RERA – the much-awaited Regulation in real estate industry is a well-known term now. Every real estate project and real estate agent is now required to get registered with RERA regulations.
Agra is known for its heritage and now it is among the growing cities. Agra deserve a separate analysis of RERA registration requirements, which is as under;
Who is required to get RERA Registration?
- Every Promoter/project:
- The contractor for construction or demolition of building, plot etc.
- Developers of land or plotting
- Any development authority or public body who construct or sold building, plot
- State-level or primary co-operative housing societies
- A holder of power of attorney for sale from the land owner.
2. On-going project as on 01/07/2017 where completion certificate has not been received.
3. Every agent who assists in sell/purchase of any RERA registered real estate project
- For commercial projects
- 20 per square meter for projects where the area of land proposed to be developed does not exceed 1000 square meters; or
- 1000 per hundred square meters or part thereof where the area of land proposed to be developed exceeds 1000 square meters.
- For residential or any other project
- 10 per square meter for projects where the area of land proposed to be developed does not exceed 1000 square meters; or
- 500 per hundred square meters or part thereof where the area of land proposed to be developed exceeds 1000 square meters.
For Real Estate Agent – The RERA registration fees for a Real estate agent in Agra shall be Rs. 25,000/- for individual and Rs. 2,50,000/- for a person other than an individual.
The Time limit for RERA Registration is as under
- For On-going project – within 3 months i.e 31/07/2017
- For New project– before any advertisement or sell or booking
- For real estate Agent– before any transaction
For, Centrik Business Solutions Pvt Ltd.
Note – Please note that the above article is part of our continuous research on the related matters. It is based on our interpretation of related regulations which may differ person to person. Readers are expected to take expert opinion before relying on above.