Real Estate Project Registration in RERA
- Friday 29th June 2018
- Author: Riya Kapoor
The Real Estate (Regulation and Development) Act, 2016 (RERA) is an Act assented by the Indian Parliament.
Real Estate Regulatory Act strives to safeguard the interests of home buyers and also enhancing transparency in the real estate sector.
Rajya Sabha passed the RERA bill on March 10, 2016, followed by the Lok Sabha on March 15, 2016, and it came into force from May 1, 2016.
59 of its 92 sections were notified on May 1, 2016, and the remaining provisions came into force from May 1, 2017.
The Real Estate (Regulation and Development) Act, 2016 (RERA) is an Act assented by the Indian Parliament. Real Estate Regulatory Act strives to safeguard the interests of home buyers and also enhancing transparency in the real estate sector. Rajya Sabha passed the RERA bill on March 10, 2016, followed by the Lok Sabha on March 15, 2016, and it came into force from May 1, 2016. 59 of its 92 sections were notified on May 1, 2016, and the remaining provisions came into force from May 1, 2017. RERA being a central legislation is adopted by each state government in India in its respective state assembly and has also drafted its respective rules to implement RERA in the states.
Enrollment /Registration under RERA
All the commercial and residential real estate projects are required to register in RERA. As per section 3 of the The Real Estate (Regulation and Development) Act, 2016,no promoter shall advertise, sell advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it without being enrolled in specific RERA of the state.
Section2 (zn) defines "real estate project" as the development of a building, converting an existing building or a part in apartments, development of land into apartments / plots for the purpose of selling and includes common areas, development works, all improvements and structures thereon and all easement, rights and appurtenances belonging to such building or land or structure.
Apart from Registration, the promoters shall be required to provide quarterly updates/ status of the real estate project to the RERA authority.
Application for RERA Registration
The promoter shall submit an application for registration of project in the form or manner as prescribed by RERA enclosing the documents like the Sanctioned plan, Layout plan, plan of development work, details of encumbrances, NOC’s, legal title support and other project related documents.
The promoter shall pay a registration fee along with the application depending upon the area of the project.
Validity of registration under RERA
The registration granted shall be valid for a period declared by the Promoter for completion of the real estate project or phase thereof as submitted in the affidavit along with the application for registration. The Registration granted can be extended by the Authority on an application made by the promoter upto the period of one year.
Penalty in case of Non-registration of the project
If any promoter fails to register as per Act, he shall be liable to a penalty which may extend up to ten percent of the estimated cost of the real estate project. On continued violation, he shall be punishable with imprisonment for a term which may extend up to three years or with fine which may extend up to a further ten percent of the estimated cost of the real estate project, or with both.
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