Frequently Asked Questions about RERA Registration in India
1. What is RERA registration?
RERA registration refers to the registration of real estate projects under the Real Estate (Regulation and Development) Act, 2016. This act aims to regulate the real estate sector and protect the interests of homebuyers. RERA registration ensures transparency, accountability, and timely delivery of real estate projects.
2. Who needs to register under RERA?
All real estate developers or promoters who intend to sell plots, apartments, or buildings with more than eight units need to register under RERA. This includes both residential and commercial projects.
3. What are the documents required for RERA registration?
The documents required for RERA registration include:
– Details of the promoter, including PAN card and address proof
– Project details, such as layout plans, land documents, and development plans
– Ownership documents of the land
– Architectural plans and structural designs
– Commencement certificate and completion certificate, if applicable
4. What are the benefits of RERA registration?
RERA registration offers several benefits, such as:
– Increased transparency in the real estate sector
– Protection of buyers' rights and interests
– Timely completion of projects
– Standardization of contracts and disclosure norms
– Establishment of regulatory authorities for dispute resolution
5. What is the penalty for non-compliance with RERA registration?
Non-compliance with RERA registration can attract penalties, which may include heavy fines and imprisonment. The specifics of the penalty vary depending on the state and the severity of the violation.
6. How does RERA registration impact homebuyers?
RERA registration provides several safeguards and advantages to homebuyers. It ensures that the project is completed within the specified time frame, as per the promised specifications. It also requires promoters to deposit a certain percentage of the project's cost in a separate bank account, which safeguards the buyer's investment in case of any project delays or disputes.
7. How can one verify if a project is RERA registered?
To verify if a project is RERA registered, homebuyers can visit the respective state's RERA website and search for the project using its registration number or the developer's name. The website will display the project details, including the registration status.
8. Can a developer advertise a project without RERA registration?
No, as per RERA regulations, a developer cannot advertise or sell a project without obtaining RERA registration. Any such activity can be considered a violation of the provisions of the act.
9. How long is the validity of RERA registration?
The validity of RERA registration depends on the duration required to complete the project as per the timeline submitted by the developer. The registration remains valid until the project is completed and the occupancy certificate is obtained.
10. Is RERA applicable to ongoing projects?
RERA is applicable to ongoing projects as well. However, developers were given a certain window of time to register their ongoing projects, and the timelines may vary from state to state. Homebuyers can check if the ongoing projects are registered on the respective state's RERA website.