All you need to know about RERA Jharkhand

The Real Estate Regulatory Authority has created a great positive change to the image of the whole real estate industry. Earlier, the confidence amongst the investors and other stakeholders who invested their hard-earned money in the projects and desired for taking possession on the contractual delivery date was almost shattered till the time Real Estate Regulatory Act, 2017 (herein referred to as “RERA Act”) came into force. There was a total transformation of the whole real estate industry which was earlier a one-sided game played by the builders in domination over investors.

Almost all the States and Union Territories of India have implemented the RERA Act and all are now bound by the rules made thereunder. The RERA portal is a single-window portal for both builder and investor in which registration of project, registration of agents, complaint against the builder, the complaint against the agent, compliance updation under the RERA act and rules made thereunder, regulatory updates, circulars and notifications of  RERA Jharkhand. 

After the inauguration of the RERA portal, is more transparency in monitoring the status of the project by banks, allottees, and other stakeholders of the project and the cases in litigation between the builder and the allottee are also being tracked by the management on a real-time basis.

As of now, the portal is offering just registration of the project and registration of agents and complaints against the developer is still under process to be made live. The users will now be able to register their respective projects from the ease of home, keeping in view of the COVID-19 pandemic situation because of which physical contact is negligible. The registration will be a PAN based registration, therefore the prospective applicants have to keep themselves ready with PAN number for themselves to get registered. Further, at the Litigation front, there will be Virtual hearings as introduced by the RERA Tribunal in the Pandemic situation which will also help many aggrieved allottees to get justice without visiting the courts for personal hearing.

The documentation required for registering a project under RERA Jharkhand: By Promoter

1) Original approved plan

2) Layout plan and specifications

3) The existing approved plan, layout plan, and specifications in case modifications were done at a later stage

4) The Documents disclosing the plot area of the Project which is to be sold to allottees.

5) Documents disclosing the size of the apartment based on carpet area even if the property/apartments were sold to allottees earlier based on super area, super built-up area, built-up area.

6) The no of parking areas-both open and closed-available in the project

7) Collaboration agreement copy and the details of the consent of the owner, joint agreement/development agreement between the owner and the promoter, if the promoter is not the owner of project.

8) Copies of title deed or the concerned agreements indicating the title of the owner on the land/property, if the owner is third then also the copy of title deed is required

9) DD or Bankers’ cheque is required for registration fee drawn from any scheduled bank OR through online payment mode.

10) Personal details if the promoter is an individual or if the promoter is/are an business entity then partners details/board of directors details and company/firm full address, name and contact details

11) Audited ITR of the promoter for the last 3 assessment years

12) Authenticated copy of PAN 

13) Audited Balance Sheet of the promoter for the last 3 assessment years.

The documentation required for registering as a real estate agent under RERA Jharkhand: 

1)The agent has to give a written application to the Authority under Form H in triplicate copy.

2)Authenticated/Certified copy of the address proof of the business entity of the Agent

3)Authenticated copy of the PAN Card

4)Details of the enterprise (i.e. name, address, type of enterprise etc.)

5)Details of registration i.e. if the enterprise is a company, partnership firm, society, proprietorship etc

6)Copy of ITR filed under Income Tax Act, 1961 for the last 3 assessment years

7)If the agent is exempted from filing of Income Tax Return to the authorities then a declaration explaining the same is required to give such effect

8)Demand draft or bankers’ cheque for registration fee drawn from any scheduled bank OR through online mode of payment

9)Application fee: for individual-Rs. 25,000/- for registration OR for other than individual fees will be Rs. 2 Lakh

Noting the changes introduced by the Government of Jharkhand, the state will attract a lot of Foreign and Indian investors to move forward in the Infrastructural development process and ultimately benefiting the Ease of doing Business and economy as a whole.