The Real Estate (Regulation and Development) Act, commonly known as RERA, was introduced by the Government of India to promote transparency, protect homebuyers, and regulate the real estate sector. RERA registration is now mandatory for builders, developers, and real estate agents dealing with projects above a specified size or cost.
What is RERA Registration?
RERA registration is the official process of registering a real estate project or agent with the respective state’s Real Estate Regulatory Authority. Without this registration, developers and agents are not allowed to advertise, sell, or promote their projects.
Who Needs RERA Registration?
Builders & Developers – All new residential or commercial projects above 500 sq. meters or with more than 8 units.
Real Estate Agents – Anyone involved in selling or marketing RERA-registered projects.
Benefits of RERA Registration
Legal Compliance – Ensures the project meets government regulations.
Transparency – Buyers can verify project details on the official RERA portal.
Buyer Protection – Safeguards against fraud and project delays.
Credibility for Developers – Builds trust and reputation in the market.
Steps for RERA Registration
Visit the State RERA Portal – Each state has its own RERA website.
Fill the Application Form – Provide project or agent details.
Submit Required Documents – Land title deeds, approved plans, and financial statements.
Pay the Registration Fee – Based on state regulations.
Approval & Registration Number – Once approved, a unique RERA number is issued.
Documents Required for RERA Registration
Proof of land ownership
Approved layout and building plan
Developer’s PAN and Aadhaar
Project completion timeline
Financial details of the project
Penalties for Non-Compliance
Selling or advertising a project without RERA registration can lead to heavy fines and even imprisonment for developers or agents.
Conclusion
RERA registration is a crucial step in ensuring fair practices in the real estate market. For buyers, it’s a guarantee of security and transparency, while for developers, it’s a mark of credibility and compliance. Always check the RERA number before investing in any property.