RERA in Real Estate Sector

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.

Why RERA?

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

1. Log on to https://maharerait.mahaonline.gov.in
2. Create   the   Profile.
3. Select the categories  of registration Individual or  Other  than  Individual
4. 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
5. 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.

Area(In sqmts)

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.

Building details

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

Registration charges

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 –

You can also Download the guidelines for RERA Registration.

Professional 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.

Maximum: 100,000/-

Government fees for RERA Registration

There are three type of registration in RERA for broker, For broker company and for the project

Fees for broker – 5000

Fees for company – 5000

Fees for the Project – For registration of Project in RERA  fees will be Rs 2 per square meter. one square meter=10.764Sqft