RERA Registration
RERA stands for Real Estate (Regulation and Development) Act, which is a law enacted in India in 2016 to regulate the real estate sector and protect the interests of homebuyers. RERA registration refers to the process by which real estate projects and agents are registered under the provisions of the RERA Act. The registration is mandatory for all new and ongoing real estate projects, and failure to register can result in penalties and legal action. The RERA registration process involves providing details about the project, such as the name, location, size, and status, as well as details about the developer and the agents involved in the project. Once registered, the project and agents are subject to strict guidelines and regulations regarding project timelines, quality of construction, and financial transparency, among others.
The primary objectives of RERA registration
- Regulate and promote transparency in the real estate sector to protect the interests of homebuyers.
- Ensure that real estate projects are completed on time and as per the specifications promised to homebuyers.
- Promote financial discipline and transparency in the real estate sector to prevent fraudulent practices.
- Establish a fast-track dispute resolution mechanism for disputes between homebuyers and developers.
- Promote professionalism and accountability in the real estate sector by requiring registration of real estate agents and imposing penalties for non-compliance.
- Promote investment in the real estate sector by enhancing investor confidence and increasing transparency.
- Establish a central database of information related to real estate projects, developers, and agents to facilitate informed decision-making by homebuyers and investors.
Documents required for Real Estate Agent Registration:
- PAN.
- Permanent address proof.
- Photograph.
- Details of real estate agent enterprise, if applicable which includes its name, registered address, type of enterprise, proprietorship, societies, co-operative society, partnership, companies, etc.
- Particulars of registration of the enterprise, if applicable such as the bye-laws, memorandum of association, articles of association etc. as the case may be.