211 week ago — 7 min read
The Real Estate (Regulation and Development) Act, 2016 is an act of the Parliament of India which was enacted/passed with the primary objective of protecting home-buyers and boost investments in the real estate industry in India. Real Estate Regulatory Authority (RERA) was established in each state for regulation of the real estate projects and acted as an adjudicating body for speedy dispute resolution.
The RERA Act came into force on 01st May 2016. Under this act, the State Governments and Central are liable to notify the rules. Each state has its own rules under this Act. However, more or less, all states have similar regulations under this Act.
Projects that have been approved and given building permission on or after 01-01-2017 by the Competent Authorities which are UDAs/DTCP/Municipal Corporations/Municipalities/Nagar Panchayats/TSIIC as the case may become under the purview of RERA Act & Rules.
Type |
Plot Area |
Minimum Registration fee |
Maximum Registration fee
|
Group Housing |
1000 sq mt |
Rs. 5/- per Sq Mt |
5 Lakh
|
More than 1000 Sq Mt
|
Rs. 10/- per Sq Mt |
||
Mixed (Residential and Commercial) |
1000 sq mt |
Rs. 10/- per Sq Mt |
7 Lakh |
More than 1000 Sq Mt
|
Rs. 15/- per Sq Mt |
||
Only Commercial |
1000 sq mt |
Rs. 20/- per Sq Mt |
10 Lakh |
More than 1000 Sq Mt
|
Rs. 25/- per Sq Mt |
||
Plotted Development |
|
Rs. 5/- per Sq Mt |
2 Lakh |
Each State Government has its own website under which the project developers can register the project. The registration is required for each project. All the above-said documents shall be uploaded in the specific portals of the state governments and application fee shall also be paid online. Then the application needs to be verified and approved within 30 days.
Once the registration is successful, the Applicant will get RERA Registration Number with login and password details for future use.
The real estate agents shall also register under this Act. Agents who market or promote any project without registration are liable for fines, penalty and imprisonment under the Act.
RERA certificate is issued in 30 days in most of the cases, but there may be delay due do many reasons.
If anyone fails to register under this RERA Act, then the following are the consequences:
The RERA act which came into force on 01st May 2016 has yielded good and progressive results so far. As the registration process and fee payment are online, all the builders and promoters finding the registration process easy and user friendly. The home buyers are protected from their hard-earned money, and this Act gives them more protection. However, there are some more amendments and advanced changes to be implemented in the days to come.
Also read: Decoding the AtmaNirbhar package for Indian developers & home buyers
To explore business opportunities, link with me by clicking on the 'Connect' button on my eBiz Card.
Image source: shutterstock.com
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker
Posted by
Anil Kumar Ganga"Ananya legal LLP" is a full service, dynamic, and trustworthy Corporate Advisory and Legal Consultancy Limited Liability Partnership (LLP) Firm that specializes in a...
Process of Trademark Registration in India
128 week ago
Most read this week
Comments
Please login or Register to join the discussion