RERA registration is the process of registering real estate projects and agents with the Real Estate Regulatory Authority (RERA) established by the government of India. Here’s a brief overview of its advantages, disadvantages, and procedure:
Advantages of RERA Registration:
- Increased transparency: RERA registration ensures transparency in real estate transactions and helps protect the interests of buyers and investors.
- Credibility: RERA registration provides credibility to the developer and can help in attracting buyers and investors.
- Legal protection: RERA registration provides legal protection to both buyers and developers, and helps in resolving disputes.
Disadvantages of RERA Registration:
- Time-consuming: The process of RERA registration can be time-consuming, as it involves filling out various forms, submitting documents, and waiting for approval.
- Costly: Registering a real estate project with RERA can be costly, as it involves fees and expenses associated with legal documentation and compliance.
Procedure for RERA Registration:
- Visit the official website of RERA (https://rera.gov.in/), which is the government portal for RERA registration.
- Fill out the online application form with the required details of the real estate project, such as name, address, land ownership, promoter details, and other project-related details.
- Submit the necessary documents such as land ownership documents, promoter details, project details, and other relevant documents as required.
- Once the application is approved, the developer will receive a registration number and a registration certificate.
In summary, RERA registration provides increased transparency, credibility, and legal protection, while disadvantages include time-consuming and costly procedures. The procedure for RERA registration involves visiting the RERA website, filling out the online application form, submitting necessary documents, and obtaining the registration number and certificate.