About RERA
The Real Estate (Regulation & Development) Act, 2016 is considered as one of the landmark legislations passed by the Government of India. Its objective is to reform the real estate sector in India, encouraging greater transparency, citizen centricity, accountability and financial discipline. This is in line with the vast and growing economy of India as in future many people will be investing in real estate sector.
What is RERA Act
The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The Act establishes a Real Estate Regulatory Authority (RERA) in each state for regulation of the real estate sector and also acts as an adjudicating body for speedy dispute resolution. The bill was passed by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016. The Act came into force on 1 May 2016 with 61 of 92 sections notified. The remaining provisions came into force on 1 May 2017 The Central and state governments are liable to notify the Rules under the Act within a statutory period of six months.
Our Services:
Project Registration
Under RERA Act, it is mandatory for the promoters to register their real estate project to sell, advertise, market, book or purchase. The promoters are required to make an application to the authority for registration. In this article, we look at the procedure for obtaining RERA registration for project.
For our clients, we at RERA Consultants and Experts have devised a way to make the procedure easier. Our group has a track record of successfully delivering the service of timely application submission for project registration.
Our expert team of operations, financial, legal, and engineers is knowledgeable about RERA regulations and is equipped to handle every facet of registration. We help customers grasp the statutory and required obligations under RERA and provide them with guidance and advice regarding the Act's needs.
We have a methodical process for enrolling a customer for a project and a clear procedure for gathering data and paperwork. While drafting and processing the application for the registration of a project, we hold our customers' hands and provide pertinent information and guidance. Our teams work to ensure that the application is filed correctly while supporting them in every way possible. This includes checking the accuracy of the data submitted, helping to draft the required agreements, affidavits, and documents, and helping them obtain the required certificates from the relevant professionals—Chartered Accountants, Architects, and Engineers.
Who needs to Register?
The specified persons are required to register the real estate project with authority are as follows:
Any person who constructs or who wants to builds an independent building or a building consisting of apartments or modification of existing structure into apartments to sell apartments to the persons.
Any person who develops the land into a project, to sell projects to other persons.
Any development authority or another public body in respect of allottees of
Buildings or plots constructed by such authority or public body on who owns land or placed at their disposal by the government.
Plots owned by development authority or which is placed at their disposal by the government to sell the apartments.
A state-level cooperative housing finance society and a primitive cooperative housing society which constructs the apartments or buildings for its members or to the allottees.
Any person who acts himself as a builder, coloniser, contractor, developer, estate developer or by any different name or claims to be acting as the holder of a power of attorney from the owner of the land on which the building or apartment is constructed or plot is developed for sale.
Agent Registration
Real estate agents who market a project which is registered under the Act are required by RERA to register themselves under the Act. Better service to clients is anchored by our industry expertise and teamwork, as we recognize that adhering to the Act's necessary provisions is crucial to operating your business. Each application is submitted following a thorough consultation with our experienced employees. After consulting with the applicant, the provided papers and information are verified and double-checked for accuracy, and the application for the Agent's registration is subsequently submitted.
Different Forms of Agent Registration:
1. Individual
2. Groups Other than Individuals
Quarterly Updates
Every registered real estate project's promoter is required by RERA to submit a quarterly update. In order to prevent any violations of the Act's mandatory provisions and the potential for late filing penalties, such an update must be finished within the time frame specified by the relevant states.
The data needed to complete the quarterly updates is systematically gathered at RERA Consultants and Experts. Great care is taken to ensure that all necessary information and documents are gathered, validated, scanned, and prepared for filing the updates. Professionals such as chartered accountants, engineers, architects, and, if needed, legal teams, verify the information supplied. The information and data gathered are safely stored, and each quarter, they are updated and cross-checked with the data from prior quarters to ensure that there are no obvious mistakes. This helps to prevent penalties for promoters in the future.
Professional certifications and Services in accordance with the RERA Act
Having knowledge and comprehension of both the RERA and the real estate industry, RERA Consultants and Experts makes it easier for chartered accountants, registered engineers, and architects to obtain numerous certificates.
Professional certificates are promptly issued by chartered accountants, registered engineers, and architects once data is validated during quarterly updates and project registration in accordance with the RERA Act.
Project Completion
The project will be closed in accordance with RERA guidelines.