The Real Estate (Regulation and Development) Act, 2016 (RERA) provides mandatory registration of a real estate project before the promoter decides to sell, advertise, or book the project. However, there are certain exemptions to this provision. For instance, a building where the area to be developed does not exceed 500 sq/m or the number of apartments that do not exceed eight are exempted from mandatory registration under the Act. Similarly, a promoter who has obtained the completion certificate before the commencement of the Act is not required to register the project under RERA.
To register a project under the RERA Act, the developer/promoter must apply to the Real Estate Regulatory Authority. Here are some important steps you have to follow:
- Draft a checklist and collect all the documents, including an authentic copy of the commencement certificate, layout plan, and other specifications.
- Open a bank account as per Section 4 (2) (I) (D) the Act.
- Fill and submit Form A, which is for registration purposes. Also, fill Form B, which is the declaration made by the promoter.
- Also submit the draft agreement of allotment or sale of the project in Form G.
- Make sure that the declarations in Form G are not contrary to the provisions of RERA. The developer needs to submit an affidavit to this effect and state that no booking amount has been taken from prospective buyers, as mentioned under Section 3 of the Act.
- Pay the required fees, which usually varies from State to State
- Dispatch a hard copy of all of these documents, duly signed, to the relevant RERA authority.
- To obtain the registration certificate, complete and submit Form C.
- Steps to register real estate agents under RERA
- Real estate agents, too, need to get themselves registered under RERA, similar to real estate projects. The steps for the same are:
- Submit an application form along with the required documents and fees to RERA. The point to note is that the application form differs from State to State.
- The registration certificate shall be granted within 30 days of the submission of the application.
- As an agent, you will be required to maintain accounts, records, and documents related to property transactions every quarter.
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