The first set of regulation in real estate industry has become reality now. The “Real Estate (Regulatory & Development) Act, 2016 has commenced from 01/05/2017. According to the Act notified by the central government, all real estate projects including the older ones should come under the ambit of the RERA.
Now real estate project and real estate agent need to comply RERA Act and State Rules. The RERA Rules and RERA authority has been prescribed by Haryana Government. Yes, the new government is thinking to bring some changes in such rules.
Being one of the hubs in real estate projects, Haryana deserve a separate analysis of RERA Registration in Haryana, 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 assist 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
|S.No.||Category of uses||Hyper/High Potential I & II||Medium/Low Potential|
For Real Estate Agent – The RERA registration fees for Real estate agent in Haryana shall be Rs. 25,000/- for individual and Rs. 2,50,000/- for person other than 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.