RERA was introduced in 2016 and came up with an act Real Estate (Regulation & Development) Act 2016 which aimed to protect the interest of the home buyers and regularize investment and promotion in real estate industry in India and at the same time have a mechanism for speedy dispute redressal.
Under the Act, Regulatory authorities for RERA are established at the state level for regulation of the real estate sector and to manage all the registrations and approvals related to registration of the commercial and residential projects. Registration under RERA is applicable to the real estate agents and projects
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Advantages of RERA Registration
Eligibility for Registration
Documents required to register an on-going project
Documents required for Real Estate Agent Registration
Process of Registration Under the RERA
Exceptions of RERA Act
FAQs on RERA Registration
RERA stands for Real Estate Regulatory Act 2016. It is an act which comes into force to protect real estate buyers from fraud and scams.
RERA is a state Act and the minimum fee requirement is according to the states. In Rajasthan broker’s fees for registration under RERA is Rs. 10,000 as an individual and Rs. 50,000 of other than individual.
RERA came into force with the objective of providing relief to the buyers from the malpractices of unfair builders. RERA Act, 2016 specifies certain norms for building and development of real estate which will enhance the transparency in transactions in the real estate sector.
Registration under RERA can be revoked, if RERA receives any complaint against the developer and is satisfied that the Developer has not complied with the rules under the Act, or has violated the terms and conditions of approval, or is involved in unfair practices to sell, market or advertise his projects.
Registration under Real Estate Act 2016 is mandatory for all commercial and residential real estate projects where the land is over 500 sq m, or eight apartments, to register with the Real Estate Regulatory Authority (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution.
RERA registration is mandatory for the builders or constructor or developer for the construction or development of any residential or commercial project where the area of land proposed to be developed exceeds 500 sq m or the number of apartments proposed to be developed exceeds 8 inclusive of all phases.
No, RERA does not cover rental agreement.
RERA covers all residential as well as commercial projects, including shops, offices and buildings.