RERA Registration in Pune

Real Estate Regulations Act denoted as RERA came into existence in year 2016 specifically to protect the interests of property buyers. RERA specifies the rules and regulations about the building/construction and development of real estate.

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Steps for RERA Registration in Pune

Step 1
Submit the Documents
Step 1
Step 2
Provide the required Information
Step 2
Step 3
Open Bank Account as per RERA Act
Step 3
Step 4
Submission of Form A/Form B is done
Step 4
Step 5
Registration Process is done
Step 5
Step 6
RERA no. is allotted
Step 6

RERA Registration in Pune

Owing a house is a dream of every common man, but to invest such big amount is difficult for each and every one. A Real Estate price rises day by day but level of income doesn’t rise at the same pace as that of the real estate prices. As there were no standard norms, every builder has his own norm & practices. He structured the builder-buyer agreement in a way that it would be in the favor of the builder. The rights of the common man, who put his lifelong savings in buying a house, were very limited that Government introduced RERA Act so that there is no exploitation done to the property buyers by the unfair traders.

Real Estate Regulations Act denoted as RERA came into existence in year 2016 specifically to protect the interests of property buyers. RERA specifies the rules and regulations about the building/construction and development of real estate. Real Estate Authority & Appellate Tribunal for each state has been formed under RERA Act, 2016 to maintain the transparency in transactions, to file a complaint against any misdeed or dishonest behavior of the developers by the property buyer. RERA safeguards the rights of the property buyer.

 Benefits of RERA:

  1. RERA has been divided in small and sub regulatory bodies as it will be possible to look after every construction, real estate sites in very single state within the boundary of India.
  2. Standardized Carpet Area: Earlier there was no standardized format for calculation of carpet area, builders use to finalize it by applying their own methods. This led to rise in property prices. Now RERA has set the standard format for Carpet Area calculation, and builders would not manipulate the property buyers on same.
  3. Property Information: This is main benefit of RERA, buyer and investor get right to information while buying the property, about the property’s execution plan, property layout, its completion stages etc.
  4. No Delays: Before starting any project, it is mandatory for the builders/developers to register under the RERA Act to avoid the delay in projects, for on time possession to the property buyer.
  5. RERA is applicable for both the residential as well as commercial properties.

Benefits for Property Buyers:

  1. Property buyer has to pay only for the mentioned carpet area and not for other facilities provided by the builder/developer
  2. Incase of delay in possession the Interest is to paid by builder at rate of 2% for the period of delay
  3. After getting the possession buyers can file complaint against any defaults in property over time period of 5 years, for rectification. This issue is to be solved within 120 days.
  4. As per RERA Act builder/developer cannot ask for more than 10% as advance.
  5. Builder/developer has to inform buyer before any changes. It is mandatory to inform at least one-third of property buyers.

RERA for Builder/Developers:

  1. It is mandatory for the builders and developers to registered for the projects exceeding area of 500 sq. mt. or more than 8 apartments.
  2. As per RERA Act, builders/developers have to deposit 70% of the amount received from property buyers in bank account.
  3. Builders and Developers have to register under the RERA Act under respective state or union territory.
  4. Builders/Developers have to maintain records of every money spent on the construction; all the transactions are to be accounted
  5. Single Sale model/Agreement is prepared between builders/developers and property buyers.

Penalties under RERA Act:

  • 10% of projects estimated cost incase of failure in registration of RERA, whereas 5% of projects estimated cost incase of any misdeed or dishonest behavior or any misinterpretation.
  • In case of non-compliance of RERA penalty is charged on projects estimated cost up to 5% to the builders/developers
  • The penalty of 10% of project estimated cost or imprisonment of 1 year (or both) is levied in case of non-compliance with Appellate Tribunal for Builders/Developers
  • The penalty of 10% of project estimated cost or imprisonment of 1 year (or both) is levied in case of non-compliance with Appellate Tribunal for Buyers.

What You Get

  • Bank Account Opening Assistance
  • RERA registration as per Act
  • RERA Number
  • Throughout Consultation

Frequently Asked Questions

  1. In online registration whose PAN is to be uploaded?
    • If you are individual you need to register with individuals PAN card, in case of organization or other than individual, PAN card copy of organization is required.
  1. If the estimated area is more than 500 sq. mt. but less than 8 apartments is it necessary to register?
    • Every real estate project with land area more than 500 sq. mt or having up to 8 or more apartments is mandatory to register under RERA Act.
  1. Can I issue the advertisement after getting receiving RERA No.?
    • Once the RERA registration is done and RERA No. is allotted you can issue the advertisement.
  1. How can property buyer know about the registered real estate project?
    • On website of MahaRERA property buyer can know about the registered real estate project
  1. How the interest of buyer is protected as per RERA Act?
    • According to the Section 8 (Obligation of Authority consequent upon lapse of or on revocation of registration) of RERA Act buyers’ interest is protected
  1. Can real estate agent file complaint against buyer?
    • An aggrieved person having any interest in the registered real estate project can file complaint.
  1. When does the builder/promoter need to register under RERA Act?
    • Builder/developer/promoter needs to register under RERA Act before starting advertising, marketing, selling, booking, inviting people to buy plots or apartment.
  1. How does the RERA Act is applicable to the Project?
    • RERA Act covers entire project and if registered before or in ongoing project it would be applicable to whole project i.e. all of the units.
  1. If you have any query related to registration process?
    • Do contact us on (mobile no.) or (email. Id)

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