All real estate projects must be registered with RERA so that the authority will have jurisdiction over the projects. The registration of a particular project can be rejected by the authority if guidelines have not been adhered to. If a person has any problems regarding violation of the provisions or rules of this Act by a promoter, buyer, or agent, they can file a complaint with RERA. According to the central act, every real estate project (where the total area to be developed exceeds 500 sq meters or more than 8 apartments is proposed to be developed in any phase), must be registered with its respective state’s RERA. Existing projects where the completion certificate (CC) or occupancy certificate (OC) has not been issued, are also required to comply with the registration requirements under the Act.
REAL ESTATE PROJECT REGISTRATION
Real Estate Project means the Development of a building or a building consisting of apartments, or converting an existing building or a part thereof into apartments, or the Development of land into plots or apartments for the purpose of selling all or some of the said apartments or plots or building and includes the common areas, the development works, all improvements and structure thereon and all easements, rights and appurtenances belonging to such building or land or structure. Every Promoter is required to register a Real Estate Project by filing an application before the Authority along with the prescribed Fees under RERA.
EXEMPTION FROM REGISTRATION OF REAL ESTATE PROJECT
Registration of Real Estate Project is not necessary if:
- The area of land does not exceed 500 square meters or the number of apartments does not exceed 8 Apartments.
- When the Promoter has received a completion certificate for a Real Estate Project prior to commencement of the Act.
- Where the Work involved is limited to renovation or repair or redevelopment and does not involve marketing, advertising, selling or new allotment of any apartment, plot or building.
VALIDITY OF REGISTRATION
The registration granted shall be valid for a period declared by the Promoter in the Affidavit filed along with the Application.
EXTENSION OF REGISTRATION
The Registration of the Real Estate Project can be extended upon the application by the Promoter on the Grounds of Force Majeure upon payment of prescribed fees. The Authority may extend the Registration for one year on other grounds than Force Majeure if the Authority is satisfied based on the facts and if the Promoter had no fault.
REAL ESTATE AGENT REGISTRATION
A Real Estate Agent is a licensed professional who arranges real estate transactions, putting buyers and sellers together and acting as their representative in negotiations. Real estate agents usually are compensated completely by a commission a percentage of the property’s purchase price, so their income depends on their ability to close a deal. In almost every state a real estate agent must work for or be affiliated with a real estate broker (an individual or a brokerage firm), who is more experienced and licensed to a higher degree.
Any person who negotiates or acts on behalf of one person for transfer of his plot, apartment, or building in Real Estate Project. The agent also introduces prospective buyers and sellers to each other for sale or purchase of Plots, Apartments or buildings and also includes property dealers, Brokers and Middleman. Real Estate Agent is required to obtain registration from the Authority to facilitate the sale or purchase or act on behalf of any person to facilitate the sale or purchase of any plot, apartment or building in a Real Estate Project. Every Real Agent shall be granted a Registration Number by the Authority.
VALIDITY OF REGISTRATION OF REAL ESTATE AGENT
Real estate agents will be given a registration number by the authority which will be valid for 5 years and will be quoted in every transaction facilitated by him.
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