Real Estate (Regulation and Development) Act (RERA) Registration Process in Delhi: Best Property Lawyer Advice
“RERA registration can be done by the Builders, Realtors and Real Estate Agents by way of online as well as offline mode. RERA registration is mandatory in some cases while directory in some. Further a proper legal consultation should be obtain from the best property lawyer to enable the successful accomplishment of the RERA registration.”
The real estate market of Delhi is regulated by the norms of RERA Delhi and in compliance with the Real Estate (Regulation and Development) Act, 2016. Its objective is to improve transparency and accountability and is in interest of buyers. For the reason of transparency and accountability, the builders, promoters and agents need to register on RERA Delhi. Hence, it become very important to know the procedure of registration for RERA approved projects in Delhi.
Benefits of RERA Registration in Delhi
RERA provides many benefits to buyers. Some of those are:
1. Delivery of possession on time to buyers
2. Provides with project details and status
3. Gives confirmation about required permits and clearances
4. In case of any grievance, it provides buyer with remedies too.
RERA Registration Process for Promoters
First, the promoter needs to visit the official webpage of RERA Delhi, then sign up there and look for ‘registration’. To register, the promoter needs to pay the charges for registration. The registration charges vary from mixed (commercial & residential), commercial, Group housing project and plotted development. The promoter needs to give a statement in which he/she will declare that no discrimination will be made against any allottee at the time of allotment of any flat. The promoters also need to submit the original sanctioned plan and specifications of layout plan, if there is any modification at any time, the amount of sum collected and the sum used for development of project, project’s status and the total balance sum with the promoters. The promoter must submit and specify the total area of the land, size of apartment. The promoter needs to comply with the rule of RERA Delhi, which says that promoter must deposit 70% of the revenue generated (not used in construction of project or land cost for the project) from allottees in a separate bank account for the project which has not acquired a completion certificate.
The Authority will either reject or accept the project registration. If its rejection from authority then a rejection certificate in ‘Form D’ will be provided and if it accepts the registration, then the registration certificate in ‘Form C’ will be provided.
Documents required for Registration
• Title Deed
• Plans- Development, sanctioned & layout
• Financial information like income tax returns, statement of cash flow of previous years
• PAN card
• Aadhar card
• Land’ s encumbrances details
RERA Registration Process for Buyers
On the official webpage of RERA Delhi, the buyer needs to search for ‘registration’ option and select the ‘buyer’ option there. After that there will open a new webpage, where the buyer needs to fill a pre-registration form, where essential information like name, email address, phone number and date of birth etc. are to be filled by buyer. Sign up is mandatory and then after uploading the required documents, the registration process will be completed. The RERA registration number will be there on the said website.
RERA Registration Process for Real Estate Agents
Real estate agent facilitates the transactions between the buyers and builders. So, they become part of the deal and need to register themselves on RERA. First, the real estate agent has to go to official website of RERA Delhi and then look for ‘registration’ tab and select the ‘registration by real estate agent’ option. The charge for registration of individual is Rupees 10,000 and 50,000 Rupees for other than individual. The agent is to keep bank of account of project he/she is indulged in and can be penalized if falsely represent any information about the project to buyers. This penalty can extend up to maximum of 5% of total project cost or 10,000 Rs. Per day.
The documents required are:
• PAN card & Aadhar card
• Latest photograph of the agent
• In case of company, the registration proof. For example- partnership deed or certificate of incorporation
• Adress proof of place of business
• Past 3 years income tax returns.
These have to be uploaded by the real estate agent to register at RERA Delhi
Real estate, laws in India or the property laws in India varies from state to state as the same comes under the state subject. RERA registration is a complex process and can be successfully accomplished by a lawyer who renders best real estate legal solutions.
It is important for promoter to register as he/she can only advertise his/her project after the project has been registered with the RERA Delhi as provided in Section 3(i) of the Act. It is also mandatory for a builder to register the project if the same is more than 500 square meters or the number of apartments proposed to develop are more than 8. So, it become necessary for agents, builders, buyers to know about the detailed registration process of RERA Delhi.
Authored By: Adv. Anant Sharma & Anjali Swami