RERA Agent Registration
What is RERA agent registration
All Real Estate Agents should register under this Act. 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, as the case may be, in a real estate project or part of it, without obtaining registration under this section.
If any real estate agent fails to register, he shall be liable to a penalty of ten thousand rupees for every day during which such default continues, which may cumulatively extend up to five per cent of the cost of plot, apartment or buildings, as the case may be, of the real estate project, for which the sale or purchase has been facilitated
Why Required
The Real Estate (Regulation & Development) Act, 2016 aims to establish the Real Estate Regulatory Authority that would regulate and promote the real estate sector. The main aim of the Act is to protect the interest or buyers and promote timely delivery of properties or projects.
All the projects either on land more than 500 sq. m or having at least eight apartments, including the one without completion or occupancy certificate, must be registered. Developers have to post details like a project plan, layout plan, approvals, land title status, details of promoters, contractors, architects, date of completion with the State RERA – Customers can access this information from the RERA websites.
Developers have to put aside 70% of project funds in an escrow account linked to the project. Builder will be penalized if there is a delay in project deliveries. The carpet area has been clearly defined in the law.
