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Real estate regulatory authority, or RERA, is a law passed by the Indian Parliament that aims to safeguard homebuyers and encourage investment in the real estate sector. Its goal is to restore the public's lost faith in the real estate sector by bringing openness and accountability. The Real Estate Act of 2016 established RERA registration in each state to regulate the real estate industry and serve as an adjudicating authority for swift dispute resolution. 59 of the 92 parts of this Act were notified before it went into effect on May 1, 2016. The central and state governments must notify the public of the Act's requirements within a six-month window. Use Legal Raasta to obtain the RERA license number.
Before the start of the Act, the promoter had secured a certificate of project completion. The proposed
development site's size is limited to 500 square meters.
For RERA registration, there must be more than 8 flats.
any remodeling or repair of an existing building or structure that does not include selling any
apartments or plots of land or marketing the building or structure in any way.
1. Since the RERA registration procedure varies from state to state, each state has its own requirements.
2. The procedure is electronic and can be applied for through the state's official website where the registration is requested.
3. To obtain an RERA registration licence, promoters and real estate agents must submit the necessary paperwork with their registration application to the state's regulatory body.
Developers frequently give false assurances about the project's completion date, however, it has been seen that deliveries frequently fall behind schedule. To prevent this, one should acquire a rera registration license. According to the bill, strict regulation is imposed on the developers.
Typically, developers describe the many facilities and characteristics of their project to advertise it. According to the bill, no alterations can be made to the plan, and if a builder is found guilty, they might be imprisoned to up to three years in prison or fined 10% of the project's cost if they have a rera registration license on them.
The measure requires developers to obtain all necessary clearances before selling any apartments, as delays in obtaining clearance prevent buyers from receiving their apartments on schedule.
In case the buyer finds any structural deficiency in the development of the building, then the developer is responsible for repairing structural defects for up to 5 years.
No project may be advertised without first registering with Real Estate Regulatory Agency (RERA), and the advertiser must have proof of registration in the form of a registration number.
The buyer's portion has been decreased from 20% to 10% and should only be paid when the agreement for sale has been registered with the builder. The buyer is also entitled to a 15-day notice period to get RERA registration.
Brokers and promoters who have registered with RERA are also permitted to file complaints with the authority regarding any issues.
Project registration under MH-RERA Rs. 10 per square meter. Or Rs.50,000 Minimum and maximum Rs. 10 Lac and Agent for RERA registration under Maharashtra RERA Rs. 10,000 in case of individual and Rs. 100,000 in case of others.
In case residential Apartments / Projects in UP
Regarding residential apartments or projects in UP, the price per square meter is Rs 10 for projects under 1000 square meters and Rs 500 for 100 square meters for projects beyond 1000 square meters.
In the case of commercial projects in UP
For projects smaller than 1000 square meters, there is a charge of Rs 20 per square meter, and for projects larger than 1000 square meters, there is a charge of Rs 1000 per 100 square meters. Agent registration under RERA costs Rs 25000 for individuals and Rs 2,50,000 for everyone else for commercial projects in UP.
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