With RERA functional in all the states and union territories in India, the real estate sector is expected to become more transparent over time. The transparency has also instilled security and reliability for homebuyers. As per reports, around 99.7% real estate agents and promoters in Maharashtra are RERA registered, and around 79% of projects are also registered under the act. Maharashtra is among the first states to comprehensively implement RERA and benefit from it conclusively.
Subsequently, The Economic Times reports that as of June 30, 2019, over 2000 grievances were redressed under the Act. Since its commencement in the year 2016, the real estate industry has changed across all states and union territories in more ways than one. Now, all states have their respective regulatory authority that supervises and manages property disputes and other real estate matters efficiently, just how RERA is expected to alter the real estate market. Further, individuals must be aware if they must register their property under the real estate act.
Who should register for RERA?
- Builder of properties that have constructed or received completion certificate before commencement of the Act must register.
- Promoters with a proposed land/property that measures beyond 500 sq. mt. should be registered under the Act.
- Any property having more than 8 apartments must be registered under RERA.
- Repair and reconstruction of an existing property involved in marketing, advertisement, and selling, must also be registered.
Pre-requisites of registration
Developers, promoters, or development authority, whoever is registering their property under the Act must seek approvals and other documents that are essential to complete the registration process. This complete guide to understand RERA Act in India will direct individuals in this venture. Here are some of the essential documents that users seeking registration under RERA will have to produce.
- Approvals and certificate of commencement from a competent authority.
- Details like the sanctioned plan, layout plan, etc. of the real estate project.
- Documents pertaining to legal entanglements and consent of plot owner.
- Declaration of promoter regarding timely submission of accumulated funds from customers/homebuyers or lenders in case of home loans.
- PAN card and other essential identity cards.
- Information about the professionals involved in the development of the project (Engineer, architect, CA, etc.)
Individuals further can make use of the steps mentioned below and complete the registration as they proceed.
Steps to register for RERA
RERA registrations can be broadly classified into two parts –
- Agent registration – This option is available for individual agents, non-individual agents, or agent registration with consultancy. Any individual that works as an agent in the real estate industry is likely to attract more clients by registering with RERA as it will increase their reliability.
- Project registration – Every property that comes under the above mentioned provisions should be registered.
Individuals looking for any of the above two options should visit the official website of RERA online and click on the respective links as per their requirements followed by steps mentioned below.
- Fill up the questionnaire or form, mentioning all essential details. Make sure to provide valid information.
- Submit scanned copies of essential documents when prompted.
- The authorities will then verify the details submitted by the user.
- Make payments for RERA registration fee when prompted. This fee amount varies according to the state.
- After successful payment, the user will be registered and a RERA number will be allotted to them that is usable in future matters of real estate.
With most agents, promoters, and developers registered under the Act, users will have a safe and risk-free deal in the real estate industry. They can easily purchase a property by utilising savings or by acquiring financial help in the form of loans.
In this regard, buyers can consider HFCs such as Bajaj Housing Finance Limited which simplifies users’ loan application procedure by facilitating them with pre-approved offers. Borrowers can check out pre-approved offers instantly by inputting the name and contact number.
Users willing to purchase a RERA registered property will acquire several benefits. Besides, there are several benefits of RERA Act for first time home buyers such as reduced cost, high transparency, a higher level of accountability, etc. Users, therefore, should look into the RERA registration number of the property or agent before investing in it.