the estimated project cost and in case of continued default, an additional fine up to 10% of the estimated project cost or imprisonment up to three years or both.