RERA Registration- mandatory for all builders and construction Company

RERA STAND FOR Real estate regulatory Authority, this Authority works for the registration of the real estate project both commercial and residential to facilitate the growth and promotion of a healthy, transparent, efficient and wealthy competitive real estate sector while protecting the interest of allottees, promoters, and real estate agents. The Real Estate (Regulation and Development) Act, 2016 was brought into effect by Govt. of India on 01.05.2016. Each state has its different rules under the Act. The Rajasthan Real Estate (Regulation and Development) Rules, 2017 were notified on 01.05.2017. Govt. of Rajasthan has constituted the Rajasthan Real Estate Regulatory Authority (Raj.RERA) on 06.03.2019.RERA registration in Rajasthan is a new and improved process by Govt Of Rajasthan.

Benefits RERA registration in Rajasthan

• STANDARD CARPER AREA NOMES
• RATE OF INTEREST ON DEFAULT
• REDUCE THE RISK OF BUILDERS INSOLVENCY
• VARIOUS RIGHTS PROVIDED TO THE BUYER
• ADVANCE PAYMENT CAN NOT BE MORE THAN 10 %
• RIGHT OF BUYER IN CASE OF DEFECTIVE FLAT OR BUILDING

Required Documents For RERA registration in Rajasthan

The promoter, as well as the Real Estate Agent, required registration under the rules of the RERA act A promoter cannot advertise his project for sale before registration under the Rera act. All the commercial and residential projects whether it is an ongoing project or future project required registration under the Rera act and rules thereof except the following project falling in the area mentioned in section 3(2).

1. Where the area of land proposed to be developed does not exceed five hundred square meters or the number of apartments proposed to be developed does not exceed eight, inclusive of all phases. The State Govt. may reduce the threshold below 500 sqm. or 8 apartments.
2. Where the promoter has received completion certificate for a real estate project prior to commencement of the Act, i.e. 1st May 2017.
3. for the purpose of renovation or repair or re-development which does not involve marketing, advertising, selling or new allotment of any apartment, plot or building, as the case may be, under the real estate project.

Penalty Of RERA

1. The promoter shall be liable for a penalty up to ten percent of the estimated cost of the real estate project, which is required to be registered.
2. If Default continues and promoter does not comply with the directions/orders of the Authority as regarding registration of the project with the Authority, he shall be liable to an additional fine of ten percent of the estimated cost of the real estate project or imprisonment up to 3 years or both.

Rules of RERA

1. The promoter shall be liable for a penalty up to ten percent of the estimated cost of the real estate project, which is required to be registered.
2. Promoter has to deposit 70 % of the amount received in a separate escrow account to be opened for each project carried by the promoter.
   For more RERA Rules click here