What is Rera Registration?

Let me tell you about the RERA registration meaning. RERA was enacted in India in 2016 to regulate and standardise the real estate sector. It aims to protect homebuyers’ interests and promote transparency, accountability, and efficiency in the real estate industry.

• The need for developers to complete RERA Registration before marketing, selling, or advertising any real estate project is a basic component of RERA.

• RERA registration is required for real estate agents and developers working on projects with over 500 square metres of land or eight apartments.

• Both new and ongoing projects before RERA's implementation are eligible for this registration.

• This process ensures developers provide accurate and complete information about the project, whether it is layout, timelines, and other specifications.

• To apply for RERA registration, developers must submit project details, including the land title, approvals from authorities, financial disclosures, construction timelines, and a layout plan.

• Once registered, the project is assigned a unique RERA registration number. It is required to be displayed in all project advertisements and on the developer’s website.

• All RERA-registered projects are listed on the respective state RERA portal, allowing prospective buyers to verify project details.

• Getting registered with RERA provides several advantages, including legal authorisation, increased reputation for real estate brokers, and protection for consumers.

• It also prevents project delays by enforcing strict deadlines, as developers must compensate buyers for delays.

• It also protects buyers from false advertising, since the information shared with RERA must be accurate.

I hope you understand what is meaning of RERA registration.

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RERA or Real Estate Regulation and Development Act is an act passed in 2016 that aims to bring transparency and accountability into the real estate market between buyers and sellers of the property. Earlier to RERA, the real estate transactions were unregulated and hugely in the favour of developers and builders. 

Now that we know what is RERA registration, let us look at some other aspects of the act.

The main objectives of RERA Act are:

1.Increased compliances and reduced frauds by the builders

2.Establishing dispute resolution mechanisms to resolve disputes and grievances

3.Bringing in fair play and reducing delays in handover.

4.Bringing transparency and accountability towards consumers to protect their interests

5.Establishing good governance policies

6.Ensuring smooth operations

7.Setting up the Appellate Tribunal to listen to appeals arising from the orders, decisions or directions of RERA

8.Bringing ease in transactions between buyers and sellers

Some of the major provisions introduced through RERA Registration are:

1.Every state of India will follow RERA guidelines for both, residential and commercial properties

2.The developers have to disclose the carpet area of the properties at the time of sale.

3.Builders and developers have to disclose the details of the project on their websites on a quarterly basis

4.Any project with a plot size of a minimum 500 sq. mt or 8 apartments must be registered with the RERA Authorities.

5.In case of violation of law, the developers can face imprisonment of up to 3 years, while agents and buyers can face imprisonment of up to 1 year. 

6.Advertising, selling, offering, marketing or booking of any plot or apartment is not allowed without any registration with RERA.

The RERA registration process is carried out state-wise. Many states have introduced online portals for RERA registration. Developers and consumers can approach RERA offline in the registered office in their states with relevant sets of documents as well. 

The RERA Registration can be done in the following states online.