Key Features of the Real Estate Act
Registration of Real Estate Projects
The Act under Section 3 mandates prior registration of real estate project with the Real Estate Regulation Authority (RERA). The said bars the builders and promoters from advertising or marketing or inviting any one for purchase of any plot, apartment or building in any real estate project without registration with the RERA.
In which cases Real Estate Projects can be exempted from Registration?
The Act under Section 3(2) states that no registration of real estate project would be required:
- Where the project admeasures 500 or less than 500 sq m.
- The number of apartments inclusive of all phases proposed to be developed is less than 8
- Where promoter has received completion certificate for real estate project prior to commencement of the Act
- For the purposes of repair or renovation which does not require marketing or any new allotment under the project
Registration of Real Estate Projects
The promoter has to submit an application for registration of real estate project alongwith prescribed fee. Documents to be enclosed with the Application include:
- Brief details of Promoter’s enterprise
- Brief detail of the project to be launched by promoter
- Copies of commencement certificate and approvals from the concerned Authorities
- Sanctioned plan, layout plan and specifications of the project
- Plan of works to be implemented in the project
- Pro forma of the allotment letter, agreement for sale and conveyance deed proposed to be signed with allottees
- Number and type of carpet area of apartments for sale in project
- Number of garages for sale in project
- Name and address of real estate agents (if any)
- Name and address of contractors, architect, structural engineers for development of project
- Declaration by the promoter alongwith affidavit
