Introduction: This article discusses in details the procedure for registration of real estate project, documents & applicable registration fees under RERA (Real Estate Regulation and Development Act, 2016).
Procedure for Registration
Every promoter shall make an application to the Authority for registration of the real estate project in Form ‘A’ in triplicate until the procedure is made web based along with applicable registration fee.
The authority shall operationalise a web based system for submitting application for registration within 1 year from the date of its establishment.
Documents required for Registration in case of new project
The promoter shall submit the following documents along with application registration:
1. Brief details of his enterprise including its:
ii. Registered Address;
iii. Type of enterprise(Sole Proprietorship, Partnership, Company, Society or any competent Govt. authority)
iv. Particulars of Registration;
v. Names and photographs of the promoters.
2. A brief details of the projects launched by him in the last 5 years:
i. Whether completed or being developed;
ii. Current status of projects being developed;
iii. Any delay in its completion;
iv. Details of cases pending;
v. Details of types of land and payment pending;
3. An authenticated copy of the approvals & commencement certificate from the competent authority obtained in accordance with the laws as applicable for the Real Estate Project mentioned in the application.
If the Project is proposed to be developed in phases, an authenticated copy of the approvals & commencement certificate from the competent authority for each of the phases.
4. Sanctioned Plan, Layout Plan & specifications of the proposed project or the phase & the whole project as approved by competent authority.
5. The plan of development works to be executed in the proposed project & the proposed facilities to be provided including:
i. fire-fighting facilities,
ii. drinking water facilities,
iii. emergency evacuation services,
iv. use of renewable energy
6. The location details of the project, with clear demarcation of land dedicated for the project development along with its boundaries including the latitude & longitude of end-points of the project.
7. Pro forma of the allotment letter, agreement for sale and the conveyance deed proposed to be signed with the allottees.
8. The number, type & carpet area of the apartments for sale in the project along with the area of the exclusive balcony or veranda areas & the exclusive open terrace areas apartment with the apartment (if any).
9. Number & areas of garage (covered parking) for sale in the project.
10. Number of open parking areas available in the said Real Estate Projects.
11. Names & addresses of the Real Estate Agents (if any), for the proposed projects.
12. Names & addresses of contractors, architect, structural engineer (if any) & other persons concerned with the development of proposed project
13. Declaration in “Form B – Declaration, supported by an Affidavit, which will be signed by the Promoter or any person authorized by the Promoter” to be submitted by the Promoter that they will not discriminate against any allottees on the grounds of caste or creed or community or any other grounds at the time of allotment of any apartment, plot or building.
14. Authenticated copy of PAN Card of the firm/ company etc. when Type of applicant is Firm/ Company etc.
15. Annual report, Audited Profit & Loss Account, Balance Sheet, Auditors Report, and Income Tax Returns of the promoter for 3 preceding financial years.
16. Authenticated copy of the legal title deed and other relevant documents reflecting the title / legal rights of the promoter to the land on which the project is proposed to be developed;
17. Non-encumbrance certificate from a revenue authority not below the rank of Tehsildar.
18.Details of encumbrances on the land on which development is proposed including any rights, title, interest or name of any party in or over such land along with its details
19. If Promoter is not the owner of the land on which development is proposed, then:
i. Details of the consent of the owner of the land;
ii. Copy of the collaboration agreement,
iii. Development agreement, joint development agreement or any other agreement, as the case may be, entered into between the promoter and such owner; and
iv. Copies of title and other documents reflecting the title of such owner to the land on which the project is proposed to be developed.
20. Details of all promoters including:
v. Aadhar card;
vi. PAN card;
Additional documents required for registration in case of on-going project
The promoters of an on-going project which has ne received completion certificate shall make an application for registration to the RERA by 31st July, 2017.
The promoters shall in addition to disclosures as above, disclose the following information:
a) The original sanctioned plan, layout plan and specifications and subsequent modifications carried out, if any, including existing sanctioned plan, layout plan and specification;
b) The amount of money collected from the allottees and the total amount of money used for development of the project including the total amount of balance money lying with promoter;
c) Status of the project showing:
i. Extent of development carried out till date and the extent of development pending;
ii. The original time period disclosed to the allottee at the time of sale for completion of project;
iii. The delay;
iv. The time period within he undertakes to complete to complete the project which shall be commensurate with the extent of development already completed
v. The above information shall be certified by an engineer, an architect and a CA in practice.
d) The promoter shall disclose the size of the apartment based on the carpet area even if it is earlier sold on any other basis such as super area, super built up area, built up area etc.
This information shall not affect the validity of agreement already entered into between promoter and the allottee to that extent.
e) In case of plotted development, the promoter shall disclose the area of the plot being sold to the allottees as per the layout plan.
f) Within 3 months of registration, the promoter shall deposit in separate bank account in a schedule bank, an amount equivalent to 70% of the amount of the amount realized from allottees, which have not been utilized for construction of the project cost or land cost.
The promoter shall pay a registration fees at the time of application for registration by way of DD or BC or through online mode for a sum calculated at the rate of:
a) For group housing project –
b) For mixed development ( housing and commercial) project –
c) For commercial project –
d) For plotted development project –
Grant of Registration
The RERA authority shall within a period of 30 working days after receipt of the application for registration:
a. Grant registration and provide a registration number, including LOGIN ID & PASSWORD to the applicant for accessing the website of the Authority and to create his own web page for public viewing and to fill therein the details of the proposed projects; or
b. Reject the application for the reasons to be in writing, if such application does not conform to the provision of this Act.
If the Authority fails to grant registration or reject the application within 30 working days, then:
The registration shall be valid for the period declared by the promoter in affidavit to complete the project
The registration certificate shall be issued in form ‘C’.
The rejection of registration of project shall be informed through form ‘D’.
The author is a practicing CA and is registered Insolvency Professional. He can be reached at [email protected], Mob. +91 9953587496.