- Real Estate Regulatory Authority or RERA certification is a type of license that the Real Estate Regulatory Authority issues to builders and agents.
- The certificate is aimed to protect the rights of home buyers and boost investment in the real estate sector simultaneously.
- Along with bringing transparency and reducing corruption, the certification has increased accountability in the real estate sector.
- The 2016 RERA act has made it mandatory for all residential or commercial real estate projects to be registered under this act for dealing in real estate projects.
- The registration number and the certificate will be valid for 5 years. Failure to get this certification results in future charges and penalties.
What are the objectives of RERA registration?
- The purpose of RERA registration is to increase transparency and accountability towards consumers and protect their interests.
- The dispute resolution mechanism of the RERA is efficient in resolving grievances. This act aims to increase compliance and reduce frauds and delays.
- RERA registration standardizes many concerning points and ensures a smooth process.
- It is a useful tool in creating awareness as it promotes good governance practices. Among its other objectives, this certification tries to ease the transactions due to any imposed responsibilities on both promoter and buyer.
- The process of authentication also helps to set up the Appellate Tribunal for listening to the appeals arising from any order, decision, or direction of RERA.
The 3 exemptions under the RERA act are:
- The total area of land proposed for development does not exceed 500 square meters.
- The number of apartments should not exceed 8 floors in a building.
- Renovation, repair, or re-development proposed for any apartment, plot, or building.
What are the benefits of RERA?
- Project details: Builders can promote their activities in the developmental phase. As per RERA, there cannot be any progressions to the arrangement. Any deviations would incur fines for the builder.
- Timely delivery: Exacting guidelines will be authorized on developers to ensure the timely delivery of any project.
- Clearances: As a solution to numerous delays, RERA guarantees that designers would get all clearance before the selling of the flat.
- Booking Amount: The booking amount has been decreased from 20% to 10%. If the purchaser defaults on payments thrice, the end of the agreement is allowed. The buyer is qualified for a 15-day notice.
- Promotions: To advertise any undertaking, promoters need RERA enlistment. The enlistment number is necessary for any notice.
What are the required documents for RERA Certification?
Here are some of the common documents required for RERA certification:
- Income tax return and balance sheet of 3 previous years.
- Land details.
- Concerned apartment details.
- PAN card and photograph
- Builder declaration regarding the legal rights of the land.
- Ownership documents
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