RERA Compliance
The Real Estate Regulatory Authority (RERA), established under the
Real Estate (Regulation and Development) Act, 2016, serves the
dual purpose of safeguarding home-buyers and fostering investments
in the real estate sector. Its primary objective is to enhance
transparency and accountability towards consumers. Each state has
instituted its own RERA, complete with specific rules and
requirements.
The Act mandates several essential compliances, including:
Our team of professionals is committed to assisting you in meeting
all necessary compliance obligations.
Procedure for Registration
To comply with RERA regulations for project registration, follow these steps:
Access the Official RERA Website
Visit the designated RERA website of the respective state where
the project is situated.
Account Creation
Register an account on the website using personal and project
particulars such as name, address, and email ID.
Application Form Completion
Fill out the RERA application comprehensively, including project
specifics like land title, promoter information, project timeline,
and other relevant details.
Fee Payment
Adhere to state-specific guidelines and remit the registration
fees applicable to the project's scale.
Submission of Application
Submit the completed application form through the online portal
upon fee payment.
Approval Process
The RERA authority will review the submitted application, conduct
necessary verifications, and may perform site inspections. Upon
satisfactory verification, the authority will issue a registration
certificate.
Ongoing Project Updates
Ensure regular updates of project details on the RERA website, as
mandated by regulatory requirements.
By following these procedures diligently, developers and agents
can fulfill their obligations under the Real Estate (Regulation
and Development) Act, 2016, and its respective state rules.
Documents Required for RERA Compliance
The periodic reporting requirements include:
These submissions are crucial to comply with the provisions of the
Real Estate (Regulation and Development) Act, 2016, and relevant
state regulations.
Choose Lexprosoft for your RERA Compliance
Ensure seamless and accurate RERA compliance with Lexprosoft. Our
expert team provides end-to-end support, from understanding
state-specific regulations to managing documentation and filings.
We prioritize transparency, timely service, and tailored solutions
to meet the unique needs of your real estate projects. Partner
with us to stay compliant, avoid penalties, and focus on growing
your business confidently.
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RERA Compliance FAQ's
What is the purpose of RERA compliance?
RERA compliance ensures transparency, accountability, and fair practices in the real estate sector. It protects the interests of homebuyers by mandating project registration, timely disclosures, and adherence to agreed timelines.
Is RERA compliance mandatory for all real estate projects?
Yes, RERA compliance is mandatory for all residential and commercial projects exceeding 500 square meters or involving more than eight units. Certain exemptions, like renovation projects without marketing new sales, may apply.
What are the penalties for non-compliance with RERA regulations?
Non-compliance with RERA can result in hefty fines, imprisonment, or both for promoters and agents. Penalties may include a percentage of the project’s estimated cost or suspension of the project’s registration.
How does RERA compliance benefit homebuyers?
RERA compliance ensures that homebuyers are informed about the project’s progress, safeguards against fraudulent practices, and provides a mechanism for grievance redressal. It also mandates the return of advances if the promoter fails to deliver on commitments.
What role does the RERA registration number play in compliance?
The RERA registration number is essential for project advertisements and sales. It indicates that the project adheres to RERA norms, building trust among buyers and ensuring the promoter’s accountability.
How does RERA impact real estate agents?
Real estate agents must register under RERA to facilitate property transactions. Compliance includes maintaining transparency, ensuring truthful advertising, and avoiding fraudulent practices. Violations can lead to penalties or cancellation of registration.
What financial requirements must be met under RERA compliance?
Promoters are required to deposit 70% of project funds in a dedicated escrow account to cover construction costs and land-related expenses. This prevents fund diversion and ensures timely project completion.
How does RERA ensure timely delivery of projects?
RERA mandates that promoters adhere to the completion timelines stated during registration. Delays without valid reasons can lead to penalties, refunds to buyers, or compensation for losses incurred due to the delay.
Are ongoing projects also subject to RERA compliance?
Yes, ongoing projects that have not received a completion certificate before the commencement of RERA are required to register and comply with its provisions. This ensures that buyers of older projects also receive protections.
How can buyers file complaints for RERA non-compliance?
Buyers can file complaints against promoters, agents, or developers for non-compliance with RERA provisions through the respective state RERA authority. This provides an efficient and fair resolution process, fostering trust in the real estate sector.
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