What is RERA Registration? its Benefits and Objective
What is RERA Registration?
Till the enactment of the RERA Act in 2016, the real estate sector in the country was unregulated, allowing builders and developers to flout rules and cheat homebuyers. However, since the introduction of the Real Estate Regulatory Authority (RERA) Act, developers have been kept under check by a regulator responsible for protecting the interests of homebuyers.
The real estate industry in India has undergone significant changes in the last few years, mainly due to the implementation of the Real Estate (Regulation and Development) Act, popularly known as RERA. RERA was enacted in 2016 to regulate the real estate sector, provide transparency and protect the rights of homebuyers. But what exactly is a RERA registration and why is it so important for property buyers and developers? In this blog, we will explain the basics of RERA registration and why it is so important.
The Real Estate Regulatory Authority Act (RERA) was implemented to bring transparency to the real estate sector in India. To achieve this, RERA requires all builders and developers to register and submit project details to RERA. To ensure that the entire country is subject to the law, each state has its own real estate regulatory authority. This specific state agency is responsible for regulating the real estate industry in the state. In Rajasthan this body is known as Rajasthan RERA (Raj-RERA).
RERA (Raj-RERA). If you want to buy a property in Rajasthan, you can find a house by visiting the official RERA website of the state. By choosing a property registered under the Rajasthan RERA Act, you can be sure of making a good investment.
Why is RERA registration important and its main objective?
- 1. Ensure transparency and accountability
- 2. Prevent project delays
- 3. Protect home buyers' rights
- 4. Enhance credibility of real estate developers
- 5. Prevents misleading advertising
- 6. Penalties for violations
- 7. Facilitates timely completion of projects
- 8. Dispute resolution
- 9. Safe investment for buyers
RERA registration is essential to ensure transparency, accountability and protection of property buyers in the Indian real estate sector. It was introduced under the Real Estate (Regulation and Development) Act, 2016, which mandates that all residential and commercial projects above 500 sq.m. or 8 apartments must be registered with the state RERA authority. This ensures that developers adhere to legal norms and complete the project on time.
For property buyers, RERA registration provides access and clarity to accurate project details like approvals, schedules and construction progress. Developers are required by law to update this information regularly to provide transparency to buyers at every stage of the project. This eliminates the risk of misleading advertisements and false promises that were common pre-RERA.
A key benefit of RERA is that it ensures timely delivery. In case of delays, developers are obliged to compensate buyers through refunds or interest payments. Additionally, RERA sets the defect warranty period at five years, ensuring that developers rectify any structural defects or quality issues, providing additional protection to homebuyers.
RERA empowers buyers by providing a robust grievance redressal mechanism. If a developer fails to fulfil its obligations, buyers can directly lodge a complaint with the state RERA authority, ensuring speedy dispute resolution.
For developers, RERA registration increases their credibility in the market. Buyers are more likely to trust RERA registered projects as they know they are compliant and more likely to be completed as promised. It also creates a legal framework that promotes fair play and reduces fraud in the real estate market.
What is Rajasthan RERA Registration and Why Is It Important?
The Rajasthan Real Estate Regulatory Authority (RAJ-RERA) was founded in Rajasthan with the goals of bringing more responsibility to real estate transactions, safeguarding homeowner interests, and ensuring transparency. We'll go into more detail about Rajasthan RERA registration in this blog post and discuss why it's important for both developers and purchasers in the state. The Real Estate (Regulation and Development) Act, 2016 mandates that developers and real estate agents register themselves and their projects with the state's regulatory body. This procedure is known as Rajasthan RERA registration. The primary goals of this registration are to provide legal supervision and make Rajasthan's real estate market more organized, trustworthy, and transparent.
Key Points for Rajasthan RERA Registration:
Who needs to register for Rajasthan RERA?
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All real estate developers in Rajasthan and projects with land area of ??more than 500 sq. metres or containing more than 8 apartments need to register with Rajasthan RERA.
- Real estate agents arranging for sale or purchase of RERA registered projects also need to be registered.
Mandatory Information for Developers:
- Approved floor plan.
- Legal title of the property.
- Timeline for completion of the project.
- Funding and financial details of the project.
Benefits for homebuyers:
- Rajasthan RERA ensures that homebuyers receive accurate information about the project and are protected from delays.
- In case of delays in the project, the buyers are entitled to compensation or refund.
- Developers are also responsible for rectifying any structural defects for up to five years after transfer of ownership.
Grievance redressal:
- Rajasthan RERA provides a platform for buyers to lodge complaints against developers or agents for violations of the law.
Punishment:
- Non-compliance with RERA registration can subject developers to severe penalties including fines and imprisonment.
How to Register a Project under Rajasthan RERA?
Developers are required to use the official RAJ-RERA portal to submit the details of their projects. The procedure entails:
Website URL: https://rera.rajasthan.gov.in/
- completing the necessary paperwork.
- submitting project documentation, including financial information, layout designs, and evidence of land ownership.
- paying the registration fee, which changes according to the size and nature of the project. The developer will be assigned a distinct RERA registration number upon approval, and all project contracts and ads must include this number.
To be able to sell properties that have been registered under RERA, real estate agents also need to register on the RAJ-RERA portal. The procedure is simple and calls for the submission of identification documentation, company information, and experience data.
How can homebuyers verify RERA registration?
- Every state has its own RERA portal, Rajasthan included. Homebuyers interested in Rajasthan should go to the Rajasthan RERA website at https://rera.rajasthan.gov.in.
- Look for the "Project Registration" or "Agent Registration" option on the homepage. A search function for registered projects or agents will be available.
- For Projects: Type in pertinent project information, like the project's name, address, or developer's name. The registration status and comprehensive details will be exhibited on the web.
- Regarding Agents: To find out if an agent is RERA-registered, search using their name, firm name, or registration number.
- Verify that the project or agency has a current RERA registration number.
- Verify the project's dimensions, approval status, construction schedule, and updates.
- Information on the Developer/Agent: Verify the Land Title, Project Approvals, and Developer Credentials.
RERA registration in Rajasthan is crucial for property buyers and developers. It provides much-needed transparency, protects buyers' rights, and holds developers accountable for project timelines and quality. Whether you're a first-time buyer or an experienced investor, choosing a RERA registered project in Rajasthan ensures that your real estate transaction is safe and compliant.