The “Real Estate (Regulatory & Development) Act, 2016 has commenced from 01/05/2017 which require every real estate project and real estate agents to register with State RERA Authority.
Noida is a very prime location in Delhi NCR and witnessed a major development in the real estate sector. It is among the top growing city in India and State of Uttar Pradesh. There are a lot of landmarks real estate project which is either ongoing or about to start.
The State of Uttar Pradesh has notified RERA Rules on 27/10/2016. However, after the appointment of new BJP Government, it has been conveyed that New government is working on some changes in the said Rules.
Having its own fast growth and real estate charm, Noida deserve a separate analysis of RERA registration requirement stating related State Regulations, which is as under;
Who is required to get RERA Registration?
- Every Promoter:
- The contractor for construction or demolition of building, plot etc.
- Developers of land
- Any development authority or public body who construct or sold building, plot
- State-level or primary co-operative housing societies
- Holder of power of attorney for sale from the land owner
- On-going project as on 01/07/2017 where completion certificate has not been received.
- Every agent who assists in sell/purchase of any RERA registered real estate project
RERA Fees and procedures
For Real Estate Project – The RERA registration fees shall be based on the land area to be developed
- 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 Real estate agent for Noida shall be Rs. 25,000/- for individual and Rs. 2,50,000/- for person other than individual
Time limit for RERA Registration – the time limit 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.