Services Provided by Consultaxx:
- RERA Promoter Registrations
- RERA Agent Registrations
We make RERA Agent Registrations in just 3 hours!!Also whole process is done digitally!!No need to visit any place or to sign documents!!
RERA -Real Estate Regulation Act.The RERA Act is passed by Government of India in whole of India from March 2016.The rules of the same are drafted by each of the state according to the working and other conditions of Real Estate Sector in their respective state.
What is RERA?
RERA is a act which regulates the Real Estate Sector, under which various rules are made which must be followed by promoters, agents and also the buyers of Real Estate, to ensure transparent and fairness of the transactions.Till 2016 their was no major body strictly making any rules specifically for the sector like TRAI or etc makes for telecom sector.As a result many complaints were raised against promoters and agents by buyers also many buyers were duped by promoters and agents.Also their was huge black money generation from the sector, to bring a control over the same, GOI took a welcoming decision of implementing RERA Act.Its Features are:
- Applicable in almost every state of India.
- Every states registration is different.
- Every Agent, Promoter must get registered under the same, or he cannot advertise or sell the property.
- If registration not done then their are huge penalties, amounting to 10 percent of cost of project or 3 years imprisonment.
- For example under Maharashtra state, following are the penalties:
- Under MahaRERA rules fine payable for compounding of offence which are notified.
1.Offence under sub section (2) of section 59 - If promoter fails to comply with orders decision regarding registration of the real estate project then he has to pay 5% of the estimated cost of the real estate project which may extend up to 10%.
2.Offence under section 64 - Where a promoter fails to comply with orders/ direction of REAT - fine of 5 % of the estimated cost of the real estate project which may extend up to 10%.
3.Offence under section 66 - Where real estate agent fails to comply with orders/ direction of REAT - 5% of the estimated cost of the plot, apartment or building, of the real estate project, for 4.which the sale or purchase has been facilitated, which may extend up to 10%.
5.Offence under section 68- Where allottee fails to comply orders / directions of REAT - 5 % of the estimated cost of the plot, apartment or building, which can be extended up to 10%.
- Registration process for agents is very easy and fully online process.
- Promoters need to upload the sanction plan with architects certificate, CA certificate and other documents to get his projects registered.
- Also Promoters need to keep 70 percent of his advance or sale proceeds into escrow account and can use the same only in proportion fo the project completion.Quarterly CA certificate is also needed to certify the cost incurred etc.
At CONSULTAXX we have a team of experts who have thorough knowledge in the Act and also we have a active team who makes registration easy and simple.
Feel Free to Clear Your Doubts If Any for The Act Or Rules.