In the medieval India, Uttar Pradesh was home to powerful empire and ancient India which is now one of the fastest growing sector in the aspect of construction and development. Uttar Pradesh has more metropolitan cities than any other state in India which is why it also devoir separate scrutiny of RERA (Real Estate Regulatory Act) 2016.
RERA in Uttar Pradesh aspires to accommodate lucidity among consumer and contractor and hatch dependence of buyers in the Real Estate Sector. Therefore, the Government Officials of Uttar Pradesh has notified the RERA Act dated 28 October 2016; it may bring certain amendments in the said rules and comply with the RERA Rules.
As per section 3 and 4 of Real Estate (Regulation & Development) Act, 2016 (REDA) read with Rule 3 of above rules, no promoter/developer can sell, advertise, market, book or otherwise without getting the project registered with the RERA authority of Uttar Pradesh.
Analysis of RERA registration requirement stating state rules and 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 meter 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 meter or part thereof where the area of land proposed to be developed exceeds 1000 square meters.
- For commercial projects
For Real Estate Agent – The RERA registration fees for Real estate agent for Uttar Pradesh 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
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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.