Overview of RERA Registration

RERA Registration is a registration covered under the Real Estate (Regulation & Development) Act. RERA stands for Real Estate Regulatory Authority This Act were introduced in the year 2016 to regularise the problems existing in the real estate sector. Before Advertising, Marketing, Book, sells or, offers for sale or, invite persons to invest in any plot, apartment, or building is it mandatory to get the RERA registration. RERA registration brings about transparency in these contracts and benefits all the parties to the transaction. It also brings about accountability by reducing the chances of delay in real estate contracts. The main aim of the registration is to protect buyers of real estate and simultaneously uplift the investment in the real estate sector. The RERA Act is implemented at the state level, and the authorities governing the act are responsible for below mentioned things: –

  • Registration and related approvals for the registration under RERA of commercial properties and residential flats.
  • Regulating the sale and purchase transactions of real estate properties.
RERA Registration

Objectives of RERA Registration

  • More transparency and accountability towards consumers in order to protect their interests.
  • To resolve grievances by establishing the dispute resolution mechanism.
  • To reduce frauds by increased compliances.
  • To reduce delays through fair play.
  • To ensure smooth operations by bringing professionalism and standards in place.
  • To create awareness by promoting good governance practices.
  • To bring ease in transactions due to imposed responsibilities on the promoter as well as the buyer.
  • To set up the Appellate Tribunal to listen to appeals arising from the orders, decisions or directions of RERA.

What is the Checklist on the Applicability of RERA Registration?

  • It applies on the promoter, projects, and real estate agents.
  • It applies on commercial, residential, and plotted development.
  • It applies on any builder who wants to develop a property (Whether commercial or residential) on land that is more than 500 sq. meters or the number of proposed apartments in all phases is more than 8 shall mandatorily obtain the RERA Registration.
  • It applies on the agents that are engaged in selling and purchasing the properties shall take the RERA registration certificate.
  • RERA Registration Certificate remains valid throughout the State.
  • It applies to the Parties to the transaction.
  • Types of Properties, and Area

Process of RERA Registration and Documentation

RERA registration is a state-wise registration process and hence varies from state to state. The process is online and can be applied from the official website (https://maharerait.mahaonline.gov.in/) of the state in which the registration is applied for. The promoters and the real estate agents have to submit the relevant documents along with the application for registration to the Regulating Authority of their respective states.

Fees for RERA Registration

  • For Real Estate Agent
    The real Estate agent has to remit a registration fee to the Maharashtra RERA authority for registering himself as real estate agent under the RERA act Rs.10,590/- in case of individual/Proprietary Firm and Rs. 1,00,590/- in case of any other entity.

Time Frame for Approval and Validity of Rera Registration

  • The authority shall grant registration certificate to real estate agent within 30 days of receipt of such application form or reject the same.
  • The registration granted shall be valid for 5 years. In case, of renewal the agent can renew the registration within 30 days of expiry of 5 years term.