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RERA Registration: Process, Fees, and Required Documents

If you are planning to get into real estate as a promoter, agent, or buyer, then you should be properly informed about the Real Estate Regulator and Development Act, 2016 widely known as RERA. This Act formally came into effect to benefit home buyers and brought transparency into the real estate sector.

We will be walking you through everything that one needs to know about the process, fees, and documents of RERA registration. This article will help you understand the RERA enrollment procedure in an efficient way, whether you are a real estate developer or an agent. For any queries or details on commercial registration, contact Professional Utilities as we specialize in helping businesses through the RERA registration process.

What is RERA Registration?

RERA registration must be carried out by all builders and real estate agents who deal in residential and commercial projects. According to the RERA Act, all real estate projects greater than 500 square meters or more than eight apartments should be registered with the respective state's RERA authority. It ensures that property developers provide accurate project details to buyers and live up to the promises they make.

RERA registration for real estate agents ensures that only certified intermediaries work with the real estate agents, ruling out any chances of fraudulent practices.

Why is RERA Registration Important?

The very concept of the RERA Act itself is to ensure that real estate dealings are carried out in a properly transparent and accountable way. Once the developer or real estate agent is done with the RERA registration, the buyer will be assured that his investment is secured. Many states have made it easier to do RERA registration online, which is easier for developers, too, as well as the agents.

A project cannot be marketed, sold, or booked without RERA registration. It also means that developers can be fined up to 10% of the estimated project cost or imprisoned for up to three years in case of non-compliance.

Who Can Apply For RERA Registration?

RERA registration helps in bringing transparency and accountability into the real estate sector. Thus, the following parties will be required to get RERA registration:

Real estate developers: Those promoters who initiate any new project, either residential or commercial, must get the project registered prior to advertising and selling of its units.
Real estate agents: Any agent involved in the sale, purchase, or booking of the registered projects must undergo RERA registration.
Ongoing projects: Projects that were incomplete at the time of the commencement of the RERA Act also need to be registered under RERA.

RERA Registration Process

Knowing the RERA registration procedure will facilitate seamless and accurate participation. Thus, here is the step-by-step explanation:

Step 1: Visit the RERA Portal

The authority for RERA is different in each state; you must go through the registration process via the RERA Registration Portal. This portal is specifically designed for developers and agents to submit their project or agent registration details.

Step 2: Choose the Appropriate Form

Choose the correct category when applying: developer or agent. Developers must submit project details, while agents need to provide personal and business information. The RERA online registration portal is accessible, but navigating the required sections may be difficult without prior knowledge.

Step 3: Provide All Required Information

You will need to provide specific information to register under RERA, such as:

Project details (for developers): Type of project, size, location, etc.
Financial Information: Bank account details of the project, overall cost, and funding sources.
Past Projects (for developers): List of previously completed projects, if applicable.
Documents needed for RERA registration: Proof of land ownership, project approval by relevant authorities, PAN card, legal title deed, etc.

Step 4: Payment of RERA Registration Fees

After completing the application, pay the applicable RERA registration fees. Fees vary by state and project size. On average, developer fees range from INR 10 per square meter to INR 500 per square meter, depending on state and project size.

Step 5: Verification and Approval

Once the application and fee are submitted, the RERA authority will verify your documents. Upon approval, a unique registration number is issued for your project or as an agent. This number must be included in all promotional materials and reflects legal compliance.

Step 6: Display of RERA Registration Number

After receiving your registration, prominently display the RERA registration number in all advertisements or promotional materials for the project. This builds trust with buyers and shows compliance with the law.

Documents Required for RERA Registration

There are a few differences in the documents needed for RERA registration between developers and agents. Even further, it’s important to know what these are well in advance. And it’s important that all the documents be updated, and that clear and accurate information is provided. Any discrepancy can delay the process of RERA registration. A checklist in detail follows herein:

1. For Developers:
- Provide the promoter's PAN card
- The audited balance sheet for the previous fiscal year
- The formal title deed for the land
- Certified copy of the approved building plan and layout
- No objection certificate (NOC) from the appropriate authorities
- Details about the project's bank account

2. For Real Estate Agents:

PAN Card
Passport-sized photo
Address proof
Income tax returns for the last three years
Details about the company, including its name and registered address

RERA Registration Fees

RERA registration fees differ from state to state and depend on whether the applicant is a developer or real estate agent. Here's the breakdown:

For Developers:

Residential Projects: The charge for residential projects depends on the entire land area. It could be Rs 10 - Rs 500 in some states depending on the plots of a particular size and higher value for the bigger projects.
Commercial Projects: Generally, the fees charged for commercial projects are higher than those for residential ones, per square meter based on the total commercial area in some states.

For Real Estate Agents:

The registration fees for agents are usually fixed under RERA. The fee lies in the range of Rs 10,000 to Rs 50,000.

Note: Professional fee for RERA starts from ₹99,000. The above-mentioned fees do not include GST.

Benefits of RERA Registration

RERA registration offers several benefits that give a boost to the real estate landscape for developers and agents. Following are the advantages available by availing RERA Registration:

Legal Compliance: The fact that you are registered means your project or services comply with state and national laws, thus saving you from legal hurdles.
Transparency: This gains the trust of a homebuyer as every registered project must provide correct information on timelines, costs, and specifications of projects.
Dispute Resolution: Since developers and agents are registered, there are fewer chances of disputes; the RERA authority aids in resolving issues quickly.
Increased Credibility: Displaying the RERA number in advertisements improves credibility, attracting more clients and buyers.
Financial Accountability: Developers must open a dedicated bank account for project funds, where 70% of the buyer's money is used only for construction and land costs.

Conclusion

If you are a promoter launching a project or an agent facilitating sales, RERA registration is a must. The RERA registration process is transparent and protects the developers as well as buyers from fraud or delays. If you are going to register, then make sure that you have all the documents required for RERA registration and also be aware of the RERA registration fees applicable in your state.

We at Professional Utilities, offer professional support to clients in the steps of RERA registration, compliance, and smooth operation. Be it a real estate developer, agent, or homebuyer looking for some counsel, we will cater to that need.