RERA or land regulatory agency is an act introduced to manage and promote the important estate sector in India. This Act ensures the sale of plot, apartment or building with none issue and during a transparent manner. The most aim of Project Office Registration is to guard the consumer’s interest in land . The proposed bill for regulation and promotion of the important estate sector was enacted by the Parliament in May 2016 and it came into Act with all its 92 sections from 1st May 2017 throughout India. Till now, about 14 states and union territories including Uttar Pradesh , Gujarat, Odisha, Andhra Pradesh , Tamil Nadu , Bihar, Madhya Pradesh and Maharashtra have informed their rules with RERA formally and therefore the others are required to follow lawsuit.
The main objective to implement of RERA is to bring relief to the land and residential buyers, as per the RERA suit, builders are in charge of the timely delivery of the land or home or projects and to guard the consumers or buyers from dupery sellers. And also RERA helps the developers in such how that it gains increased confidence among the consumers and every one the dealing associated with the important estate will go smoothly during a regulated environment. Actually, it's mandatory for the important estate developers to get the varied sorts of approvals from different government agencies before launching a building project and need to display or disclose all the needed information on their website because the appropriate state RERA regulatory agency will found out .
Real estate agents who have registered under RERA Act are given a singular license number by the regulator which the important estate agents need to mention in every project or property sale. this sort of procedure will help in eradicating the likelihood of confusing the customer . The RERA authority has an in depth range of powers to enforce penalties and imprisonment of land agents just in case of violation of the principles and Regulations.
‘The requirements to register a Project under RERA – How the limit of quite 8 apartments or quite 500 Sq. mtrs. is to be seen?
Sec.3(2) of RERA gives the conditions during which the registration isn't required for any project. It reads as under:
(2) Notwithstanding anything contained in sub-section (1), no registration of the important estate project shall be required
(a) Where the world of land proposed to be developed doesn't exceed five hundred square meters or the amount of apartments proposed to be developed doesn't exceed eight units inclusive of all phases’
The rules and regulations for receiving the RERA registration for a true estate project are provided in Section 3 of the Tamil Nadu RERA Rules. For Instance:
If the acreage to be developed is 400 Sq. mtrs. and No. of apartments is 9 then RERA registration is required
If the acreage to be developed is 600 Sq. mtrs. and therefore the count of apartments is 7 then RERA registration is required
If the acreage to be developed is 600 Sq. mtrs. and therefore the count of apartments is 9 then RERA registration is required.
As per the RERA Act, all land projects in and around India must be filed under RERA for the promoter to plug , advertise or sell any of the apartment or building or plot. But there are few exceptions; RERA Registration isn't required for the subsequent sorts of land projects:
If the world of land doesn't exceed 500 square meters.
The number of apartments doesn't exceed 8 flats inclusive of all phases.
If the promoter got the completion certificate for his/her land project before the commencement of RERA Act.
Repair or renovation or re-development of an existing building or the important estate project which doesn't need any sort of marketing, promotion, advertising to sell of any apartment or plot.
The RERA Project Registration process
It is mandatory that each one residential and commercial land projects aside from above exemptions need to be registered under RERA by submitting the subsequent documents along side the payable fees.
Documents required for registration under RERA are:
-> PAN Card of the builder
-> Income Tax Returns of the last 3 years and therefore the record of the builder
-> The builder must clarify the apartment like carpet area, number of floors, parking lot then on.
-> Proof of declaration by the builder of holding the legal title of the land
-> Encumbrance certificate for the land (rights, title, mortgage)
The consent letter from the particular owner of the land with documents are going to be required ( if the land isn't owned by the builder)
-> Details like location, sanctioned plan, layout plan then on of the developing project
-> Ownership documents like proforma of allotment letter, sale
Information of the persons or employees involved within the project like Engineers, Architects et al.
As per the RERA rules, the subsequent stepwise procedure must be followed to get RERA registration for a project.
Step 1: Submit RERA Application to Register the Project under RERA
The builder or any authorized person of the developing project has got to submit the RERA application for registration of project in Form A and Form B accompanied with the list of above mentioned required documents.
Step 2: Paying the prescribed Fee for RERA Registration
The builder or the promoter must submit the RERA registration fee along side the RERA application. The registration fee of RERA Registration is calculated like mentioned below
For Layouts, sub-divisions and site approvals – Rs.5/- per square metre of acreage excluding EWS plots (Roads and OSR excluded);
For Residential buildings –
Rs.10/- per square metre of FSI area for a residential project during which dwelling unit size is a smaller amount than 60 square meter;
Rs.20/- per square metre of FSI area for other residential projects ;
For Commercial buildings – Rs.50/- per square metre of FSI area;
For the other projects – Rs.25/- per square metre of FSI area;
Step 3: Receiving the RERA Registration Certificate
If all the specified documents submitted are satisfactory and therefore the authorized Officer will grant RERA Project registration . After receiving the RERA registration, the promoter of the project can start their project promotions through advertisements, marketing and sell the project to the general public .
Here are the advantages of RERA for Buyers to Register Project Office Online in India need to disclose or display all the small print and even have to update about the project regularly on the web site of the authority
The buyer has got to pay just for the carpet area, ie the world within walls and therefore the builder cannot charge the buyers for the super built-up area like lift, stairs, balcony, and lobby
Timely completion of projects is confirmed as 70% of the cash collected from the buyers has got to be shifted during a separate checking account and it are often utilized just for the development purpose of the project
The developer has got to pay an interest of twenty-two above SBI’s incremental cost of loaning rate to the customer if there's any delay within the completion of the project.
Any defect within the project or building, then the entire responsibility is on the builder for a period of first 5 years
Any disputes or issues with the purchasers got to be settled down within 120 days.