Overview
The Real Estate (Regulation and Development) Act, commonly referred to as RERA, was enacted by the Government of India to bring transparency, accountability, and efficiency in the real estate sector. Introduced in 2016, RERA seeks to protect the interests of home buyers and promote fair practices within the real estate industry. Under RERA, real estate developers and agents are obligated to register their projects and themselves, respectively, with the regulatory authorities. This ensures that projects adhere to specified timelines, quality standards, and that accurate information is provided to potential buyers, fostering a more trustworthy and secure real estate market.
Within the context of RERA, real estate agents in Delhi are subject to specific regulations and guidelines set by the Delhi Real Estate Regulatory Authority. The regulatory framework in Delhi, in alignment with the national RERA Act, mandates that real estate agents must register with the authority to operate legally within the jurisdiction.
Documents required for registration
Real estate agents seeking registration under RERA Delhi must submit a set of essential documents. These include identity proof, address proof, PAN card details, and details of the real estate agent's past five years of experience. Additionally, documents related to the real estate agent's ongoing projects and financial statements may be required to complete the registration process. Here is the exhaustive list of documents that may be required for registration:
1. Identity proof:
- Aadhaar card
- Passport
- Voter ID
- PAN card
2. Address proof:
- Aadhaar card
- Passport
- Voter ID
- Utility bills (electricity/water bill)
3. PAN card details
4. Proof of past experience:
Details of the real estate agent's experience for the past five years, including completed projects and testimonials, if available
5. Details of ongoing projects:
Comprehensive information about ongoing real estate projects, including their status, completion timelines, and any relevant details
6. Financial statements:
Audited financial statements of the real estate agent's business for the previous financial year
7. Registration fee payment proof:
Evidence of payment of the prescribed registration fee as per RERA regulations
8. Authorisation letter:
A letter of authorisation, if the application is submitted by someone other than the promoter or agent
9. Partnership deed or MOA (Memorandum of Association):
If applicable, documents establishing the legal structure of the real estate agent's entity
10. Power of attorney (if applicable):
If a power of attorney is involved in the registration process, the relevant documents and details of authorisation
11. Project details:
Detailed information about the projects handled by the real estate agent, including project plans, approvals, and any legal sanctions obtained
12. Affidavit of non-conviction:
An affidavit confirming that the real estate agent has not been convicted of any offence related to moral turpitude or dishonesty
RERA – Government fees involved
To facilitate the registration process, real estate agents are required to pay government fees as stipulated by the RERA Delhi regulations. The fee structure may vary depending on the nature and scale of the real estate projects undertaken by the agent. It is crucial for agents to be aware of the applicable fees to ensure a smooth and compliant registration process.
- Registration fee: The primary fee for registering with RERA Delhi is calculated based on the type of real estate agent (individual or entity) and the nature of the projects (residential or commercial). This fee is a mandatory payment that facilitates the registration process.
- Renewal fee: If applicable, real estate agents may need to pay a renewal fee for the continuation of their registration. The renewal fee is essential to ensure that the agent's information is up-to-date and compliant with RERA regulations.
- Project registration fee: In cases where real estate agents are promoting specific projects, additional fees are levied for registering each project. The fees vary based on the size and scale of the project.
- Delayed project registration fee: Real estate agents need to be mindful of project timelines. If a project is registered after the specified deadline, a delayed project registration fee may be applicable. This fee encourages timely registration and adherence to project schedules.
- Extension fee: If there is a need for an extension of the project registration, an extension fee is levied. This fee ensures that the real estate agent complies with the specified project completion timelines.
- Document inspection fee: In certain cases, the regulatory authority may charge a fee for inspecting documents related to the real estate agent's projects. This fee contributes to the cost of ensuring transparency and compliance.
Understanding the intricacies of RERA registration in Delhi is crucial for real estate agents to operate legally and transparently. Compliance with RERA regulations not only safeguards the interests of agents but also instils confidence in home buyers and investors participating in the dynamic Delhi real estate market.
