All you need to know about RERA in Odisha
- Friday 31st May 2019
- Author: Shreya Uppal
The Ministry of Housing and Urban Poverty Alleviation notified the RERA rules for the Real Estate (Regulation and Development) RERA Odisha on 25 February ,2017 to protect buyer’s interest, enhance professionalism and ensure transparency in the real estate sector. As per the rules of the Act, all real estate developers are required to register their project and real estate agents are required to register themselves with the RERA authority
The Ministry of Housing and Urban Poverty Alleviation notified the RERA rules for the Real Estate (Regulation and Development) RERA Odisha on 25 February ,2017 to protect buyer’s interest, enhance professionalism and ensure transparency in the real estate sector. As per the rules of the Act, all real estate developers are required to register their project and real estate agents are required to register themselves with the RERA authority:
Process for registering a Real estate Project with the RERA
A real estate developer can register his project by filling up the Application for registration of project (Form A) along with Self-assisted affidavit (Form B). Soon the government will introduce an online mode of filling up the RERA registration forms for real estate project.
Documents required to register Real estate projects
1. Particulars of the Registration including the bye-laws, memorandum of association, articles of association, etc. in the Promoter Details section
2. Authenticated copy of PAN Card of the firm/ company etc. when Type of applicant is Firm/ Company etc.
3. Audited Profit & Loss Account, Balance Sheet, Auditors Report and Income Tax Returns of the promoter for 3 preceding financial years.
4. Authentic copy of Aadhaar Card/ PAN Card of the Promoter(s) in the Promoter Details section, in case of firm/ company Aadhaar Card/ PAN Card of all the members, director, chairman need to be attached in particulars section
5. Authenticated copy of the legal title deed reflecting the title of the promoter to the land on which development of the project is proposed along with legally valid documents for chain of title with authentication of such title.
6. Details of encumbrances on the land on which development is proposed including any rights, title, interest or name of any party in or over such land along with its details
7. Proforma of the allotment letter, agreement for sale and the conveyance deed proposed to be signed with the allottees.
8. Declaration in “Form B – Declaration, supported by an Affidavit, which will be signed by the Promoter or any person authorized by the Promoter” to be submitted by the Promoter that they will not discriminate against any allottees on the grounds of caste or creed or community or any other grounds at the time of allotment of an apartment, plot or building.
9. The number of open parking areas and the number of covered parking areas available in the real estate project.
Fees for Project Registration in Odisha
For All Categories
Rs.10 sq meter
Not more than 10 lakhs
Validity of Registration
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.
Process for registering a Real estate Agent with the RERA
A real estate agent can register himself/herself by filling up the Form E. To conduct the real estate business, an agent shall pay a registration fee while applying for registration with the RERA authority. He/she can pay the registration fee using a demand draft, a cheque or through online payment mode:
1. An individual agent shall pay Rs. 10,000 for RERA registration
2. A sum of Rs. 100,000 for RERA registration shall be paid by other than individuals.
Documents required for an agent
1. A duly filled RERA agent registration form
2. Particulars stating the type of organization (Pvt. Ltd./Public Ltd./LLP/Partnership firm/Proprietorship Firm) with the registration number including the bye-laws, memorandum of association, articles of association, etc. as the case maybe.
3. An authentic copy of the address proof of the place of business.
4. An authentic copy of Pan Card and Aadhar Card of the real estate agent.
5. Name, address, contact details and photographs of the real estate agent, if it is an individual and the name, address, contact details and photograph of the partners, directors, etc. in case of other entities.
Validity of Registration
The registration shall be valid for 5 years from the date of receiving the registration certificate. The registration may be revoked in between the validity period if the agent breaches the RERA rules.
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