Project registration under Real Estate Regulatory Authority (RERA)
Real estate sector plays a catalytic role in satisfying the requirements and demand for housing and infrastructure framework in the nation and is a significant pillar of the economy. While this area has developed significantly in recent years, it has been generally unregulated, with absence of professionalism and standardization and absence of satisfactory consumer protection. The absence of standardization has been a requirement to the healthy and orderly development of industry.
In this manner, since over decade the requirement for regulating the sector was being emphasized in different forums. In perspective on the abovementioned, Parliament enacted the Real Estate (Regulation and Development) Act, 2016 which aims at securing the rights and interests of consumers and promotion of uniformity and standardization of business policies and transactions in the real estate sector.
It was established by the Parliament in May 2016 and the Act has come into force with all its 92 sections from 1st May 2017 across India. The Act aims to ensure the enthusiasm of consumers. The implementation of RERA is expected to bring relief to the homebuyers as builders will be responsible for the timely delivery of the project and to protect consumers from fraud sellers. The developers would likewise gain from increased confidence of the buyers in a regulated environment.
COVERAGE UNDER RERA
RERA covers all private, residential and commercial projects, including shops, workplaces/offices and buildings.
According to section 3(1) of the RERA Act, 2016 continuing/existing projects, which have not received occupation or completion certificate, will be covered under the Act. Builders/Developers must register such projects under RERA, within 3 months of implementation of the Act. Basically almost all large activities projects have not obtained completion certificate will quickly go under the domain of the Act for registration of a project.
MANDATORY REGISTRATION UNDER RERA
In basic terms, builders/developers won’t have the option to sell any new project without first registering their project under RERA. The Act provides that no engineer or manufacturer will promote, advertise, book, sell or offer available to be purchased, or welcome people to buy any plot, apartment or building, in any real estate project or part of it, in any planning area, without registering their project with the Real Estate Regulatory Authority (RERA)
ADVANTAGES OF RERA
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APPLICATION FOR REGISTRATION OF REAL ESTATE PROJECTS
Every promoter shall make an application to the Real State Regulatory Authority for registration of the real estate project in such form, manner, as may be defined below
LIST OF DOCUMENTS REQUIRED
|2||Copy of legal title report|
|3||Details of Projects|
|4||Copy of Layout Approval (in case of layout) and Building Plan Approval (IOD)|
|5||Signed preforma of allotment letter and agreement for sale|
|6||Declaration in Form B (Declaration supported by an affidavit, which shall be signed by the promoter or any person authorized by the promoter)|
|7||Certificates of Architect (Form 1) (Mandatory for ongoing project)|
|8||Certificates of Architect (Form 4)|
|9||Certificates of CA (Form 3)|
|10||Certificates of CA (Form 5)|
|11||Certificate of Engineer (Form 2) (Mandatory for ongoing project)|
PROCEDURE FOR REGISTRATION OF A PROJECT
VALIDITY OF A PROJECT REGISTRATION
As per section 4, the validity of the registration granted to a project shall be the period declared by the promoter under section 4(2)(l)(C), at the time of making the application for registration, within which he would complete the project.
NON APPLICABILITY OF RERA
REVOCATION OF REGISTRATION
Registration under RERA can be revoked by RERA if it receives a complaint against the developer and is satisfied that the Developer has not complied with the rules under the Act, or has violated the terms and conditions of approval, or is involved in unfair practices to sell, market or advertise his projects.
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