Brief Outline of Rules & Regulations Concerning RERA Real estate industry if one of the top contributors to the Indian Gross Domestic Product (GDP) & is one of the largest employment generator as well. In spite of being an important part of the country’s economy, it had remained unregulated for all these years. The Indian parliament sometime back in 2016 passed a legislation known as The Real Estate (Regulation & Development) Act (RERA). While land is a state subject RERA is a central legislation. Therefore RERA is adopted by state governments who have additionally framed their respective rules & regulations in order to implement RERA within their territory.
Requirement of Registration under RERA Requirement of registration by the promoter with the Real Estate Regulatory Authority is one of the salient features of RERA. Promoter of the real estate project is not permitted to advertise, market, book, offer for sale or sell & invite individuals to purchase in any manner in real estate projects or parts of the project.
Real estate property is defined as development of any building, development of land or plots into apartments, converting an existing building or any part into apartments for the purpose of selling & which include common areas like development works, any type of improvement & structures thereon including easement, appurtenances & rights belonging to such buildings or structures or land.
Application for Registration under RERA Section 4 of RERA says that an application is required to be made by every promoter for the real estate project along with the prescribed fee. This shall be inter alia accompanied by the documents which are prescribed & mentioned below. 
Authenticated copy of approvals & commencement certificate issued by the competent authority.
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Layout plan, sanctioned plan & specifications of the proposed project sanctioned by the competent authority.
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Declaration of the promoter supported by an affidavit stating that the promoter has legal title over the land, details of encumbrances, time period within which the promoter promises to undertake & complete the project & that the promoter would deposit 70% of the amount realized from the project into a separate bank account.
Validity of Registration under RERA The granted RERA registration shall only be valid until the declared period by promoter for completion of the project or phase thereof as submitted in the affidavit. The validity of the RERA registration may be extended upon receipt of application in force majeure or other than force majeure circumstances. Force majeure includes flood, war, cyclone, fire, draught, earthquake or other calamities caused by nature. In other than force majeure circumstances, the authorities may extend registration to a maximum period of one year if they feel the case is reasonable.
Revocation of Registration under RERA
Registration of a registered real estate project may be revoked if they have not complied. This can be done on basis of a received complaint or suo motu by the authority by giving 30 days’ notice to the promoter stating grounds of proposed revocation along with a show cause notice as to why registration should not be revoked. Subsequently, authorities may either allow the real estate project to remain registered or cancel the registration alternatively.
Consequences of Non-Registration under RERA Section 59 of the RERA stipulates that penalty of up to 10% of the estimated project cost may be levied in case of non-registration of the real estate project. Additional fine of another 10% of project cost may be levied in the case of continued default or imprisonment up to or both. Under Section 31 of RERA any aggrieved person can file complaint with authorities against the promoter for violation of provisions.
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