RERA Registration

What is RERA? – Real Estate Regulatory Agency

RERA stands for Real Estate Regulatory Authority which is an act of the Parliament of India seeking to protect home-buyers and helps boost investments in the real estate industry. The Act came into force on 1 May 2016. The Real Estate Act makes it�?mandatory for all commercial and residential real estate projects where the land is over 500 sq metres, or 8 apartments, to register�?with the Real Estate Regulatory (RERA) for launching a project, in order to provide greater transparency in project Sales , marketing and execution. Get License number of RERA through DTC Consultants.documentation.

What is Project Registration?

RERA Registration is Mandatory for the Promoters to register Their Real Estate Project to sell, Advertise, Marketing, Purchase or Book. Promoters Are Required to make an Application to the RERA Authority. RERA makes it Mandatory for all commercial and residential real estate projects where the land is over 500 sq. meter or 8 apartments will have to register with regulator before launching a project. . In case of Non-Registration of the real estate project, 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.

What is Agent Registration?

Real estate agents are the heart of real estate industry . They are the mediators facilitating transactions between builder and buyer . With RERA, that will soon come into force, all brokers will have to be mandatorily registered with the concerned state-level regulatory authorities. Real estate agents will be given a registration number by the authority which will be valid for 5 years and will be quoted in every transaction facilitated by him. Real estate agents will also be penalized if they will falsely represent any information regarding project to buyers. Penalty will extend upto Rs 10,000 per day and maximum 5% of total project cost. Real estate agent is also required to keep books of accounts of the projects they are indulged in and are answerable for them.