RERA ACT
The Real Estate sector is the backbone of the Indian economy. The Government of India, Ministry of Law and Justice (Legislative Department) published the Real Estate (Regulation and Development) Act, 2016 (“RERA Act”) in the Gazette of India as on 25th March 2016 to protect the interests of home buyers and enhance transparency in the real estate sector.
DOCUMENTS REQUIRED FOR REGISTRATION-
1. Certificate of Incorporation/Registration
2. PAN of the Promoter
3. LLP Agreement(s) of the LLP /Memorandum of Association (“MOA”).
4. Articles of Association (“AOA”) of the Company
5. Cancelled Cheque of Bank A/c.
6. Land Title Papers / Chain Documents.
7. List of Projects Completed in Last 5 years
8. List of Agency/ Contractors/ Subcontractors taking up external development works
9. Registration Fee (Online/ Cheque/ RTGS/ NEFT)
10. Audited Balance Sheet of preceding financial year
11. Documents of Loans/ Encumbrances/ Lien/ Mortgage, if any.
12. Development Agreement / Power of Attorney, etc.
13. Documents of Approvals and Commencement Certificate from Competent Authority
14. Approved Maps, Layout, etc.
15. Facilities Proposed:
16. NOC from the Airport Authority of India)
17. Agreement to Sale
18. Conveyance / Sale Deed
19. Carpet Area (Excluding Common Areas)
20. List of No. of Parking Areas
21. List of Real Estate Agents for proposed projects
22. List of Contractors / Architect / Engineers and other persons involved in Construction
22. A Declaration in Form – B
PROCESS OF REGISTRATION-
1. Documents required- Firstly the above mentioned documents must be arranged for registering under RERA Act.
2. Obtaining Bank Account no.- Opening a bank account with a scheduled bank is the next step in this process.
3. Filing of forms- Then various forms are filled in accordance with RERA Act to get registration. Eg. Form A, B, G
4. Submitting an Affidavit- Submitting an affidavit certifying that the draft agreement to sale (Form-G) is not inconsistent or contrary to the provisions of Real Estate (Regulation and Development) Act, 2016
5. Affidavit for Booking Amount- Submitting another affidavit certifying that no booking amount is being taken from the prospective customers pursuant to the provisions of Section 3 of Real Estate (Regulation and Development) Act, 2016.
6.Fees Payment- Payment of applicable fees as prescribed is the next step. The duly signed hard copy of online submitted project summary and web-based project profile along with the payment challan is submitted.
7. Dispatch of Documents- Dispatching a physical hard copy of all above documents (including annexures) in original or true copy (as the case may be) duly signed, either by hand or through registered post to RERA authority office of competent jurisdiction after the application submitted on official website in accordance with Real Estate (Regulation and Development) Act, 2016.
8. Form-C: Obtaining registration certificate of project granted under Section 5 of the Real Estate (Regulation and Development) Act, 2016.