The RERA registration process is mandatory for all projects.it is mandatory for projects that require marketing and selling. Those that do not need to sell their properties must provide detailed information about the project. In some cases, agents may be suspended if they misrepresent facts in their marketing materials or make false claims in their contracts.
RERA Registration is required for any real estate project that has more than eight apartments. The registration process is easy and quick. All you need to do is submit the required documents to the RERA authority. This includes a hard copy of all documents such as the Form G, affidavit of no booking and Form C, which is the draft of the sale agreement for the project. The fee for each of these documents varies depending on the state and municipality.
Upon completion of the registration process, you’ll receive a unique Registration Number, which you will use to update your project’s status on the RERA website. After the registration process, you’ll need to pay the fees for land registration. The fees for registering a residential project will be different than those for registering a commercial one. You’ll also need to create an account and attach all the required documentation. In some states, you’ll need to register the project as a commercial one.
During the registration process, developers must make certain to provide quarterly records. The failure to meet these requirements will result in a ban from the market and a penalty of up to 10% of the project’s cost. In addition to that, agents are required to submit quarterly information and financial reports. If the promoter is found guilty of extortion, their RERA registration will be suspended. If the commission is higher than the RERA fees, the builder will have to pay a fine of up to Rs 10,000.
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