Registration of the Real Estate Project

  • Assistance in documentation
  • Drafting of Application
  • Filling of application
  • Follow - up with Authorities
  • Grant of Certificate
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WHAT?

The Real Estate (Regulation and Development) Act , 2016 (RERA ACT) is an Act of the Parliament of India came into force from 1 May 2016 which applies to whole of India except the State of Jammu and Kashmir.

This Act has been established to:
  1. Regulate and promote the Real Estate sector
  2. To ensure the sale of plot, apartment or building, as the case may be, or sale of real estate project, in an efficient and transparent manner
  3. To protect the interest of consumers in the real estate sector
  4. To establish an adjudicating mechanism for speedy dispute redressal; and
  5. To establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and for matters connected therewith or incidental thereto.

Registration for Real Estate Projects is regulated by the Real Estate Regulatory Authority established under the RERA ACT. The Act establishes the State wise Real Estate Regulatory Authority. The expression "real estate project" has been specifically defined under the Act.

It means the:
  1. development of a building or a building consisting of apartments, or
  2. converting an existing building or a part thereof into apartments, or
  3. the development of land into plots or apartment, as the case may be,
  • for the purpose of selling all or some of the said apartments or plots or building, as the case may be, and
  • includes the common areas, the development works, all improvements and structures thereon, and all easement, rights and appurtenances belonging thereto
WHY?
  • Ensure the accountability and transparency
  • Promote Good Corporate Governance and will build the trust of the customers
  • Foreign Investment will improve due to regulated sector
  • Reduce the Risk of the Builders w.r.t Insolvency or Bankruptcy
  • Ensure the timely payment from the customers to the builders
  • Valid till the time period mentioned by the promoter for the completion of the project.
WHO?

Every promoter undertaking a Real Estate project as defined under the Act is required to get the prior registration of the Real Estate project under the applicable / relevant Real Estate Regulatory Authority under the RERA Act, 2016.

Exceptions::
Following promoters are not required to be registered under the said Act:
  1. Where the area of land proposed to be developed does not exceed five hundred square meters (500 sq mts) or the number of apartments proposed to be developed does not exceed (8) eight inclusive of all phases
  2. Where the promoter has received completion certificate for a real estate project prior to commencement of this Act
  3. For the purpose of renovation or repair or re-development which does not involve marketing, advertising selling or new allotment of any apartment, plot or building, as the case may be, under the real estate project.
WHEN

Every promoter will have to get the said project registered before advertising, marketing, booking, offering for sale, selling or inviting persons to purchase in any manner any plot, apartment, or building, in any real estate project or part of it, in any planning area, registered with the Real Estate Regulatory Authority under the RERA Act, 2016.

HOW?
  • Step 1: Application Form: - Filling of online / offline Application along with prescribed documents and fees
  • Step 2: Processing of Application: - Application will be processed for Approval / Objections / Rejection within 30 days of filing of application.
  • Step 3: Granting Registration and Registration No. : -
    1. No Objections Registration no. Granted to the Project
    2. Objections raised Opportunity given to rectify the objection, thereafter application re-processed for Approval / Rejection
  • Step 4: Deemed Approval : - If the application filed not processed for Approval / Objections / Rejection within 30 days of filing the project shall be deemed to have been registered, and the Authority shall within a period of seven days provide a registration number
PENALTY

Any promoter who did not comply the above mentioned registration rules shall be liable to a penalty which may extent upto 10% of the estimated cost of the real estate project as determined by the Authority.

Further even after imposition of penalty, the promoter does not complies with the said penalty and continue to contravene the registration requirement then he shall be punishable with imprisonment for a term which may extend up to three years or with fine which may extend up to a further 10% of the estimated cost of the real estate project, or with both.