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. Now real estate project and real estate agent need to comply RERA Act and State Rules.
Lucknow is the capital of State of Uttar Pradesh. The RERA Rules and RERA authority has been prescribed by UP Government. Yes, the new government is thinking to bring some changes in such rules.
Being one of the hubs in real estate projects, Lucknow deserve a separate analysis of RERA Registration in Lucknow, 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
- For commercial projects
- Rs. 20/- per square meter for projects where the area of land proposed to be developed does not exceed 1000 square meters; or
- Rs. 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
- Rs. 10/- per square meter for projects where the area of land proposed to be developed does not exceed 1000 square meters; or
- Rs. 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 in 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 transactions
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.