Rera registration in Lucknow, Uttarpradesh-The Real Estate (Regulation and Development) Act, 2016 (RERA) is a law that was enacted to regulate and promote the real estate sector in Lucknow. The act aims to protect the rights of consumers and promote transparency and accountability in the real estate sector. One of the key provisions of the act is the requirement for real estate developers to register their projects with the Real Estate Regulatory Authority (RERA) before they are marketed, sold, or launched. This registration process is known as RERA registration.
RERA registration is mandatory for all new and ongoing projects that involve the sale or construction of apartments, plots, or commercial properties. The registration process must be completed before the launch of the project, and the developer must obtain a registration number from the RERA. The registration number must be quoted in all advertisements, brochures, and other marketing materials related to the project.
The process of obtaining a RERA registration involves the following steps:
- The developer must submit an application for registration along with the required documents and fees to the RERA.
- RERA will review the application and conduct an inspection of the project site to ensure that the project complies with the rules and regulations of the act.
- If the RERA determines that the project complies with the rules and regulations, it will issue a registration number.
The documents required for RERA registration include:
- PAN Card of the developer
- Proof of ownership of the land where the project is located
- A detailed plan of the project, including the layout, number of units, and specifications
- A copy of the approvals and clearances from the relevant authorities
- A copy of the agreement for sale
- A copy of the sanctioned plan and the completion certificate (for ongoing projects)
- Other documents as specified by the RERA
It’s important to note that obtaining RERA registration is only the first step in the process of launching a real estate project. The developer must also comply with other provisions of the act, such as maintaining a separate account for the project, depositing 70% of the funds collected from buyers in a separate escrow account, and providing regular updates on the progress of the project to the RERA.
The RERA registration is valid for a period of five years, after which it must be renewed. The renewal process is similar to the initial registration process, and the developer must submit updated documents and undergo another inspection by the RERA.
It is important for real estate developers to comply with the rules and regulations of RERA, as failure to do so can result in penalties and fines. Additionally, developers must also comply with other laws and regulations, such as the Consumer Protection Act, 1986, and the Indian Contract Act, 1872.
In addition to obtaining RERA registration, real estate developers must also ensure that they provide accurate and transparent information to buyers and adhere to the agreed-upon delivery schedule. This includes providing regular updates on the progress of the project, making available all relevant documents and information, and addressing complaints and grievances of buyers in a timely manner.
In conclusion, RERA registration is a crucial requirement for real estate developers in Lucknow. The registration process is relatively straightforward, but it is important for developers to comply with the rules and regulations of the act. By adhering to these regulations, developers can ensure that they provide high-quality and transparent services to buyers, while also protecting the rights and interests of consumers.
Time involved: The time involved for obtaining RERA registration may vary depending on the state and other factors, but it generally takes around 1-2 months after the submission of complete application.
Costs Involved: The costs involved for obtaining RERA registration may vary depending on the state and other factors, but generally include application fees, inspection charges and other charges as per the state rules.
Types: RERA registration is available in two types:
- Ongoing project registration
- Completed project registration