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RERA Compliance
RERA i.e. Real Estate Regulatory Authority which is established under the Real Estate Act, 2016 is for the purposes of protecting home-buyers & for boosting investments in the real estate industry. The aim is to bring transparency and accountability towards customers. RERA is established in every state having respective rules & requirements.
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Overview of RERA Compliance
RERA i.e. Real Estate Regulatory Authority which is established under the Real Estate Act, 2016 is for the purposes of protecting home-buyers & for boosting investments in the real estate industry. The aim is to bring transparency and accountability towards customers. RERA is established in every state having respective rules & requirements.
So, various mandatory compliances are also provided in the Act which is as follows:
• Filing Quarterly update with RERA.
• Audit of financials & filing with RERA.
• Annual filing.
Our professionals will help you in fulfilling all the necessary compliances.
Advantages of RERA Compliance
| Credibility & Transparency | Proper compliance according to the law raises its credibility & increases transparency in the eyes of customers & government as well. |
| Client Assurance | Regular compliance results in assuring the customers about the promises made by the broker, promoter, builder, etc. |
| Competitive Advantage | Regular compliance gives a competitive edge in the market. It can be used in advertising the business & assuring the investors or customers about the company’s business. |
| Correctness of Data | Regular compliance by the companies ensures that the data collected for annual compliance is correct. |
| Avoiding Penalties | Ultimately, regular compliance results in avoiding heavy penalties provided in case of contravention. |
Registration Process of RERA Compliance
Step 1: Visit the RERA website: The first step is to visit the official RERA website of the respective state where the project is located. Each state has its own RERA website.
Step 2: Create an account: Once you are on the website, create an account with your personal and project details, such as name, address, and email ID.
Step 3: Fill out the application form: Fill out the RERA application form, which requires details of the project, such as the land title, promoter details, project timeline, project details, and other related information.
Step 4: Pay the fees: Pay the registration fees as per the rules and regulations of the respective state RERA authority. The fees vary depending on the size of the project and the state.
Step 5: Submit the application form: After filling out the application form and paying the fees, submit the form online.
Step 6: Await approval: The RERA authority will verify the details provided in the application form and conduct a site visit. Once all the information has been verified, the RERA authority will issue a registration certificate.
Step 7: Update project details regularly: It is mandatory for the real estate developers and agents to update the project details on the RERA website regularly.
Documents Required of RERA Compliance
1. Quarterly details of the project
2. Financials of the Project
3. Other necessary information as required
FAQ's on RERA Compliance
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