RERA Registration for builders represents for Real Estate Regulatory Authority which is an act of the Parliament of India trying to ensure home-buyers and assists to boost investments in the real estate business. It is intended to bring clarity and responsibility that would recapture the lost faith of the individuals in the real estate business. Through RERA registration for builders, the real estate Act, 2016 built up it in each state for regulation of the real estate sector and also acts an adjudicating body for quick dispute redressal. This Act came into existence on 1st May 2016 with 59 of 92 sections notified. Within the period of 6 months, the central and state governments are legally responsible for notifying the rules under the Act.
Benefit for Rera Registration for builders
Protecting the interest of allottees and ensure responsibility.
Ensuring fair-play, maintain transparency and decrease frauds as well as delays.
Towards introducing professionalism as well as pan India standardization.
Towards establishing informational symmetry amid the promoter and allottee.
Imposing accountability on both promoter and allottees.
Enforcing contracts by establishing a regulatory oversight mechanism.
Developing investor confidence by promoting good governance in the sector.
Related Section With The Latest Amendment On Rera Registration For Builders
It was instituted by the Parliament in May 2016 and the Act has come into power with all its 92 sections from 1st May 2017 all over India. Up until this point, 14 states and union territories, have notified their standards with RERA and the others are relied upon to take action accordingly.
Legal remedies
In case of non-registration of the real estate project, as per Section 59 imposes a punishment 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 3 years or both.
Penalties and Punishments under RERA Registration for builders
On Promoters/Builders
Non-registration of a project- 10% of the estimated cost of real estate project.
Violation of law - Imprisonment for up to 3 years with or without fine for 10% of the estimated cost of the project.
Providing false information - 5% of the estimated cost of the project.
Other contraventions - 5% of the estimated cost of the project.
Document Required for Registration
The documents required to be submitted are:
PAN Card of the builder.
ITR of the last 3 years and the balance sheet of the builder.
The builder must mention about the apartment (carpet area, number of floors, parking space).
Declaration of the title of the land with proof.
Details of the land (rights, title, mortgage).
In the case land is not owned, the consent letter of the actual owner with documents will be required.
Details of the project like location, sanctioned plan, layout plan.
Ownership documents like proforma of allotment letter, agreement of sale.
Information of the persons involved like Architects, Engineers, and others.
