The Real Estate Regulation and Development Act, also known as RERA Act, was first passed in the year 2013. Most sections of the Act were implemented on May 2016. This Act aims to regulate real estate matters and protect the right of homebuyers while also holistically boosting investment in the sector.
According to this Act, every promoter or builder has to gain approvals as specified in the Act and requires registering their property under RERA. They can use this as a complete guide to understand RERA act in India and follow this procedure to have their property registered.
How to register the property under RERA?
Individuals need to own a savings account first to proceed further in this registration process.
Individuals need to fill up Form A and Form B with true credentials as required on the form.
According to the RERA Act, an individual may have to submit other forms that specify details of the property to be registered.
Individuals then should pay RERA registration fee, which may vary depending upon the state.
Once all necessary details and documents have been submitted, candidates will be provided with a RERA number for their property that can be used for any real estate matters in future.
Developers registering their property following the above steps will have to submit important documents as required in the process.
PAN card of the builder or the respective firm.
ITR receipt for last 3 years & copy of balance sheet of builder/promoter.
Property details, rights & ownership documents, and other legal documents.
In case the land belongs to someone else, they will need to submit proof of consent, etc.
With RERA in effect, homebuyers can now purchase residential or commercial property more easily than before. Refer to top HFCs to avail a home loan at the most beneficial loan terms and features.