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What is RERA?

RERA is an act that regulates the sale of real estate properties. RERA applicability extends to both private individuals and commercial sale of properties, making sure there is transparency. Any real estate project that exceeds 500 sq. Mtrs or eight apartments require RERA registration and following the RERA rules and regulations.

Documents required:

  • Pan card, ITR of last three years, and balance sheet of the builder
  • Ownership proof of the builder or consent letter from the owner of the property
  • Details of the project including the location and building characteristics.
  • Details of the land including mortgage.
  • Details of the individuals involved in the project.

Process of Registration

  • Submit a completed registration form along with the prescribed fee and necessary documents.
  • The applicant will receive a registration number from the regulator that needs to be mentioned at every property sale.
  • Individuals need to maintain an accounts book and details of any transaction every quarter.

Frequently Asked Questions

  • During registration, a developer should specify the time of completion and is, therefore, liable to stick to the deadline to prevent losses and penalties.
  • No. Each phase is considered as a separate real estate project. As such, developers would need registration for each stage.