What is Rera registration?
The Real Estate Act makes it mandatory for all commercial and residential real estate projects where the land is over 500 square metres, or eight apartments, to register with the Real Estate Regulatory (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution.
Benefits of RERA
The main aim of RERA is to provide relief to the buyers from the malpractices of unfair builders. RERA specifies certain norms for building and development of real estate which will enhance the transparency in transactions in the real estate sector.
What documents are required for Rera registration?
The following documents are required to be submitted in triplicate: PAN Card of the builder. ITR of last 3 years and the balance sheet of the builder. Builder must clarify about the apartment (carpet area, number of floors, parking space).
Is Rera approval mandatory?
Ongoing projects which have not received the occupancy certificate from local authorities will come under the purview of RERA. The real estate (regulation and development) Act, 2016 (RERA) is set to become effective across all the states.