Real Estate Regulatory Act - RERA Registration in India:

RERA stands for the Real Estate Regulatory Act and it calls for transparency in the real estate industry. It was brought to action to eradicate the existing discrepancies and problems within the sector.

As per the RERA Act, RERA committees have been set up across India to promote uniformity and transparency, as well as to regulate the real estate sector.

With RERA in place, every builder or developer is required to inform home buyers of the progress of construction, offer them keys to their property by the mentioned date, and abide by every rule outlined by RERA, to ensure accountability.

Why RERA Registration?

1. Consumer Protection: RERA aims to protect the interests of homebuyers by ensuring transparency, accountability, and fairness in real estate transactions. It mandates developers to adhere to stringent guidelines and timelines, thereby reducing the risk of fraud and delays.

2. Promotion of Transparency: RERA requires developers to provide accurate information about their projects, including details regarding layout plans, approvals, project status, and timelines. This transparency helps buyers make informed decisions.

3. Standardization: The Act establishes uniform standards and practices for real estate development across India, promoting consistency and reliability in the sector.

4. Redressal of Grievances: RERA provides a mechanism for resolving disputes between buyers and developers through its dedicated regulatory authorities. This helps in expediting the resolution of grievances and promoting confidence among homebuyers.

5. Boost to Real Estate Sector: By instilling confidence among homebuyers and ensuring timely completion of projects, RERA contributes to the overall growth and stability of the real estate sector.

What Needs to be Registered Under RERA?

1. Real Estate Projects: Any real estate project that involves the development of land into apartments, plots, or buildings for sale must be registered under RERA. This includes both residential and commercial projects.

2. Individual Units: In the case of apartment buildings or multi-unit developments, each individual unit or apartment needs to be registered separately if they are sold independently.

3. Real Estate Agents/Brokers: Individuals or entities involved in facilitating the sale or purchase of properties must register themselves with RERA.

4. Promoters/Developers: Promoters or developers undertaking the construction and sale of real estate projects must register themselves and their projects under RERA.

5. Ongoing Projects: RERA also mandates the registration of ongoing projects that have not received completion certificates before the implementation of the Act.

Who Needs to Register Under RERA?

1. Developers: Any individual, company, or organization undertaking real estate projects that involve the development of land into apartments, plots, or buildings with the intent of selling them need to register under RERA. This includes both residential and commercial projects.

2. Real Estate Agents/Brokers: Individuals or entities involved in facilitating the sale or purchase of properties need to register with RERA. This includes real estate agents, brokers, dealers, intermediaries, or any other person who assists in the sale or purchase of properties in a registered real estate project.

 RERA Registration Process

In order to register under RERA, one must need to follow these steps.

Step 1 : Open a Bank account as specified by Section 4 (2) (I) (D) of the RERA Act and then collect all the necessary documents.

Step 2 : Fill and submit Form A, the form for RERA registration. As a promoter or agent you will also have to submit Form B, declaring your role within the real estate industry.

Step 3 : Apart from this you may have to submit other forms as per RERA rules to clarify your project's details.

Step 4 : Pay the RERA registration fees to complete the registration process. This amount varies from State to State.