Article on Registration of Broker under Real Estate Regulatory Authority (“RERA”)
As all of us are aware that Real Estate sector has grown very much in the recent years but has largely been unregulated from the prospective of protection of consumers.
For resolving all the issues the Government of India has introduced Real Estate (Regulation and Development) Act 2016 and all the sections of the Act have come into force with effect from May 1, 2017.
Every broker / real estate agent requires the registration under Real Estate Regulatory Authority (“RERA”) to facilitate the sale or purchase of any plot, apartment or building, as the case may be, in real estate projects registered in the State of Haryana in terms of the act and the rules regulations prescribed in the act.
Some of the Basic Details about under Real Estate Regulatory Authority (“RERA”)
Status of the Act
The Real Estate Bill was passed by the Rajya Sabha on 10th day of March, 2016 and the Lok Sabha on 15th day of March, 2016.
Hon’ble President of India has given his consent on the Bill on 25th day of March, 2016.
The Act as assented to by the Hon’ble President was published in the Official Gazette on 26th March, 2016 for public information.
# Some of the sections were notified by the Central Government with effect from May 06, 2016 and some of the sections all still not yet notified by the government.
Applicability of the act on every broker?
Yes, any person who is acting as a broker or real estate agent requires the registration under Real Estate Regulatory Authority (“RERA”).
Without this License he shall not be treated as a valid broker. Government has mandate the license for each and every broker who is facilitating the sale or purchase of any plot, apartment or building, as the case may be, in real estate projects
REGISTRATION FEE’S / CHARGES
There is a very major change done by the government of Haryana in the terms of Government Charges / fee’s.
Previously fee’s was described as under
For Individual & Proprietorship firm fee was INR Twenty five thousand (25,000.00) only.
For Other than Individuals (include but not limited to Partnership Companies, OPC, LLP, Private Limited, Society, Limited Companies, etc) fee was INR Two lakhs and fifty thousand (250,000.00) only
Now the fee structure has been revised and given as under.
For Individual fee is INR Twenty five thousand (25,000.00) only.
For Other than Individuals (include but not limited to Proprietorship firm, Partnership Companies, OPC, LLP, Private Limited, Society, Limited Companies, etc) fee was INR Two lakhs and fifty thousand (250,000.00) only
# Pl. note: There is very big change in the revised fee structure.
Now if Proprietorship Firm takes registration then fee shall be INR 250,000.00 (Two lakhs and fifty thousand) only, previously it was 25,000.00 (twenty five thousand) only.
If a person takes registration under his name (without firm name) then it shall be treated as Registration under Individual name and the fee shall be INR 25,000.00 (twenty five thousand) only.
Lets understand this thing by an example.
If Mr. Akshay Dutt is working as a real estate agent and having his proprietorship firm in the name of Akshay Dutt and Associates then the fee shall be INR 250,000.00 (Two lakhs and fifty thousand only).
But on other hand if his brother Mr. Lakshay Dutt is also working as a real estate agent and working in his Individual name i.e. Lakshay Dutt then the fee shall be INR 25,000.00 only
Hence there is a major change or we can say that a step taken by the government of Haryana.
Logically or practically there is no difference between the Individual and Proprietorship concern. Even we can assume the same at next stage means to say that following written registration they can take.
1. Real Estate Regulatory Authority (“RERA”)
2. Goods and Services Tax registration (“GST”)
3. Shop and Establishment Registration
4. Current Bank Account
Documents required for Registration as Real Estate Agent under Real Estate Regulatory Authority (“RERA”) in Haryana.
Following written documents are required for registration.
1. Application Form in “REA-I”
2. Copy of Aadhar Card
3. Copy of PAN Card
4. Copy of GST Certificate
5. Board Resolution in case of Companies
6. COI, MOA and AOA in case of Companies
7. LLP Agreement in case of LLP
8. Partnership Agreement in case of Firms
9. List of Partners / Designated Partners / Directors as per the constitution of Business
10. DD of INR 25,000.00 or 250,000.00, as applicable
11. Passport size photograph.
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