1. Is Registration compulsory for promoter under the Act?
Yes, it is mandatory for the promoter to get their project registered under RERA
2. How to get registered with RERA & Information and documentation required for registration?
1. Brief details of the enterprise.
2. Brief details of projects launched by him in the past five years whether already completed or being developed, including current status of said projects, any delay in its completion, details of cases pending, details of type of land and payments pending.
3. Authenticated copy of approvals and commencement certificate from competent authority for real estate project mentioned in application.
4. The sanctioned plan, layout plan and specifications of the proposed project.
5. The plan of development works to be executed in the proposed project and the proposed facilities to be provided including firefighting facilities, drinking water facilities, emergency evacuation services, use of renewable energy.
6. The location details of the project, with clear demarcation of land dedicated for the project along with its boundaries including the latitude and longitude of the end points of the project.
7. Performa of the allotment letter, agreement for sale, and the conveyance deed proposed to be signed with the allottees.
8. The number, type and the carpet area of apartments for sale in the project along with the area of the exclusive balcony or verandah areas and the exclusive open terrace areas apartment with the apartment.
9. The number and areas of garage for sale in the project.
10. The names and addresses of his real estate agents, if any, for the proposed project.
11. The names and addresses of the contractors, architect, structural engineer, if any and other persons concerned with the development of the proposed project.
12. Declaration, supported by an affidavit, which shall be signed by promoter or any person authorised by promoter.
13. That he has a legal title to the land on which the development is proposed along with legally valid documents with authentication of such title, if such land is owned by another person.
14. That the land is free from all encumbrances or as the case may be details of the encumbrances on such land including any rights, title, interest or name of any party in or over such land along with details.
15. the time period within which he undertakes to complete the project or phase. That seventy per cent. of the amounts realised for the real estate project from the allottees, from time to time, shall be deposited in a separate account to be maintained in a scheduled bank to cover the cost of construction and the land cost and shall be used only for that purpose.
16. He shall take all pending approvals on time from competent authorities.
17. That he has furnished such other documents as may be prescribed.
3. What is the Fees Payable?
Fees Payable for Registration as the “Promoter” depends on the total area developed. Charges applicable are Rs.10 per square meter.
Whereas Minimum fees applicable is Rs 50,000+ Service Charge + GST which may extend up-to Rs.10,00,000+ Service Charge + GST.
4. What is the time limit for grant of registration by authority?
The authority shall within 30 days grant registration to the applicant.
5. When was RERA notified in India?
RERA act was notified on 26 March 2016 by Government of India. It is applicable to whole of India except the state of Jammu and Kashmir.
6. What is Real Estate (regulation & Development) Act,2016 & Why RERA?
RERA is an Act introduced for regulation and promotion of real estate sector.
This act is introduced to promote transparency and uniformity in real estate sector. The main objective is to promote interest of consumers and investors in this industry.
7.What is Carpet Area? Whether it defined in the act?
Yes, Carpet Area is clearly defined in the Act “Carpet area means the net usable floor area of an apartment, excluding the area covered by the external walls, areas under services shafts, exclusive balcony or verandah area and exclusive open terrace area, but includes the area covered by the internal partition walls of the apartment.”
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