The Real Estate (Regulation and Development) Act, 2016 (RERA) is an Act passed by the Indian Parliament. The RERA seeks to protect the interests of home buyers and also boost investments in the real estate sector. The Real Estate Act makes it mandatory for all commercial and residential real estate projects where the land is over 500 square metres, or eight apartments, to register with the Real Estate Regulatory (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution. For any builder, RERA registration is mandatory if they plan to commence any construction or development of any residential or commercial project where the area of land proposed to be developed exceeds five hundred square meters or the number of apartments proposed to be developed exceeds eight inclusive of all phases. S K Nagda & Co , is the best CA in udaipur for availing these services.
For RERA registration the Promoters or Builders are required to submit the following documents:
- PAN Card of the Promoter
- Particulars of Registration including bye-laws
- Memorandum of Association
- Articles of Association
- Self-certified copies of all letterheads
- Declaration or Income Tax Returns details of the last three years
- Self-certified copy of letterhead rubber stamp
- Acknowledgment receipts to be used by the Real Estate Agent
- Promoter’s Audited Balance Sheet for the preceding financial year
b) Development Agreement
c) Joint Development Agreement
d) Collaboration Agreement
e) Any other Agreement between the Promoter and Owner
• Details of Architecture and design standards, type of technology used in construction, earthquake-resistant measures, etc.
• Layout plan of the real estate project
• Details regarding the encumbrances regarding the proposed land where the real estate project needs to be undertaken
• Details about the proceedings that are sub-judice in respect of the proposed land for real estate project (if any)
• The number of covered parking spaces
• Information related to the proposed plan, sanctioned plan, floor space index and layout plan etc.
• Proposed number of wings or buildings etc.
• Other documents as required