All you need to know about RERA Registration Process in Jaipur

RERA (Real Estate Regulatory Authority) is a regulatory body established by the Government of India and the Real Estate (Regulation and Development) Act, 2016 (RERA) is a landmark legislation introduced by the Government of India to regulate the real estate sector and protect the interests of homebuyers. In Jaipur, the capital city of Rajasthan, RERA registration is mandatory for all real estate projects that meet the criteria specified by the law.
RERA aims to bring transparency, accountability, and efficiency in the real estate industry by mandating the registration of real estate projects and real estate agents with the Rajasthan RERA (Government of Rajasthan). In this Article, we will provide the detail information about RERA Registration Process in Jaipur and its benefits. 

Short note about RERA

RERA was introduced in India through the RERA Act, 2016, which was enacted by the Parliament of India. The Act applies to both residential and commercial real estate projects and mandates registration of projects and agents with the respective state-level RERA authorities. RERA has provisions for disclosure of project details, registration of ongoing projects, timely completion of projects, use of escrow accounts for project funds, and resolution of disputes between homebuyers and developers, among other things.

RERA acts as a watchdog to monitor real estate projects, ensure compliance with rules and regulations, and provide a platform for dispute resolution. RERA has been introduced in various states in India, and each state has its own RERA authority that oversees the implementation of RERA rules and regulations at the state level.

Documents Required for RERA process in Jaipur

The specific documents required for RERA registration in Jaipur may vary depending on the type of registration (project or agent) and the nature of the real estate project. However, some of the common documents that are typically required for RERA registration in Jaipur include:

Project Registration:

• Details of the real estate project, such as project name, location, plot/survey number, and proposed timeline for completion.
• Layout plans, site plans, and floor plans of the project, along with details of the common areas and amenities.
• Information about the developer, such as name, address, contact details, and details of past projects.
• Copy of the land title documents and relevant approvals obtained from the concerned authorities.
• Copy of the commencement certificate and building plan approval obtained from the appropriate authority.
• Details of the project finances, including estimated cost of the project, sources of funding, and proposed payment schedule for homebuyers.
• Copies of legal documents, such as partnership deeds, Memorandum of Association (MOA), Articles of Association (AOA), and any other relevant agreements.
• Any other documents as prescribed by the respective state RERA authority.

Agent Registration:

• Details of the real estate agent, such as name, address, contact details, and PAN card.
• Copy of the registration certificate of the real estate agent under the relevant state authority, if applicable.
• Details of the past experience in dealing with real estate projects.
• Copy of any professional qualifications or certifications, if applicable.
• Any other documents as prescribed by the respective state RERA authority.

RERA Registration process in Jaipur

The process for RERA registration in Jaipur, Rajasthan, follows the guidelines set forth by the RERA Act, 2016. Here is a step-by-step overview of the RERA registration process in Jaipur:

• Step 1: Create an account on the RERA portal– The developer or promoter needs to create an account on the official RERA portal of Rajasthan, which is https://rera.rajasthan.gov.in/. This requires providing basic information and creating a username and password.
• Step 2: Fill in the registration form– Once the account is created, the developer or promoter needs to log in to the RERA portal and fill in the registration form, providing details about the project, the developer, the land title, project timeline, approvals obtained, and other relevant information.
• Step 3: Upload documents– The developer or promoter needs to upload the required documents along with the registration form. These documents may include project details, layout plans, building plans, approvals from competent authorities, legal title documents, details of the developer/promoter, etc.
• Step 4: Pay registration– fees The developer or promoter needs to pay the applicable registration fees for the project as per the RERA rules and regulations. The fees may vary depending on the size and type of the project.
• Step 5: Submit the registration form– Once the registration form is filled in, and the documents are uploaded, and the fees are paid, the developer or promoter needs to submit the registration form on the RERA portal.
• Step 6: Acknowledgment and Registration Number– After the submission of the registration form, the RERA authority will review the application and issue an acknowledgment receipt with a unique registration number. This registration number is to be used for all future correspondence and communication with the RERA authority.
• Step 7: Regular updates and compliance– Once the project is registered with RERA, the developer or promoter is required to provide regular updates and progress reports on the project’s development stages, sales, and other relevant information as per the RERA requirements. Compliance with RERA regulations throughout the project’s lifecycle are mandatory.

Validity of RERA Registration in Jaipur 

As per RERA Act, 2016, the validity of RERA registration in Jaipur, as well as in other parts of India, is until the completion of the real estate project. Once a real estate project is registered with the respective state RERA authority, the registration remains valid until the project is completed and a completion certificate is obtained from the competent authority. The developer is required to provide regular updates and progress reports to the RERA authority throughout the project’s development stages, and the registration is deemed valid as long as the project is ongoing.

Upon the completion of the project, the developer is required to obtain a completion certificate from the competent authority, and the same needs to be submitted to the RERA authority. Once the completion certificate is obtained and submitted, the RERA registration is considered fulfilled.

Benefits of RERA Registration in Jaipur

RERA registration in Jaipur, as in any other part of India, offers several benefits to both homebuyers and real estate developers. Some of the key benefits of RERA registration in Jaipur include:

• Transparency: RERA mandates disclosure of project details by real estate developers, including project plans, layouts, approvals, financials, and timelines, which promotes transparency and ensures that homebuyers have access to reliable information before making a purchase decision. This helps in reducing fraudulent practices and misleading advertisements in the real estate sector.
• Protection of Homebuyers’ Interests: RERA aims to safeguard the interests of homebuyers by ensuring that real estate projects are completed on time, as per the approved plans, and with proper utilization of funds. It also provides a platform for homebuyers to file complaints against developers for any grievances related to the project, and the RERA authority facilitates dispute resolution in a timely and efficient manner.
• Accountability and Professionalism: RERA imposes strict regulations on real estate developers, including provisions related to project timelines, utilization of funds, quality of construction, and adherence to approved plans. This promotes accountability and professionalism in the real estate sector, ensuring that developers deliver projects as promised to homebuyers.
• Escrow Account for Project Funds: RERA mandates that real estate developers open a separate escrow account for each project, where a certain percentage of the funds collected from homebuyers must be deposited. This ensures that the funds collected from homebuyers are utilized only for the specific project and helps in preventing diversion of funds to other projects or purposes.
• Dispute Resolution Mechanism: RERA provides a structured dispute resolution mechanism through the RERA authority, which offers a platform for homebuyers and developers to resolve disputes related to real estate projects in a time-bound manner. This helps in reducing litigation and provides a quicker and more effective resolution for grievances.
• Boost to Investor Confidence: RERA registration instils confidence in investors as it ensures that real estate projects are governed by transparent regulations and developers are accountable for their actions. 

What are the Consequences of Non-compliance?

Non-compliance with the provisions of the RERA Act, 2016 in Jaipur can have several consequences for developers, promoters, and real estate agents. Some of the common consequences of non-compliance with RERA are:

• Penalty: RERA empowers the regulatory authority to impose penalties on developers, promoters, and real estate agents for non-compliance with the provisions of the Act. The penalty amount may vary depending on the nature and severity of the non-compliance and can be a percentage of the project cost or a fixed amount. The penalties can be significant and may increase with the duration of non-compliance.
• Project De-registration: RERA authorities have the power to de-register a real estate project and remove it from the RERA website if the developer fails to comply with the registration requirements, fails to submit regular updates and progress reports, or violates any other provisions of RERA. De-registration can severely impact the developer’s credibility and ability to market and sell the project.
• Legal Action: Non-compliance with RERA can also lead to legal action, including civil and criminal proceedings. Homebuyers or other affected parties may file complaints with the RERA authority or approach the appropriate court of law for seeking remedies against non-compliant developers or promoters. Legal action can result in financial liabilities, fines, penalties, and reputational damage.
• Loss of Project Approvals: RERA requires developers to obtain various approvals, such as building plan approval, commencement certificate, and completion certificate from the competent authority. Non-compliance with RERA can lead to the revocation or cancellation of these approvals, which can halt the project’s progress or even result in the demolition of the constructed structure.
• Damage to Reputation: Non-compliance with RERA can damage the reputation of the developer, promoter, or real estate agent in the market, leading to loss of trust and credibility among homebuyers and other stakeholders. This can impact future business prospects and result in financial losses.

Takeaway

Through the above article, it can conclude that the RERA Registration is a significant process for real estate developers and promoters to comply with its legal requirements and regulations to set forth by RERA Act, 2016. As a homebuyer or investor in Jaipur, it’s essential to check the RERA registration status of a project before making any real estate investment decision. Developers and promoters must follow the RERA registration process, provide regular updates, and adhere to the commitments made to homebuyers to ensure compliance with RERA regulations. It is advisable to connect with the Legal Window’s professionals for comprehensive information on the RERA Registration in Jaipur.  Professional’s will help you in obtaining the RERA Registration process in Jaipur.