Learn how to be a Real estate regulatory authority Representative and understand the enrolment process in this blog
Various laws have been enacted to regulate the real estate in Tamilnadu, including The Real Estate (Regulation and Development) Act, 2016. The Real Estate (Regulation and Development) Act or TN RERA Act regulates and streamlines the real estate industry, which has largely been unregulated and unorganized.
Registration under RERA is required for real estate agents and brokers dealing with projects registered under RERA. We discuss in this article regarding the Registration Process of Becoming a RERA Agent. Process of RERA registration is a mandatory requirement for all real estate agents who wish to operate legally in India.
All real estate dealers will be required to file with the respective government regulatory bodies under the Real estate regulatory authority(RERA).The real estate sector revolves around property managers. They operate as intermediaries between the developer and the customer, simplifying agreements. The government will provide real estate brokers with a licence plate of up to five years and will be displayed in every deal he assists.
Real estate brokers will also face a fine if they misrepresent project details to prospective buyers. The fine will be up to five per cent of the entire cost of the project. Real estate brokers are also responsible for keeping financial accounts for the ventures they are involved in.
Real estate broker, seller, trader, and advisor are all words for someone who serves as a link between a developer and a customer. In an average transaction, a dealer serves as a Sales Agent, an Enrolment Representative, and even a mediator between the developer and the customer. Registration Process of RERA requires agents to pay a fee and obtain a unique registration number that can be used to verify their legitimacy to clients.
This important expert will be referred to as a Broker in this article. In India, most of them work in the informal and unregistered market sectors. The real estate sector is heavily vital to the growth, accounting for eleven per cent of the nation’s gross domestic product. In India, the real estate market is one of the main catalysts for economic growth.
This vital economic sector was utterly unregulated. Developers left home buyers and dealers in the dark. The government has Initiated Real estate regulatory authority to govern this market. This Laws apply to both developers and dealers. In this post, we take a closer look at Real estate regulatory authority registration for advisors.
Even though the Law says that developers must register by end of July, dealers have been provided with no such notification. Dealers must register as soon as possible to keep marketing plans licensed under the Real estate regulatory authority.
In the event of an aggrievement, an aggrieved person may file a RERA complaint using Form N, with three sets or sufficient copies required for sending to respondents and the Adjudicating Officer, along with a fee. which must be remitted online along with supporting documents duly attested in all pages by registered mail or in person.
Dealers must display the services, characteristics, and advantages of the construction project they are selling and not add extra or withhold critical information to confound or deceive the customer. Any violation or delay may result in a fine under the Real estate regulatory authority Act, including registration cancellation. Process of RERA Registration also involves periodic reporting and compliance requirements, such as maintaining an escrow account and providing regular updates to the regulatory authority.
Real Estate Agent RERA Registration:
To secure RERA registration, real estate agents need to submit Form G along with the subsequent documentation:
- A concise summary of the enterprise is required for RERA registration, which should include the name, registered address, and type of business (proprietorship, partnership, company, etc.).
- Details of registration, such as bye-laws or memorandum of association and articles of association, need to be provided as applicable for RERA registration.
- For individual real estate agents, a photograph is required, while for other entities, photographs of partners, directors, etc. must be provided for RERA registration.
- An attested copy of the PAN Card is necessary for RERA registration.
- An attested copy of the address proof for both the place of residence and business is mandatory for RERA registration.
- Additional information and documents may be required for RERA registration as specified by the relevant authority’s regulations.
Documents Required for Real Estate Regulatory Authority Enrolment
Here is a list of all the documents that are needed to enroll on the RERA in India –
- If no Income Tax returns are provided for the previous three years, a statement must be provided.
- Previous work experience in this sector.
- Aadhaar number and Permanent Account Number (PAN) Cards are two types of identification to be provided with a Photograph.
- Place of work to be mentioned.
- Blank invoice for the commission that will be invoiced.
Processing Fee for Real Estate Regulatory Authority
Real estate regulatory authority fees vary from place to place. Following is the enrolment fee for the Real estate regulatory authority (RERA) MP (Madhya Pradesh) –
- For a single person, ₹ 25,000 only;
- ₹ 2 lakhs for non – individual or brokers.
After 30 days of receiving the form mentioned above and money, the government will provide a real estate regulatory authority certified copy. The Real estate regulatory authority registration certificate shall be displayed at the workplace. The Real estate regulatory authority licence must be mentioned in all firm advertising material, such as ads and pamphlets.
Real Estate Regulatory Authority (RERA) Enrolment Duration
Dealers’ Real estate regulatory authority licence will be active from the date of issue. Dealers’ Real estate regulatory authority licence will be involved from the issue date.
By filing an application form Sixty days before the start to the expiration date, the licence can be extended for another five years.
Process of RERA Registration Certification
- Simple paperwork to be completed – You must complete a quick Real estate regulatory authority enrolment form and attach supporting documentation.
- Validation – Details given by you will be checked when you submit documents.
- Filling out registration forms – Forms are filled out based on facts provided.
- Work done – Registration number is provided once the Real estate regulatory authority account has been created.
Strengths of Real Estate Regulatory Authority(RERA)
- Obligation
- Increase self-assurance and expertise.
- Enhance Funds
- Platforms for customer
- Project completion on time
- Proper Lawsuit
- Openness in transaction
Conclusion
Property buyers have been very susceptible in the absence of proper protection. For most people, purchasing a property is a lifetime experience move that requires generations of planning and meticulous preparation. The real estate market’s downhill slide resulted in builders not having enough money to execute projects since funds from one project were frequently shifted to other projects, putting consumers at risk.
The Real estate regulatory authority is expected to increase openness, wipe out unprofessional companies, and boost the customer base, which will benefit the real estate overall market. However, it is critical to guarantee that the governments do not dilute Real estate regulatory authority.
The Real estate regulatory authority Law is an excellent move for managing the real estate industry. The law will reduce processing times, but it will also assist in bringing more openness to the system. However, developers, constructors, and buyers should proceed with prudence because of concerns such as political resistance.
Although the law’s execution still has several weaknesses, the client requires legal advice based on the input. On a more positive note, regulation attempting to reform real estate industry regulation is a refreshing change in the system. Customers should be given rights, which will increase transaction transparency.
The Real estate regulatory authority makes the developer more responsible because they must complete the project on time and at the specified standard and unit volume. Adjustments to this statute could turn it into a real estate industry reformation tool.
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