Applicability of RERA registration / Exemption of Real Estate Project and Real Estate Agent
Section 3 & 9 of RERA (Real Estate Regulation and Development Act, 2016)
Conditions for Registration / Exemption under RERA
1. The area of land proposed to be developed <= 500 sq meters(5382 sqft)
2. The no. of apartments proposed to be developed <= 8 inclusive of all phases. [Govt. may reduce the threshold limit for exemption from registration under this Act for supra points].
3. The promoter has received completion certificate(CC) for a real estate project prior to commencement of this Act.
4. The project is for the purpose of renovation or repair or re-development which does not involve marketing, advertising, selling or new allotment of any apartment, plot or building under the project.
5. If the project is to be developed in phases, every such phase shall be considered a stand alone real estate project,and the promoter shall obtain registration under this Act for each phase separately.
6. If the Authority thinks necessary in the interest of allottees for projects being developed beyond the Planning Area, may by order, direct the promoter of such project to register with the Authority and all the provisions of this Act, rules or regulations made there under shall apply to such projects from that stage of registration.
No real estate agent shall facilitate the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any plot, apartment or building, in a project or part of it, being the part of the project registered u/s 3, being sold by the promoter in any planning area, without obtaining registration u/s 9.
1. As per the RERA provision, only the project which is incomplete / >500 sqmtr area of land to be developed etc is required to get registration.
2. Only the agent who is engaged in selling / purchasing of properties is required to be registered under RERA, Real estate agents include the likes of property dealers, brokers, middlemen etc.
3. Leasing consultants may not be required to get registration as they facilitate to lease /let out only and not involved in ownership transfer of the properties like real estate agent.
Compiled by CA. M.S.Prasad, FCA, MBA, LL.B, B.Com(H),
+91 88022 53937, 0120-713 8235, email@example.com
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