RERA REGISTRATION

Real Estate Regulatory Authority helps to solve problems faced in real estate sector. RERA Registration varies from state to state.

• Real Estate agents engaged in buying and selling of properties.
• Promoters and real estate projects.
• Builder developing a residential or commercial property of more than 500 sq. meters or there are more than 8 apartments.
• Individuals developing personal land into project for sale of project to other persons.
• Person acting as a holder of power of attorney from the landlord of the property on which the building is constructed or plot is developed for sale.

For RERA registration in Maharashtra, firstly, the promoters or builders are required to submit the following documents:

1. PAN Card of the promoter;
2. Particulars of Registration including bye-laws;
3. Memorandum of Association;
4. Articles of Association;
5. Self-certified copies of all letterheads;
6. Declaration or Income Tax Returns details of the last three years;
7. Self-certified copy of letterhead rubber stamp;
8. Acknowledgment receipts to be used by the real estate agent;
9. Promoter’s audited balance sheet for the preceding financial year;
10. In case the promoter isn’t the landowner on which the project development is proposed, then the following documents from the owner of the land are mandatory:
    1. Consent;
    2. Development agreement;
    3. Joint development agreement;
    4. Collaboration agreement;
    5. Any other agreement between the promoter and owner.
11. Name, address, contact details, and a photograph of the promoter/director/partners/chairman or any other authorized person if there’s any other entity;
12. Details of Architecture and design standards, type of technology used in construction, earthquake-resistant measures, etc.
13. Layout plan of the real estate project;
14. Details regarding the encumbrances regarding the proposed land where the real estate project needs to be undertaken;
15. Details about the proceedings that are sub-judice in respect of the proposed land for real estate project (if any);
16. The number of covered parking spaces;
17. Information related to the proposed plan, sanctioned plan, floor space index, layout plan, etc.
18. Proposed number of wings or buildings, etc.
19. Other documents as required.

Real Estate agents are compulsorily required to obtain RERA Registration under their respective states.

Real Estate agents will be given registration number by the authority which will be valid for 5 years.

Real Estate agents have to quote their registration number on every transaction in every transaction in which they engage in.

Failure on the part of real estate agents to obtain RERA Registration will attract penalty up to Rs. 10,000/- per day and maximum 5% of the total project cost.

If real estate agent engages in unfair trade practices, he shall be punished for 1-year imprisonment.

Failure on the part of builders to obtain RERA Registration will attract 10% of the total project estimation cost as a penalty.

Where the builder has not complied with RERA rules and regulations, he will be charged with penalty of 5% of the project cost on a daily basis.