Today we will discuss very hot topics RERA in Real Estate Sector. RERA means Real estate regulation Act.In this blog we will discuss on who will be required to the RERA registration, Procedure for the RERA Registration advantage of RERA to the investor and builder and Disadvantage of RERA to the investor and builder and Documents required for the RERA Registration.
RERA is introduced to obtain transparency in Real estate sector so that Consumer money will not be misused by the builder. Earlier builder take money from the consumer for the first project and utilise for the another project.
IN RERA builder has to register each and every project and need to give the Report to the RERA authority.
Who will be Registered in RERA ?
Any person who constructs building or develop land into project for the purpose of selling
Any co-operative housing society which constructs apartments or buildings for its members or allottees
Any other person who acts himself as builder, contractor, developer, or holder of a power of attorney from the owner of land
Broker also need to be registered in RERA
Every real estate project which has land area more than 500 sqmts or has more than 8 apartments needs to be registered
What is the Procedure of Registration in RERA:
Create accounts in RERA
- Log on to https://maharerait.mahaonline.gov.in
- Create the Profile.
- Select the categories of registration Individual or Other than Individual
- Mention the Basic details like name, father name address, contact no, Pan number , aadhar number and email-id of all promoters (all partner/directors etc) and upload the photograph
- Past Experience Details: select yes if you have experience.
- If promoter has launched the projects in last five years,then the promoter is required to fill past experience details.
- Where as Past project details means -Project name, project type, address, land area, number of building, number of apartments, total cost of project, CTS no, original proposed date of completion of project and actual completion date.
Enter Project Details in RERA
In this details of the project required to be entered. If more than one project it can be entered here
Project information in RERA –
Project is ongoing or New
Name of the Project
Type of the Project (Project is new or old)
Date of completion
Litigation related to the Project
Are there any Co-Promoters (as defined by MahaRERA Order) in the project
Land details in RERA –
Plot Bearing No / CTS no / Survey Number/Final Plot no.
Aggregate area(In sqmts) of recreational open space
Total number of builiding
Define boundaries East, west, north and south wise
FSI details in RERA
Built up area as per approved or Proposed FSI
Address of the project
Bank Accounts of the project –
Builder need to open a separate bank accounts for the separate projects.
After entering project details enter the building details –
Name of the building, No of basement,podium,open parking,closed parking
Apartment details – Carpet area of apartment, Proposed no of apartment, No of apartment sold
Common Area and Facilities
In this need to enter whether below details are proposed in the project and if yes % of work completion
Details – water facility, fire facility, Open parking, Street Lighting, Treatment And Disposal Of Sewage And Sullage Water,Solid Waste Management And Disposal,Energy management,Electrical Meter Room, Sub-Station, Receiving Station,Aggregate area of recreational Open Space
Project Professional Details
Need to enter the name of
Agent, Architect, Contractor, Engineer, other
Cost of the Projects
Acquisition Cost of Land or Development Rights, lease Premium, lease rent, interest cost incurred or payable on Land Cost and legal cost
Amount paid for the FSI
Cost for TDR
Estimated construction cost of rehab building including site development and infrastructure for the same as certified by Engineer
Actual Cost of construction of rehab building incurred as per the books of accounts as verified by the CA
Documents Required for RERA Registration –
|Copy of the legal title report|
|Details of encumbrances|
|Copy of Layout Approval (in case of layout)|
|Proforma of the allotment letter and agreement for sale|
|Declaration in FORM B|
|Certificates of Architect (Form 1)(Mandatory for only ongoing project)|
|Certificates of Architect (Form 4)|
|Certificates of CA (Form 3)|
|Certificates of CA (Form 5)|
|Certificates of Engineer (Form 2)(Mandatory for only ongoing project)|
|Building Plan Approval (IOD)|
You can also Download the guidelines for RERA Registration.
Registration Fees for RERA:
Rupee one per square meter for real estate projects where the area of proposed to be developed does not Exceeds 1000 square meter.
Rupees two per square meter for real estate projects where the area of proposed to be developed Exceeds 1000 square meter.