All you need to know about RERA in Punjab for real estate agents

All you need to know about RERA in Punjab for real estate agents
  • General
  • Tuesday 18th February 2020
  • Author: Riya Kapoor

Highlights

  • The Punjab Government notified the Real Estate (Regulation and Development) Rules, 2017 on 08/06/2017 vide Notification No. G.S.R -19/C.A.16/2016/Ss.2 and 84/2017. The Real Estate Regulatory Authority, Punjab was established on 10/08/2017 upon the joining of Chairperson with two full-time Members.

  • The real estate agents are required to pay registration fees at the time of application to the authority through NEFT or RTGS or any other digital transaction mode.

  • Real Estate (Regulation and Development) Act 2016 is a step towards reforming the real estate sector in India, encouraging more transparency, accountability, and professionalism.

Under the Real Estate (Regulation and Development) Act 2016, all Real Estate Agents shall have to register with RERA before facilitating any transaction. Every Agent has to be listed by Promoter during the Project Registration / Status Updates without which Agent can’t market the project

If any real estate agent fails to register, he shall be liable to a penalty of ten thousand rupees for every day during which such default continues, which may cumulatively extend up to five percent of the cost of plot, apartment or buildings, as the case may be, of the real estate project, for which the sale or purchase has been facilitated.

 

The Punjab Government notified the Real Estate (Regulation and Development) Rules, 2017 on 08/06/2017 vide Notification No. G.S.R -19/C.A.16/2016/Ss.2 and 84/2017. The Real Estate Regulatory Authority, Punjab was established on 10/08/2017 upon the joining of Chairperson with two full-time Members.

 

Documents required for RERA Registration in Punjab for real estate agents :

  • Pan Card of real estate agent /partners/ Directors
  • Aadhaar card of real estate agent /partners/ Directors
  • Photograph of real estate agent /partners/ Directors
  • Registration proof (Partnership Deed or COI in case of Company)
  • Income tax returns for the last 3 financial years preceding the application or in case the applicant was exempted from filing returns in any of the three years preceding the application, a declaration to such effect.
  • Business Pan card (in case of partnership & company)

 

Government Fees for Registration of Real estate agents in Punjab :

 

The real estate agents are required to pay registration fees at the time of application to the authority through NEFT or RTGS or any other digital transaction mode. The Registration Fees is as follows :

 

In case of Individual: Rs 5000

In case of other than individual: Rs 25,000

 

Real Estate (Regulation and Development) Act 2016 is a step towards reforming the real estate sector in India, encouraging more transparency, accountability, and professionalism.

 

For real estate agent registration please click here

Have Questions on RERA ? Have free discussion on email.