Complete Guide to Real Estate Project Registration in India
Complete Guide to Real Estate Project Registration in India
The process of applying for the registration of a real estate project by a builder or promoter involves several steps and requires the submission of various documents. In this article, we will discuss the step-by-step process of applying for registration of a real estate project, along with the documents required for the same.
Step 1: Gather all the necessary documents Before applying for the registration of a real estate project, a builder or promoter must gather all the necessary documents. The list of documents required for registration includes a partnership deed, PAN and Aadhar card, GST certification, RERA certificate, property card/malmattapatrak, sale deed, lease deed, freehold order from nazul with chalan, NMC tax receipt, agreement of development, deed of development, building permit with sanctioned plan, 8A & 8B sanctioned plan, power of attorney (if any), property tax, amalgamation letter issued by NIT, sanctioned building plan along with building permit issued by NIT, release letters issued by NIT, sanctioned layout plan issued by NIT, ULC order, and N.A. order.
Step 2: Create an account on the RERA website The next step is to create an account on the RERA website. Builders or promoters can create an account by providing their details such as name, email address, phone number, etc.
Step 3: Fill in the application form Once the account has been created, the builder or promoter needs to fill in the application form. The application form requires details such as the name and address of the promoter, details of the project such as its location, number of units, carpet area, etc.
Step 4: Upload the necessary documents After filling in the application form, the builder or promoter needs to upload the necessary documents. The documents that need to be uploaded include the partnership deed, PAN and Aadhar card, GST certification, RERA certificate, property card/malmattapatrak, sale deed, lease deed, freehold order from nazul with chalan, NMC tax receipt, agreement of development, deed of development, building permit with sanctioned plan, 8A & 8B sanctioned plan, power of attorney (if any), property tax, amalgamation letter issued by NIT, sanctioned building plan along with building permit issued by NIT, release letters issued by NIT, sanctioned layout plan issued by NIT, ULC order, and N.A. order.
Step 5: Pay the registration fee Once the documents have been uploaded, the builder or promoter needs to pay the registration fee. The registration fee varies from state to state and depends on the size of the project.
Step 6: Wait for approval After the registration fee has been paid, the builder or promoter needs to wait for approval. The RERA authority will review the application and documents submitted and will either approve or reject the application. If the application is approved, the builder or promoter will be issued a registration number.
Step 7: Advertise the project with the registration number Once the registration number has been issued, the builder or promoter needs to advertise the project with the registration number. This is mandatory as per RERA rules and helps buyers verify the authenticity of the project.
In conclusion, the process of applying for the registration of a real estate project involves several steps and requires the submission of various documents. Builders or promoters need to ensure that they have all the necessary documents before applying for registration. Once the application is submitted, they need to wait for approval and then advertise the project with the registration number.
Complete Guide to Real Estate Project Registration in India
Step 8: Obtain the RERA Certificate After the builder or promoter has obtained the registration number, they need to obtain the RERA certificate. The RERA certificate is an important document that is required to be displayed on the project site and in all advertisements related to the project.
Step 9: Comply with RERA rules and regulations Once the builder or promoter has obtained the RERA certificate, they need to comply with all the rules and regulations specified by RERA. RERA rules require builders or promoters to provide regular updates to buyers regarding the progress of the project, adhere to timelines specified for project completion, and use funds collected from buyers only for the construction of the project.
Step 10: Set up a RERA-compliant escrow account Builders or promoters need to set up a RERA-compliant escrow account for each project. This account is used to receive and disburse funds collected from buyers for the construction of the project. RERA rules mandate that 70% of the funds collected from buyers should be deposited in this account and used only for the construction of the project.
Step 11: File regular updates on the RERA website Builders or promoters need to file regular updates on the RERA website regarding the progress of the project. These updates need to include details such as the status of construction, the amount of funds collected and utilized, and any changes made to the project plan.
Step 12: Obtain Occupancy Certificate Once the construction of the project is complete, the builder or promoter needs to obtain the Occupancy Certificate (OC). The OC is a document issued by the local authorities certifying that the project is complete and safe for occupancy.
Step 13: Handover possession to buyers After obtaining the OC, the builder or promoter can hand over possession of the units to buyers. At the time of possession, the builder or promoter needs to provide all the necessary documents such as the sale deed, property card, and other relevant documents.
In conclusion, the process of applying for registration of a real estate project by a builder or promoter involves several steps. After obtaining the registration number and RERA certificate, the builder or promoter needs to comply with all the rules and regulations specified by RERA. This includes setting up a RERA-compliant escrow account, filing regular updates on the RERA website, and obtaining the Occupancy Certificate before handing over possession of the units to buyers. By following these steps, builders or promoters can ensure that their real estate projects are registered and compliant with all the necessary regulations.
Complete Guide to Real Estate Project Registration in India
let’s discuss all the relevant departments related to real estate construction projects in India :
National Building Code (NBC) – The National Building Code is a government department responsible for developing and promoting national building standards for construction projects in India. The NBC provides guidelines and standards for various aspects of building construction such as fire safety, structural design, and building materials.
Real Estate Regulatory Authority (RERA) – The Real Estate Regulatory Authority is a government body that regulates the real estate sector in India. RERA aims to promote transparency and accountability in the real estate sector by ensuring that builders or promoters comply with all the applicable laws and regulations.
Municipal Corporation – The Municipal Corporation is responsible for providing various services such as water supply, sewerage, and waste management in urban areas. Builders or promoters need to obtain various permits and approvals from the Municipal Corporation before commencing construction of the project.
Urban Land Ceiling and Regulation Act (ULCRA) – The Urban Land Ceiling and Regulation Act regulates the sale, transfer, and development of urban land in India. Builders or promoters need to obtain an ULC order before commencing construction of the project to ensure that the land is not in violation of any ULCRA regulations.
Fire Department – The Fire Department is responsible for ensuring that all buildings and structures are safe from the risk of fire. Builders or promoters need to obtain a Fire NOC (No Objection Certificate) from the Fire Department before commencing construction of the project. The Fire NOC ensures that the project complies with all the fire safety regulations and guidelines specified by the department.
Environmental Department – The Environmental Department is responsible for ensuring that all construction projects comply with the environmental regulations and guidelines specified by the government. Builders or promoters need to obtain an Environmental Clearance Certificate from the department before commencing construction of the project. The Environmental Clearance Certificate ensures that the project complies with all the environmental regulations and guidelines specified by the department.
Electricity Department – The Electricity Department is responsible for providing electricity connections to buildings and structures. Builders or promoters need to obtain an Electricity Connection NOC from the department before commencing construction of the project. The Electricity Connection NOC ensures that the project complies with all the electrical safety regulations and guidelines specified by the department.
Water Supply and Sewage Department – The Water Supply and Sewage Department is responsible for providing water supply and sewage connections to buildings and structures. Builders or promoters need to obtain a Water Supply and Sewage NOC from the department before commencing construction of the project. The Water Supply and Sewage NOC ensures that the project complies with all the water supply and sewage regulations and guidelines specified by the department.
In conclusion, builders or promoters need to comply with all the applicable laws and regulations and obtain all the necessary permits and approvals from various government departments before commencing construction of the project. By doing so, builders or promoters can ensure that their projects are safe, legally compliant, and provide a hassle-free experience to buyers.
Complete Guide to Real Estate Project Registration in India
here is a step-by-step guide to the Real Estate Regulatory Authority (RERA) registration process and compliance requirements in India:
Step 1: Obtain a RERA registration number The first step in registering your real estate project with RERA is to obtain a RERA registration number. To obtain this number, you need to submit the application form along with the required documents and fees to the RERA office in your state.
Step 2: Provide project details After obtaining the RERA registration number, you need to provide details about your real estate project. This includes the project’s location, size, proposed completion date, number of units, and other relevant details. You also need to provide a copy of the project’s layout plan and other documents such as the building permit and sale deed.
Step 3: Comply with disclosure norms As per RERA guidelines, developers must disclose all the relevant information about their real estate projects to prospective buyers. This includes details such as the carpet area, number of units sold, status of construction, approvals received, and other relevant information. Developers must also provide regular updates to the buyers regarding the project’s progress.
Step 4: Create an escrow account Developers must create a separate escrow account for each real estate project registered with RERA. All the funds received from buyers must be deposited in this account, and the funds can only be withdrawn for the purpose of completing the project. This ensures that developers do not divert funds from one project to another.
Step 5: Adhere to project timelines Developers must adhere to the project completion timelines specified in the RERA registration. If there are any delays in completing the project, developers must provide a valid reason and obtain an extension from the RERA office. Failure to complete the project within the specified timeline can result in penalties and cancellation of the registration.
Step 6: Resolve buyer grievances Developers must have a mechanism in place to resolve any grievances raised by buyers regarding the real estate project. This includes setting up a grievance redressal system and appointing a conciliation officer to resolve disputes.
Step 7: Display RERA registration number Once the project is registered with RERA, developers must display the RERA registration number on all the project’s advertisements and promotional material. This ensures that buyers are aware that the project is registered with RERA and provides them with a sense of security.
In conclusion, RERA registration is mandatory for all real estate projects in India, and developers must comply with all the applicable regulations and guidelines. By following the above steps, developers can ensure that their projects are legally compliant, safe, and provide a hassle-free experience to buyers.
Complete Guide to Real Estate Project Registration in India
Real estate development is a complex process that involves various legal and regulatory requirements. One of the most important requirements is obtaining registration from the Real Estate Regulatory Authority (RERA). RERA registration is mandatory for all real estate projects, and it ensures that the project is compliant with all legal and regulatory requirements. In this article, we will discuss the process of obtaining RERA registration, along with the necessary documents and charges.
The step towards obtaining RERA registration is to submit the partnership deed of the firm. This document should contain the details of all partners and their respective shares in the partnership.
The step is to provide the firm registration certificate, which is issued by the Registrar of Firms. This document verifies the existence of the firm and its registration details.
All individuals and the firm must provide their PAN and AADHAR cards as proof of identity.
The GST certificate is required for all real estate projects. This certificate ensures that the project is registered under the Goods and Services Tax (GST) Act.
A building permit is a legal document that allows a builder or developer to begin construction work. This permit is issued by the local authorities and should be submitted while applying for RERA registration.
The sanctioned plan is a document that outlines the design and layout of the proposed building or project. It should be approved by the local authorities and submitted while applying for RERA registration.
The MahaRERA certificate is an online registration process that is mandatory for all real estate projects in Maharashtra. This certificate ensures that the project complies with all legal and regulatory requirements. The MahaRERA certificate is mandatory for any real estate project with more than 8 apartments or having an area of more than 500 square meters. The certificate can be obtained online through the MahaRERA website by submitting the required documents and paying the necessary fees. The certificate is valid for the entire duration of the project and is renewed every year until the project is completed.
The DOD or Deed of Declaration is a legal document that outlines the rules and regulations governing the project. This document is signed by all buyers and is submitted while applying for RERA registration.The DOD is a legal document that defines the terms and conditions for the development of a real estate project. It is executed between the developer and the landowner or the society, as the case may be. The DOD must be registered with the relevant authorities and a copy of the same must be submitted to the MahaRERA office at the time of obtaining the MahaRERA certificate.
The agreement of development is a legal document that outlines the terms and conditions of the project. It should be signed by all parties involved in the project. The Agreement of Development is a legal document that specifies the terms and conditions of the development of a real estate project. It is executed between the developer and the landowner or the society, as the case may be. The agreement must be registered with the relevant authorities and a copy of the same must be submitted to the MahaRERA office at the time of obtaining the MahaRERA certificate.
The property card contains details of the land on which the project is being developed. It is an essential document that should be submitted while applying for RERA registration.A property card is a document that provides information about the ownership, location, and boundaries of a property. It is an essential document for obtaining various permits and approvals for real estate development projects. The property card can be obtained from the local revenue office by submitting the necessary documents and paying the necessary fees.
The sale deed is a legal document that transfers the ownership of the property from the seller to the buyer. This document should be submitted while applying for RERA registration.A sale deed is a legal document that transfers the ownership of a property from the seller to the buyer. It is an essential document for completing the sale transaction and obtaining various permits and approvals for real estate development projects. The sale deed must be registered with the relevant authorities and a copy of the same must be submitted to the MahaRERA office at the time of obtaining the MahaRERA certificate.
The lease deed is a legal document that outlines the terms and conditions of the lease agreement. This document should be submitted while applying for RERA registration.A lease deed is a legal document that transfers the right to use a property from the owner to the tenant. It is an essential document for obtaining various permits and approvals for real estate development projects. The lease deed must be registered with the relevant authorities and a copy of the same must be submitted to the MahaRERA office at the time of obtaining the MahaRERA certificate.
The free hold order from Nazul is a legal document that confirms that the land on which the project is being developed is free from any encumbrances. This document should be submitted while applying for RERA registration.A free hold order is a legal document that gives the owner of a property the right to use and sell the property without any restrictions. It is an essential document for obtaining various permits and approvals for real estate development projects. The free hold order can be obtained from the local revenue office by submitting the necessary documents and paying the necessary fees.
The power of attorney is a legal document that gives someone the authority to act on behalf of another person. This document should be submitted while applying for RERA registration.A power of attorney is a legal document that authorizes a person to act on behalf of another person in legal matters. It is an essential document for obtaining various permits and approvals for real estate development projects. The power of attorney must be registered with the relevant authorities and a copy of the same must be submitted to the MahaRERA office at the time of obtaining the MahaRERA certificate.
Before the possession of the property, the builder or promoter may ask the buyer to pay a maintenance deposit. This deposit is usually paid towards the maintenance of the common areas and facilities in the building or society, such as the lift, security, cleaning, etc. The amount of the deposit can vary depending on the builder and the amenities provided.
At the time of executing the sale deed, the buyer and the seller will have to pay legal charges. The legal charges include the fees of the advocate, the stamp duty on the sale deed, registration fees, and any other miscellaneous charges. The stamp duty and registration fees are usually calculated as a percentage of the property’s sale value. The fees of the advocate can vary depending on the complexity of the transaction.
There are various duties and charges that should be paid while obtaining RERA registration. These include:
Registration fees are calculated as 1% of the agreement value.
Stamp duty is calculated as 7% of the agreement value.
Goods and Services Tax (GST) is a tax that is levied on the sale of goods and services. The GST rate applicable to the sale of under-construction properties has been fixed at 1% for affordable housing and 5% for other properties. The rates are applicable based on the value of the property.
For properties with a value of up to 45 lakhs, the GST rate applicable is 1%. This rate is applicable to affordable housing projects that meet certain criteria. The criteria include a maximum carpet area of 60 square meters for the metropolitan cities and 90 square meters for non-metropolitan cities. The cost of the property should also be within the prescribed limit.
For properties with a value above 45 lakhs, the GST rate applicable is 5%. This rate is applicable to all other properties that do not meet the criteria for affordable housing. It is essential to note that the GST rate is applicable only to the value of the construction and not the land.
The GST is paid by the builder or promoter and is included in the cost of the property. The builder or promoter is responsible for collecting the GST from the buyer and paying it to the government. The buyer should ensure that the builder or promoter has charged the correct GST rate and has deposited it with the government.
In conclusion, the GST rate applicable to under-construction properties is 1% for affordable housing and 5% for other properties. The rate is based on the value of the property and is paid by the builder or promoter. The buyer should ensure that the GST has been charged correctly and has been deposited with the government.