This article is in continuation of my earlier article titled ‘ RERA Registration for Broker in Haryana‘
First of all, I would like to Congratulate RERA Authorities for completing of First 5 years and this is the very first time when the department/authorities will renew the license. Hence there may be some new conditions or rules or might be some issues as well in the process.
Let us understand the concept of RERA, Property Dealer License, and renewal after that.
As we all know, RERA was introduced in 2017 in India by replacing various acts applicable to real estate matters. RERA has its own authority to hear disputes between builders, agents, and buyers/investors. RERA has its own tribunal(s) to file the appeal against the order of the RERA authority. No session/civil courts have the authority to entertain the matter of real estate between builders, agents, and buyers/investors relating to quality, possession, and timely compliance.
After that appeal against the RERA Tribunal order can be filed before the respective Hon’ble High Court.
Under RERA there are two types of licenses or approvals are required which are known as:
1. Project Registration
2. Agent Registration
Project Registration deals with the particular space, area, and name of the projects which also contain the total number of units, specified area of each unit, number of towers, and other amenities including but not limited to the Common area, clubhouse, parks, parking, green area, pools, play area, and etc.
Every Project has a specified timeline to complete the work and hand over the possession which maybe 1 month, 1 year, 5 years, or so on which basically depends on the area and number of Units. Within the time limit its the duty of the Builder to complete the project and hand over the details to the buyer/Investor otherwise he may need to pay the interest or refund with interest as a penalty/fine.
While on the other hand Agent Registration is valid for 5 (five) years from the date of registration. Now come to the brief description of Renewal of Agent Registration.
Let us understand the concept and requirement of Renewal.
Under the Act, Every Agent needs to take the Agent License from the respective authority of the state under RERA and State rules. Every License has a validity which is generally for 5 (Five) Years. Act Introduced with all sections in May 2017 and after that agents started to take the registration under Agent-related sections and rules. Now five years are going to expire and every agent who is in continuation of the business needs to renew the license.
Now there are some points that we need to take care of before applying for the renewal.
1. Every Agent must have the Property Dealer License in Gurugram before renewal of the license. Now, this is the biggest glitch which is why the department is asking for the other license for this renewal. Nobody has an accurate answer to this question but this is the mandatory condition of the RERA Haryana Authority hence needs to be fulfilled.
2. Every person may be required to show the bookings done in these 5 (five) years.
3. Every person may be required to show the books of accounts for the renewal.
4. Feesmay differ from state to state. In Haryana, it’s 50,000 for other than individuals and 5,000 for an Individual.
5. Rest all other documents are the same as required for the new license.
Pl. also note that the rules of every state prescribe the time limit to apply for the renewal with the proper documentation and records as required. Generally, states ask to apply before 1 month from the expiry of the license. Hence please apply for the license within the time limit to avoid the penal provisions.
Hope I have delivered the important things required for the RERA Agent renewal. As this little bit critical and If still, you need any clarification on anything please reach to me nitinsgrover [at] gmail
My Contact details 9582009494 only for the clarification of doubt, so that you may not face penalties.