RERA STAND FOR Real estate regulatory Authority, this Authority works for the registration of the real estate project both commercial and residential to facilitate the growth and promotion of a healthy, transparent, efficient and faith competitive real estate sector while protecting the interest of allottees, promoters, and real estate agents. The Real Estate (Regulation and Development) Act, 2016 was brought into effect by Govt. of India on 01.05.2016. Each state has its different rules under the Act for RERA registration.The Rajasthan Real Estate (Regulation and Development) Rules, 2017 were notified on 01.05.2017. Govt. of Rajasthan has constituted the Rajasthan Real Estate Regulatory Authority (Raj.RERA) on 06.03.2019.RERA registration in Rajasthan is a new and improved process by Govt Of Rajasthan.
RERA registration is a state-wise registration process in India and hence varies from state to state. The process is online and can be applied from the official website of the Rajasthan state in which the RERA registration is applied for. The promoters and the real estate agents have to submit the relevant legal documents along with the application for RERA registration in Rajasthan to the Regulating Authority .
There are some documents for RERA registration in Rajasthan process across all states. They are as follows:
The following documents related to the previous project work experience, if any of the promoter/promoter enterprise firm is to be submitted along with the RERA registration in rajasthan:
Previous project work experience – if yes, details of the projects work launched by him in the last 5 years.
If the promoter is an enterprise firm such as a company, partnership, society or proprietorship, the following additional documents relating to the promoter enterprise is required for Rera registration in Rajasthan:
In case the promoter is not the landowner on which the project development is proposed, then the following documents are required for Rera registration in rajasthan:
Any other Legal agreement between owner and promoter.
Note: Real estate agents who are engaged in the sale and purchase of properties can get the RERA registration in Rajasthan that will remain valid throughout the state.
The promoter will be issued a RERA Registration Number, Login userId, and password after receipt of the application for RERA registration in Rajasthan. The login userId and password can be used by the promoter for login and updating the status of the project on the website of RERA.
The RERA Registration in rajasthan is valid for the period time within which the promoter undertakes to complete the site project as declared by him. The same can be extended in case of a natural disaster such as flood, fire, war etc. This type of extension will be valid for a period of one year.
The biggest loophole in the real estate industry has been fake promises by promoters of completion and delivery of projects, thereby causing big financial worries and mistrust among the buyers. When promoters register under the RERA in Rajasthan, they must provide the estimated fixed date of completion of the project, failing which there will be penalties imposed on the promoter.
The promoter must provide the complete and accurate details of the project like the stage of completion, the amenities provided, and other relevant details or projects being executed, which cannot be altered later.
Prior to RERA, the promoters would never receive the mandatory Govt licenses and clearance from the government and delay the projects on the pretext of the same. However, for promoters registered under RERA, it is mandatory to have the Govt licenses in place before selling even a single unit of projects. Hence the buyers cannot be now lured into fraudulent schemes.
It is the responsibility of the promoter to set right any defect, and deficiencies post the purchase by the buyer.
The developers can media advertise their projects only after getting the required registration under RERA, and the RERA registration number must also be displayed in the advertisement.
The booking amount of 10% has to be paid only after the registration of the sale Legal agreement.
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