RERA Registration in Bihar
RERA Registration Fees in Bihar Starts from ₹99,000
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RERA Bihar Registration: Process, Fees, and Required Documents
Whether you are a buyer, developer, or agent looking to enter the Bihar real estate market, it is important to be informed of state-specific RERA regulations and norms. In addition to safeguarding homeowners, RERA was enacted to promote transparency in real estate deals.
This post will cover the complete RERA Bihar registration process, including the required fees and documents. It is a necessary report that maintains users and developers up to date. Contact Professional Utilities and we will help you through the process of making registration easier.
Table of Content
What is RERA Bihar Registration?
RERA Bihar 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 Bihar 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 Bihar 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 Bihar registration, the buyer will be assured that his investment is secured. Many states have made it easier to do RERA Bihar registration online, which is easier for developers, too, as well as the agents.
A project cannot be marketed, sold, or booked without RERA Bihar 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 Bihar Registration?
RERA Bihar registration helps in bringing transparency and accountability into the real estate sector. Thus, the following parties will be required to get RERA Bihar 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 Bihar 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 Bihar Registration Process
Knowing the RERA Bihar registration procedure will facilitate seamless and accurate participation. Thus, here is the step-by-step explanation:
Step 1: Visit the RERA Bihar Portal
The authority for RERA is different in each state; you must go through the registration process via RERA Bihar Registration Portal. This portal has been specifically designed for developers and agents operating submission of their project or agent registration details.
Step 2: Choose the Appropriate Form
In the process of applying, one must choose the correct category for either developer or agent. For the developers, project details must be submitted, while the agents will need to upload personal and business details. However, the RERA Bihar online registration portal is accessible, but going through the sections that need to be filled might be a bit difficult without prior knowledge.
Step 3: Submit Required Details
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 of the project, and sources of funds.
- Past Projects (for developers): A list, if applicable, of projects developed in the past.
- Documents needed for RERA Bihar registration: Proof of land ownership, a copy of the project's approval by relevant authorities, PAN card, legal title deed, etc.
Step 4: Payment of RERA Bihar Registration Fees
Subsequently, you will need to make payments against the applicable RERA Bihar registration fees after filling out the application form. The fee structures shall vary from state to state and by the size and nature of the project. On average, the RERA Bihar registration fees for developers will range from INR 10 per square meter to INR 500 per square meter based on the state and project size.
Step 5: Verification and Approval
Your documents will be verified by the RERA authority after the application has been submitted with the required RERA Bihar registration fee. A unique registration number will be given in the case of a project or agent when everything is alright. This is compulsorily noted in all the promotional materials and reflects compliance with the law.
Step 6: Display of RERA Bihar Registration Number
Once you get your registration, it shall prominently display the RERA Bihar registration number in any advertisement or promotional materials for the project. That's how trust is built with buyers, and how it reflects that your project will be fully compliant with the law.
Documents Required for RERA Bihar Registration
There are a few differences in the documents needed for RERA Bihar 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 Bihar 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
- 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 Bihar Registration Fees
RERA Registration Fees in Bihar vary by applicant type. Developers pay ₹10-₹25 per sq. m., capped at ₹10 lakh, while real estate agents pay ₹10,000 (individuals) or ₹50,000 (firms/companies). Below is a detailed fee structure:
| Category | Type | Fee Details |
|---|---|---|
| For Developers | Residential Projects | ₹5 per square meter |
| Commercial Projects | ₹10 per square meter | |
| For Real Estate Agents | Individual Agents | ₹10,000 registration fee, ₹2,000 renewal fee |
| Other Entities | ₹50,000 |
Note: Note: Professional fee for RERA starts at ₹ 99,000. The above-mentioned fees do not include GST.
Benefits of RERA Bihar Registration
RERA Bihar 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 Bihar 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 has compulsorily to give correct information on timelines, costs, and specifications of projects.
- Dispute Resolution: Since developers and agents are registered, there would be fewer chances that any dispute would arise; in fact, the RERA authority aids in getting the issues resolved easily in the shortest time.
- Increased Credibility: The display of the RERA number in the advertisements improves the credibility factor and therefore, more clients and buyers can be attracted.
- Financial Accountability: Developers should open a separate account in the bank for the project and ensure that the money of the buyers is utilized judiciously.
Conclusion
If you are a promoter launching a project or an agent facilitating sales, then RERA Bihar registration becomes mandatory. The process of RERA Bihar registration ensures complete transparency to protect the developers and buyers from fraud or delay. If you are going to register, then make sure you have all the documents required for RERA Bihar registration and be aware of the RERA Bihar registration fees applicable in your state.
We at Professional Utilities offer professional support to clients in the steps of RERA Bihar registration, compliance, and smooth operation. Be it a real estate developer, agent, or homebuyer looking for some counsel, we will cater to that need.
Frequently Asked Questions (FAQs)
What is RERA registration?
It is mandatory to register with RERA by developers and real estate agents to ensure transparency and protect buyers interests.
Who needs to register under RERA?
The developers and agents who undertake projects greater than 500 square meters or have over eight units have to register.
What are the benefits of getting RERA Registration in Madhya Pradesh compared to Bihar?
GettingRERA Registration in Madhya Pradesh is generally faster and simpler compared to Bihar. Madhya Pradesh has fewer applications and easier access to regulatory offices, while Bihar may involve longer verification steps and slightly more administrative procedures.
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