With real estate accessible in relatively every corner of the State, from shops offering photocopying facilities to visit organizations, one would envision that the total of all the real estate agencies could run into a few thousands.
Covering those issues regarding RERA registration of Real Estate, we have prepared some FAQs which would clear the major of doubts.
Every real estate agent needs to take prior registration with RERA authority of Punjab before dealing in any transactions relating to sale/purchase, advertising or brokerage of the property of a project registered under this Act.
Before the RERA, Real Estate Agents were not required to get their business registered and thus resulted into many manipulation and fraudulent activities
As per section 9 of “Real Estate (Regulation & Development) Act, 2016 (REDA) read with Rule 11 of above mentioned Rules, Every real estate agent need to take prior registeration with RERA authority
Every real estate agent needs to take prior registration with RERA authority of Maharashtra before dealing in any transactions relating to sale/purchase, advertising or brokerage of the property of a project registered under this Act.
The real estate agent shall pay a registration fee at the time of application for registration by way of a demand draft or a banker’s cheque drawn on any scheduled bank or through online payment.
As per rule 8 of said rules, every real estate agent required to register as per Act shall make an application in writing to the Authority in Form ‘G’, in triplicate, until the application procedure is made web based.
Since Real Estate Regulation and development Act (RERA) came into force i.e. 01/05/2017, it was made mandatory for real estate builders and agents to register under the said act. Though in the beginning the registration process was sleepy headed, but now RERA Registration has picked up around 1,100 real estate projects and agents in Gujarat. … Continue reading “1,100 real estate projects and agents registered in RERA”
Enacting of the RERA Act, 2016 made registration and duties of promoters and real-estate agents compulsory. The reason why the process of registration and duties of the mediator are specified is accountability and regulating promoters and real estate agents through a supervisory body.
The impact of real estate agent specialization and activity level on market outcomes is significant. Specialization allows agents to develop expertise in their chosen field, leading to better-informed decisions and improved market outcomes for clients.
The parliament in order to regulate this one of the fastest-growing sectors passed “The Real Estate (Regulation and Development) Act, 20164 which came into effect on 1st May 2016.
Since the real estate projects are the turkey projects and take multiple years to get it completed, a normal delay can be accepted. Any delay of more than 1 year from promised date of possession is regarded as ‘extra-ordinary delay’.
Brokers and agents will have to ensure that, they are properly registered with the regulator under RERA.
All the promoters of the real estate projects registered with UP-RERA and similarly all the real estate agents registered with UP-RERA shall ensure strict compliance of these guidelines.
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