RERA was brought with a view to bring in a uniformity in the Real Estate Business and to curb the harassment of customers and bring all the agencies under a common surveillance. Every entity involved in the real estate business are compulsorily required to get itself registered under RERA after the commencement of the act. We provide RERA consultancy services in Jharkhand for all types of Real Estate Merchants whether they are builders, land Dealers, Developers, Agents or investors. Our team took care of all the compliance related formalities under RERA regime to ensure smooth and easy launch of any project along the length and breadth of Jharkhand.
Who are required to get registered under RERA?
Following Entities are required to obtain Registration under RERA:
- A Developer Starting a new project
- A project which has commenced before onset of RERA but completion certificate has not been issued/obtained
- An agent dealing in Real estate
- A project which has been advertised from a prior date but has not yet started.
Is it mandatory to get all the projects registered under RERA?
Government has exempted following projects from the purview of RERA:
- Renovation Projects
- Project having area less than or equal to 500 sq ft or where the number of apartment is less than 8.
- A project whose completion certificate was issued before the onset of RERA.
TYPES OF REGISTRATION UNDER RERA
- Project Registration
Every builder/developer must before making any public announcement and receiving any money shall get its project registered with RERA. Full details regarding the project is required to be given in the application form, payment is made depending upon the built up area of the project. In case the builder/developer failed to get its project registered a huge fine shall be imposed on such builder.
Documents Required for Project Registration under RERA:
- PAN card of the promoter;
- Audited balance sheet for the preceding financial year and income tax returns for three preceding financial years;
- The number of open parking areas and the number of covered parking areas available in the real estate project;
- Copy of the legal title deed reflecting the title of the promoter to the land;
- Details of encumbrances on the land on which development is proposed including details of any rights, title, interest, dues, litigation and name of party in or over such land along with details;
- Where the promoter is not the owner of the land on which development is proposed details of the consent of the owner of the land along with a copy of the agreement;
- Name, photograph, contact details and address of the promoter.
- Agent Registration
In order to bring about a fair practice in Real estate Sector and end monopolistic approach of the agents toward the customers, government has came up with the concept of RERA Registration for Agents, whereby every agent must get itself registered under RERA before dealing in Real Estate Activities. This step will bring Agent-Client transaction under a common purview and shall also curb the unnecessary harassment by the Agents.
Agent Registration is provided for a specific period of time and is subject to renewal.
Information Required for Registering as an agent under RERA:
- Brief details of his enterprise including its name, registered address, type of enterprise (proprietorship, societies, partnership, companies etc;
- Particulars of registration including the bye-laws, or memorandum of association and articles of association, etc. as the case may be;
- Photograph of the real estate agent if he is an individual and the photograph of the partners, directors, etc., in case of other entities;
- Authenticated copy of the PAN Card;
- Income tax returns filed under the provisions of the Income Tax Act, 1961 (Central Act 43 of 1961) for three financial years preceding the application or in case the applicant was exempted from filing returns under the provisions of the Income Tax Act, 1961 for any of the three years preceding the application, a declaration to such effect;
- Authenticated copy of the address proof of the place of business; and such other information and documents, as may be specified by the Authority in regulations.
- Complaint Registration
If any consumer, buyer, party to a contract or any other related person has sufficient reason that rules are not being followed with regard to any project or by any agent then he can lodge a formal complaint with the appropriate officer with valid proof of the matter demanding him to look into the issue, by paying a fee of Rs. 1000/- per application.
TIME REQUIRED FOR OBTAINING REGISTRATION
As per RERA, the department is bound to either grant registration of reject the application within 30 days of submitting of such application by the applicant in the department.