Read on to learn about the documents required for RERA registration and the importance of RERA registration.
The Indian government enacted the statute, namely RERA Act, in 2016, where RERA stands for real estate regulation and authority.
This enactment was made to establish clarity and uniformity in property purchases. The Real Estate Act of 2016 is an important step toward reforming India’s real estate market, encouraging greater openness, accountability, and professionalism.
Maharashtra became one of the first states in India to establish a real estate regulatory and development authority through the Real Estate Regulation and Development Act. Maha RERA has been the state’s pioneer in the smooth completion of RERA since its establishment. The Maharashtra RERA Authority’s persuasive working style serves as a model for other states. If a buyer’s rights are violated or any requirements of the Act are disregarded, any home buyer may submit an RERA complaint against the builder, developer, or agent.
RERA Registration
RERA Registration is a certificate under the purview of the Real Estate Act, and It was created to address the issues that exist in the real estate business. It is required to obtain RERA registration before advertising, marketing, booking, selling or offering for sale, or inviting people to invest in any lot, apartment, or building. It is done to accompany the dependability indicated below, and those are as described in the following:
- The Act provides clarity and liability.
- Provides a benefit that keeps the promoter and customer interested.
- The Act is executed at the state and local levels. The officials in charge of the Act are solely liable for registration and related permissions for the property registered under the RERA act and governance of selling and purchasing properties.
Applicability of RERA
The RERA Registration is done at the state level. Therefore it differs from state to state. The registration process is completed digitally, and the application is submitted through the official site of the region, wherein registration is required.
The following individuals are necessary to register the real estate project with authority:
- Anyone who constructs or wishes to construct an independent construction or a structure consisting of apartments, or who modifies an old facility into apartments to sell apartments to individuals.
- Every person who converts land into property is looking to trade it with others.
- In the case of allottees of land, any development authority or other public entity.
- Buildings or plots erected by such authority or public body on land owned by them or made available to them by the government.
- Plots owned by the development authority or made available to them by the government to sell apartments.
Documentation in Maharashtra
As per RERA, every estate in Maharashtra that exceeds 500 square metres or eight units must be registered with Maha RERA. Real estate companies in Pune and other cities would have ninety days to register their ongoing projects. It is also mandatory for real estate companies to regularly update data about specific projects on the Maha RERA website, allowing property buyers to track development and maintain transparency. Maha RERA permits real estate firms and real estate agents to be registered for a period of five years.
RERA’s ongoing projects documentation
To register for RERA in Maharashtra, promoters or builders must first specify the required documents:
- PAN Card.
- Particulars of Registration including bye-laws.
- Memorandum of Association.
- Articles of Association.
- Self-certified copies of all letterheads.
- Income Tax Returns information( prior 3 years .)
- Self-certified copy of letterhead rubber stamp.
- Real estate agents will use acceptance receipts.
- Audited balance sheet of the promoter for the previous fiscal year.
- Name, address, contact information, and an image of the promoter/director/partners/chairman, or any other authorised person, if any other entity exists.
- Details on architectural and design standards, construction technology, earthquake-resistant measures, etc.
- The real estate project’s floor plan.
- Details about the encumbrances on the planned land where the real estate project will be carried out.
- Details regarding the sub-judice processes about the proposed land for real estate project (if applicable).
- the number of parking places that are covered.
- Information on the proposed plan, the sanctioned plan, the floor space index, the layout plan, etc.
- Number of wings or buildings proposed, etc.
Real estate agents’ documentation
- Aadhar Card
- Photo
- Pan Card
- Mobile number and Email id
- Letterhead of the broker
- Brokerage receipt
- Income tax return Acknowledgement (prior 3 years). In case of non-availability, provide a self-certified declaration.
Advantages of Registering under RERA
After the discussion regarding RERA, we are well versed in what RERA is. The advantages of RERA are not confined to purchasers; it also benefits real estate developers and agents in a variety of ways. RERA is helping to make the Real Estate market more competent and trustworthy for both investors and builders. Start by looking at some of the Act’s additional advantages.
- Transparent dealing: Builders must notify the purchaser about every aspect of the project, both important and trivial. They must issue a brochure and keep these facts on their real estate online sites. Buyers must be notified about the layout and implementation of the plan and kept up to date on the project’s progress.
- Put a bar on delay: Earlier, home buyers had to face the inconvenience of not getting possession of the property at the time promised by builders. This is not permitted anymore. Builders must complete projects within the time frame promised, and builders who default on this must pay an interest rate of 2% above the loan rate offered by the State Bank of India, the country’s largest nationalised bank. Furthermore, builders might face a three-year prison sentence for project delays.
- Redressal system: The RERA act: https://www.rera.tn.gov.in/ allows individuals registered under the Act to file complaints in matters. The government officials would investigate the registered matters, and the wrongdoers would face penalties or consequences.
A positive policy shift is a significant boost to a growing economy. With RERA expected to alter the real estate sector, customers will gain from investing in a wealthy market like India. If you want to know more about startups and Tax Filing, Read on Vakilsearch.
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