“RERA Act” stands forReal Estate Regulatory Authority Act that came into force in the year 2016 to bring transparency in the real estate sector. It was brought into force to cater down the problem faced by the occupants due to delays or discrepancies made on the part of the promoters or contractors of buildings, flats, apartments, etc. In India, Rajasthan was the third state to implement RERA after Maharashtra and Madhya Pradesh. Under the Real Estate (Regulation and Development) Act, 2016, the Rajasthan Government has amended the rules for the regulation and promotion of real estate sector in Rajasthan state.
Advantages of RERA Registration
Following are the advantages of registration under RERA Act:
Transparency: It brought transparency of services provided by developers or promoters to homebuyers.
Right to information: RERA brings out the Right to information about the property, which is a big benefit for home buyers.
Standardization: RERA provides standardization in the area of the property e.g. carpet area, garage area, etc.
Reduces delays: RERA reduces the delays in the completion of projects by the promoters or developers.
Speedy disposal of cases: RERA provides speedy disposal of cases or complaint of homebuyers relating to their properties.
Documents required for RERA Registration in Rajasthan
The following details and documents shall be required to be provided by the applicant for grant of registration of project under Real estate Regulation Authority :
(a) Enterprise’s brief details including :
enterprise type (companies, partnership, proprietorship, societies, competent authority), and the particulars of registration, and the names and photographs of the promoter;
(b) Brief detail of the projects launched by the promoter in the last five years including the details relating to the following
Whether already completed
Whether under construction
Current status of the project
Delay, if any in completion
Details of type of land, if any
Details of cases pending, if any
Details of payment pending, if any
(c) an authenticated copy of the approvals and commencement certificate from the competent authority
(d) details regarding sanctioned plan, layout plan and specifications of the proposed project
(e) details regarding plan of development work to be executed in the proposed project
(f) details regarding project location along with proper demarcation
(g) proforma regarding allotment letter, conveyance deed, agreement for sale proposed to be signed
(h) number, type, carpet area of apartments and other details
(i) details regarding the number and areas of garage for sale
(j) details regarding names and addresses of real estates agents, if any
(k) the names and addresses of the contractors, architect, structural engineer concerned with the development of the project.
(l) a declaration supported by an affidavit signed by the promoter or any other person authorized by the promoter
Process of registration under RERA in Rajasthan
The Process for RERA Registration is as follows :
Opening of Bank Account: The promoter shall open a Bank Account first of all for applying by way of Application for registration.
Application for registration: For registration of the real estate project under Real estate Regulation Authority, the promoter of the project shall make an application to the Authority in FORM A along with such fee that varies from state to state as specified by the regulations made by the Authority
Submission ofDocuments along with the application: Following documents shall be enclosed along with the application for registration under Real estate Regulation Authority :
Acceptance or rejection of Application by the Authority: On receipt of the application the Real estate Regulation Authority shall scrutinize the application and shall accept or reject the application as the authority may consider necessary.
Time Limit of Grant of Registration
The Real estate Regulation Authority shall grant registration of the project or reject the project within 30 days of receipt of application. The Real estate Regulation Authority shall not reject the application without giving an opportunity of being heard.
Consequences of non-acceptance or rejection of application
In case where the Real estate Regulation Authority, fails to accept or reject the application within 30 days from the date of receipt of the application, the application shall deemed to be registered.
Extension of Registration
The registration granted by the Real estate Regulation Authority can be extended only due to Force majeure i.e. only due to causes beyond the control of the Promoter such as war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature affecting the regular development of the real estate project.
Further, the registration may on reasonable circumstances to be recorded in writing may be extended by the Authority.
The application for grant of extension of registration shall be made by the promoter in the prescribed form along with prescribed fees.
CS Urvashi Jain is an associate member of the Institute of Company Secretaries of India. Her expertise, inter-alia, is in regulatory approvals, licenses, registrations for any organization set up in India. She posse’s good exposure to compliance management system, legal due diligence, drafting and vetting of various legal agreements. She has good command in drafting manuals, blogs, guides, interpretations and providing opinions on the different core areas of companies act, intellectual properties and taxation.
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