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PAN Card of the builder
ITR of last 3 years and the balance sheet of the builder
Builder must clarify about the apartment (carpet area, number of floors, parking space)
Declaration by the builder of having legal title of the land with proof
Details of the land (rights, title, mortgage)
If the builder is not the owner of the land, the consent letter of the actual owner with documents will be required
Details of the project (location, sanctioned plan, layout plan)
Ownership documents (pro-forma of allotment letter, agreement of sale)
Information of the persons involved (Architects, Engineers and others)
The following real estate projects are not required to be registered:
Where the area of the land does not exceed 500 square meters or number of apartments does not exceed 8 (eight);
Where the Promoter has received completion certificate for a real estate project prior to commencement of RERA; and
Where the work involved is limited only to renovation or repair or re-development and does not involve marketing, advertising, selling or new allotment of any apartment, plot or building.
File an application form along with fee and documents to get registered with RERA
You will receive a registration number from the regulator. This need to be mentioned in every property sale.
On a quarterly basis, you are required to maintain the books of account, records and documents related to the transactions.
Share all the information and documents about the project with the buyer
Further the center has clarified through a press release that the Promoters and agents are required to get their on-going projects registered with 3 months of the Act applies i.e. 31st, July 2017.
The Real Estate (Regulation and Development) Act, 2016 (the Act, from here on) is an initiative by Indian Government to enhance transparency in the real estate related transactions by creating a systematic and a uniform regulatory environment, thereby protecting consumers’ interest and making real estate developers liable for timely completion of projects.
These are the five major objectives of RERA, 2016.
Yes, this act is applicable to all Indian states excluding Jammu & Kashmir.
Initially, the bill was supposed to cover only residential projects. On further amendments, commercial projects including shops, offices and buildings were also included.
Yes, A Central Advisory council will be set up to advice the Central Government on the implications of the Act to recommend policies in order to protect consumers’ interest and to supervise the growth & development of the real estate sector. In addition, there will be a dedicated Appellate Tribunal set up for RERAs to hear appeals from orders of the RERAs and the adjudicating officer.
The real estate developer has to specify the project completion time in the RERA application form. Hence, the real estate developer is accountable to follow the timelines otherwise , he will suffer losses/ penalties.