RERA registration, short for Real Estate Regulatory Authority registration, is a legal process that real estate developers and agents must go through in many countries, including India.
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RERA registration, short for Real Estate Regulatory Authority registration, is a legal process that real estate developers and agents must go through in many countries, including India. It's a way to officially register real estate projects and services with the government. This RERA agent registration is designed to ensure transparency, Accountability, and fairness in the real estate industry, ultimately protecting the interests of property buyers and promoting ethical practices. This registration of real estate agents must be obtained by the professionals to conduct the operations legally.
By choosing LegallensIndia, you can navigate the RERA registration process easily, ensuring compliance with transparency, accountability, and efficiency requirements while safeguarding your interests in the real estate market.
Contact us today to streamline your RERA registration!
RERA Registration is a mandatory procedure regulated by the Real Estate (Regulation & Development) Act. RERA was established to address prevalent issues within the real estate sector. It is compulsory to obtain RERA agent registration before engaging in advertising, marketing, booking, selling, offering for sale, or inviting individuals to invest in any plot or building. The primary objectives of this registration of real estate agents are as follows:
The enforcement of the RERA Act takes place at the state level, with responsible authorities overseeing the following:
A "real estate agent" is a person who acts as a representative and aids others in real estate transactions while earning fees for their services. Real estate agents encompass property dealers, brokers, and intermediaries. Their primary responsibilities revolve around facilitating connections and negotiating agreements to lease or sell land, plots, buildings, and apartments. In India, the Real Estate Regulatory Authority (RERA) Act stipulates that all real estate agents must obtain RERA agent registration.
The applicability of registration of real estate agents is outlined as follows:
Securing RERA registration provides numerous benefits for real estate agents under the RERA Act. Mandatory for agents dealing with RERA-registered real estate projects, here are the advantages of being a RERA registration agent:
RERA registration grants legal authorization for advertising, marketing, booking, selling, offering for sale, or inviting individuals to purchase plots, apartments, or buildings covered under the RERA Act. RERA approved agents has various possibilities to conduct their businesses legally.
RERA approved agents gain the credibility, instilling confidence and trust among prospective buyers and sellers. It signifies compliance with regulatory standards, highlighting the agent's professionalism.
RERA registration ensures consumer protection by fostering transparency and Accountability in real estate transactions. It establishes a framework for fair practices, curbing fraudulent activities, and providing avenues for addressing grievances.
Only RERA certified agents can engage with real estate projects registered under RERA. RERA registration broadens agents' business opportunities by granting access to a wider range of projects.
RERA registration guarantees adherence to the regulations outlined in the Act. RERA certified agents remain updated on the latest rules and obligations, minimizing non-compliance risks and associated penalties.
RERA registration signifies professionalism and dedication to the real estate industry. It sets registered agents apart from their unregistered counterparts, bolstering their reputation and market standing.
RERA registration is crucial for real estate agents, fulfilling legal obligations and establishing trust, credibility, and professionalism in the industry.
The registration of a real estate agent remains valid for five years unless revoked before the expiry date. During this period, registered agents must maintain proper books of accounts, records, and financial accounts following regulatory requirements, ensuring transparency and Accountability in their business operations.
Under the provisions of the RERA Act, a real estate agent's registration can be renewed through the submission of an application, allowing them to extend their license beyond the initial registration period.
The documents required for RERA registration depend on whether it is for a promoter or a real estate agent. Here is a list of required RERA agent registration documents:
Here are the RERA agent registration documents for promoters:
Please note that these requirements are general, and specific state regulations may require additional RERA registration documents.
The process to obtain RERA registration involves the following steps:
The applicant must complete and submit the prescribed registration form to the relevant state government. This form should include all the necessary details and accompanying documents.
The applicant must submit the duly filled application form and the required documents. The applicable fees can be paid through a demand draft, a banker's cheque drawn on a scheduled bank, or online payment methods specified by the real estate regulatory authority.
The authority will review the submitted application and determine whether to accept or reject it within 30 days of receiving the application. If there is no response within this timeframe, the authority will consider it an implicit acceptance.
Upon acceptance of the application, the regulatory authority will issue a registration certificate to the promoter or the real estate agent. This certificate serves as a confirmation of their registration under RERA.
This is the step by step procedure of how to get RERA registration certificate for agent.
Under the RERA Act, the following penalties come into effect:
If a real estate agent fails to adhere to any provision of the Act, they may be subject to a fine of Rs 10,000 per day, which can extend up to 5% of the total cost of the plot, apartment, or building.
If an agent engages in unfair trade practices, they may face imprisonment for up to 1 year.
Specific projects are not obliged to be registered under the RERA Act. These include:
LegallensIndia can provide valuable assistance in obtaining RERA (Real Estate Regulatory Authority) registration in your chosen state. With our expertise and knowledge of the regulatory requirements, LegallensIndia can guide real estate promoters and agents through the complex process of RERA registration.
Our services encompass filling out the necessary forms, compiling the required documents, and ensuring compliance with the RERA rules and regulations of the respective state's RERA authority. By entrusting LegallensIndia with the registration process, individuals and entities in the real estate sector can streamline the registration procedure, saving time and effort while ensuring compliance with the law.
