The Real Estate (Regulation and Development) Act, 2016 (RERA) is a landmark legislation introduced by the Government of India to safeguard the interests of home buyers and regulate the real estate sector. The act came into effect on May 1, 2016, and West Bengal was one of the earliest states to introduce the act. The state implemented its version of the RERA act known as WB RERA (West Bengal Real Estate Regulatory Authority). In this article, we will look at RERA West Bengal and its significance in ensuring transparency and accountability in the real estate sector.
What is West Bengal RERA?
West Bengal RERA is a state-level regulatory authority set up under the umbrella of the RERA act. The authority is responsible for the registration and regulation of real estate projects in the state of West Bengal. WB RERA ensures that all real estate projects registered under it comply with the rules, regulations, and guidelines under the RERA Act.
The establishment of West Bengal RERA was a significant move towards creating a transparent, accountable, and regulated real estate sector. The act also mandates stringent guidelines regarding project completion times, transparency, and financial transactions to be followed by developers.
How to register for a real estate project?
Step 1: Go to the official website of the West Bengal Housing Industry Regulatory Authority.
Step 2: Click on the "Online Registration" section.
Step 3: Select "Online registration for Real Estate Project/Real Estate Agent/Complaint" and opt for the first option.
Step 4: Provide your user ID and password, then click "Continue" to move forward with the registration process.
Step 5: If you lack a user ID, create one to begin the registration procedure.
How to register as real estate agents?
• Step 1: Visit the website of the West Bengal Housing Industry Regulatory Authority.
• Step 2: Navigate to the "Online Registration" tab.
• Step 3: Choose the "Real Estate Agent" option among the available choices.
• Step 4: Enter your user ID and password on the redirected page, then proceed by clicking the "Continue" button to initiate registration.
• Step 5: If you don't possess a user ID, you'll need to create an account by signing up.
Important documents for real estate agents and promoters
For Real Estate Agents:
- Copy of PAN card
- Enterprise details such as name, registered address, and enterprise type
- Registration particulars
- Photograph of the agent
- Proof of Income Tax Returns for the last three years
- Legal documents related to land
For Promoters:
- Copy of PAN card
- Audited balance sheet from the previous year
- Proof of Income Tax Returns for the last three years
- Legal documents related to land
What are the objectives of West Bengal RERA?
The primary objectives of West Bengal RERA are to:
- Promote transparency and accountability: WB RERA's primary focus is to bring in more transparency and accountability in the real estate sector, thereby creating a level playing field for all parties involved. One of the main objectives of West Bengal RERA is to eliminate fly-by-night developers and promote genuine projects.
- Safeguard the interests of home buyers: WB RERA aims to provide buyers with a stable and secure environment that generates trust and confidence. The act ensures that home buyers' funds are used for the specific development of the project, and timely project delivery is guaranteed.
- Establish a mechanism for dispute resolution: West Bengal RERA aims to provide buyers with clear legal recourse in case of any dispute. The act establishes an authority that resolves disputes within a specific time-bound framework, thereby helping to mitigate the risks associated with property purchase.
- Improve the quality of real estate projects: West Bengal RERA aims to provide better quality of construction, amenities, and services, leading to better property values and higher satisfaction levels for buyers.
Impact of West Bengal RERA on the real estate sector?
The implementation of West Bengal RERA has had a positive effect on the real estate sector in the state. The introduction of West Bengal RERA has created a more transparent and accountable environment, leading to higher buyer confidence and trust in the sector. The act mandates that developers follow strict guidelines and rules, leading to better-quality projects and transparency in financial transactions.
The introduction of West Bengal RERA has also ensured that fly-by-night developers and projects are eliminated, making way for genuine and credible projects to take shape. The act enables home buyers to make informed decisions and gives them legal protection in case of any disputes or failures in project delivery.
