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Registration of Project With RERA

Registration of Project With Real Estate Regulatory Authority (RERA)

 

To control the rules and regulation of builders and buyers an Authority has been constituted by the Central Government of India. Same is known as Real Estate (Regulation and Development) Act 2016 and under this act the regulatory authority has been constituted namely Real Estate Regulatory Authority (RERA) Registration of Project With RERA.

Every State is implementing this Act into their particulars State Jurisdiction. This Act is not full-fledge implemented till date in throughout the India.  

This Act makes provision for the mandate registration of Builder/ Promoters / Agents to deal in the Real Estate business. Registration of Project With RERA

(Click Here to Know More About Real Estate Regulatory Authority “RERA”)

Promoters

Under Real Estate (Regulation and Development) Act 2016, Promoters shall have to register all commercial and residential real estate projects with RERA Punjab. No promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it without registering the real estate project with RERA Punjab. Promoter of ongoing real estate projects, in which all buildings as per sanctioned plan have not received occupation or Completion Certificate, shall also be required to be registered for such phase of the project. They shall also need to provide the quarterly updates to authority from time to time. Registration of Project With RERA

The key facilities being provided to promoters are as follows:

  • Registration of Real Estate Projects

  • Quarterly update provision for each project

  • Extension of Real Estate Projects

  • Complaints Filing

Real Estate Agents

Under Real Estate (Regulation and Development) Act 2016, all Real Estate Agents shall have to register with RERA Punjab before facilitating any sale. Promoters while applying for registration to RERA Punjab will have to provide the names of registered real estate agents who would be facilitating the sale of apartments in the said project. The registration shall be valid for five years and can be renewed thereafter. Registration of Project With RERA

The key facilities being provided to real estate agents are as follows:

  • Registration of Real Estate Agents

  • Renewal of registration of Real Estate Agents

  • Complaints Filing

Documents required for Builder/Promoters for registration under RERA

Following documents should be enclosed in hardcopy with the application:

  • PAN Card of the builder
  • ITR of last 3 years and the balance sheet of the builder
  • Builder must clarify about the apartment (carpet area, number of floors, parking space)
  • Declaration by the builder of having legal title of the land with proof
  • Details of the land (rights, title, mortgage)
  • If the builder is not the owner of the land, the consent letter of the actual owner with documents will be required
  • Details of the project (location, sanctioned plan, layout plan)
  • Ownership documents (proforma of allotment letter, agreement of sale)
  • Information of the persons involved (Architects, Engineers and others)

(Click Here To Go Official Website Of Punjab RERA)

Registration process for Real Estate Agents

  • Fill an application form along with fee and documents to get registered with RERA
  • You will receive a registration number from the regulator. This need to be mentioned in every property sale
  • On a quarterly basis, you are required to maintain the books of account, records and documents related to the transactions Registration of Project With RERA
  • Share all the information and documents about the project with the buyer
  • Agent may be suspended for the misrepresentation or fraud during the registration process

Note: For any further information or any query you may contact us on 9855677966 or via email info@bhandarilawfirm.com

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