RERA Registration refers to the process of registering under the Real Estate (Regulation and Development) Act, 2016 (RERA), which is a law enacted by the Government of India to promote transparency, accountability, and efficiency in the real estate sector. RERA is designed to protect the interests of homebuyers and regulate the real estate market, ensuring fair practices by developers, builders, and agents. Who needs RERA Registration? Real Estate Developers/Builders: Any builder or developer who is involved in the development of residential projects and wishes to sell, advertise, or market properties must get their project registered under RERA. Real Estate Agents: Agents involved in the sale or purchase of property must also register under RERA to ensure transparency and consumer protection.
RERA Registration refers to the process of registering under the Real Estate (Regulation and Development) Act, 2016 (RERA), which is a law enacted by the Government of India to promote transparency, accountability, and efficiency in the real estate sector. RERA is designed to protect the interests of homebuyers and regulate the real estate market, ensuring fair practices by developers, builders, and agents.
Who needs RERA Registration?
Real Estate Developers/Builders: Any builder or developer who is involved in the development of residential projects and wishes to sell, advertise, or market properties must get their project registered under RERA.
Real Estate Agents: Agents involved in the sale or purchase of property must also register under RERA to ensure transparency and consumer protection.
Projects: Any new real estate project that involves the construction of buildings, apartments, or commercial properties needs to be registered before advertising or selling.
Key Benefits of RERA Registration:
Transparency: Provides a clear picture of project timelines, financials, and status, making it easier for buyers to trust developers.
Regulation of Practices: Ensures that developers adhere to defined standards, offering quality construction and delivering projects on time.
Dispute Resolution: Establishes a mechanism for consumers to resolve disputes with developers or agents.
Accountability: Developers must comply with rules related to project completion dates, project specifications, and more, which enhances credibility.
RERA Registration Process:
For Developers/Builders:
Create an account on the official RERA website of the respective state.
Provide project-related details like land title documents, architectural plans, approvals from local authorities, etc.
Submit an application along with necessary documents such as the PAN, GST registration, project plan, etc.
Pay the registration fee and receive a registration number.
For Real Estate Agents:
Register on the state’s RERA portal.
Provide personal and business details along with required documents.
Complete the application and pay the required fee.
Once approved, agents receive a unique RERA number that they must display on all transactions.
RERA has significantly improved the trust and credibility of the real estate industry in India by protecting the rights of homebuyers and ensuring that developers are held accountable for project delays and quality issues.