Real estate agents are the heart of real estate industry . They are the mediators facilitating transactions between builder and buyer . With RERA, that will soon come into force, all brokers will have to be mandatorily registered with the concerned state-level regulatory authorities. 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.
Real estate agents will also be penalized if they will falsely represent any information regarding project to buyers. Penalty will extend upto Rs 10,000 per day and maximum 5% of total project cost. Real estate agent is also required to keep books of accounts of the projects they are indulged in and are answerable for them.
Documents Required For Registration
- Pan Card
- Aadhar Card
- ITR for last 3 financial years
- Self attested letterhead along with rubber stamp on it
- Non Criminal Proceeding Declaration
- Address Proof
RERA Government Fees
|Particulars||Govt. Fees(in Rs.)|
|RERA Registration fees for Individual||Rs 10,600|
|RERA Registration for other than Individual||Rs. 1,00,600|
Timeline For RERA Registration
As per the act, the RERA certificate will be issued in 30 days by the RERA department. However, in some cases, it may come earlier or with some delay.
FAQ's On RERA Registration
Ques 1: When did the Act come into force?
Ans: Section 2, sections 20 to 39, sections 41 to 58, sections 71 to 78 and sections 81 to 92 were notified by the Central Government to come into effect from 1st May, 2016.
Ques 2: Does the Act cover both residential and commercial real estate?
Ans: The Act covers both residential and commercial real estate. Section 2(e) defines apartment and section 2(j) defines building which include both residential and commercial real estate.
Ques 3: What in case the application for registration of the real estate project is incomplete?
Ans: If the application for the registration of the project is not complete as required under the Act or the Rules and Regulations made thereunder, the Authority may grant an opportunity to the promoter to complete the application in all respects. However, in case of non-compliance the Authority has the power to reject the application, only after giving an opportunity to the promoter of being heard.