On May 1, 2016, the Real Estate (Regulation and Development) Act (“RERA”) took effect. This law was primarily intended to manage and promote the important estate industry. RERA now requires property development projects to register. RERA gives land projects legitimacy and protects clients from project delays.
Read more to know about the RERA registration process
How to Register Projects under RERA?
The method for applying for registration of realty developments varies by state. The full method for every state could even be found on the RERA website for that state. Promoters and land brokers must apply for registration on the website that’s specific to their state. you’d wish to provide specific documentation together with your application so that you can be registered. These, too, vary from one state to the following. However, several papers are shared by the majority of nations.
Promoter’s PAN Card;
- Legal title deeds of the land. (See Section 4(2)(l)A);
- Encumbrance Certificate (See Section 4(2)(l)B);
- Commencement Certificate (See Section 4(2)(c));
- The project’s sanction plan, layout plan, and site data (see Section 4(2)(d));
- The plan of development works; and Details of the organizer’s past project experience, if any (See Section 4(2)(b)).
The following are some of these papers from various states (as listed on their websites): Name, type, and registered address of the enterprise;
- The promoter’s enterprise’s registration certificate
- Memorandum of Association (MoA)
- Articles of Association (AoA), and date of formation
- Balance sheets for the previous three financial years that have been audited
- The previous three years’ audited report and director’s report. Name, address, contact details, and pictures of the promoter/director/partners/chairman/ or the selection authorized person.
What Are the Key Benefits?
The real estate business was in turmoil before RERA. Customers experienced delays, there was minimal regulation, and assets salesmen and builders were widely corrupted and ruthless. Following are the types of first advantages we’ve noticed when RERA was implemented.