RERA Updation Services in Mumbai Thane

RERA Updation Services in Mumbai Thane

Do I have to update my project routinely?

Promoters are counseled to Make Sure Their project data is obviously Up-to-date according to Section 11 of the real-estate (Regulation and Development) Act,'' 20-16. In case of failure to update the project quarterly will violate Part 11 of Real-estate Act, 2016 and will create the promoter accountable for penal actions.

Q. Which will be the areas which ought to get upgraded by a promoter after registration?

Updates are necessary in the following sections:

  1. Project worth (Total Amount)
  2. Doc adds (Records, Saved, information on encumbrances, etc...)
  3. Building Information (Amount of flats Booked/Sold/Allotted)
  4. How much Activity is done out of Task (% of work)
  5. Frequent Locations and Services (Units Booked, work Completion Proportion)
  6. Project Details (Real-estate Agent etc...)
  7. Various Timely Certificates (Form 1, Form 2, Form 2A etc)

Benefit of "RERA Update" with Aga & Associates

  • Aga & Associates helps you in the All the compliances under one roof.
  • Aga & Associates handles the project quarterly Updating along with project Registration, Audit, Extension, Representation etc.

RERA FAQ
1What is RERA Act?

The Real Estate (Regulation and Development) Act, 2016 (RERA) is an Act passed by the Indian Parliament. The RERA seeks to protect the interests of home buyers and also boost investments in the real estate sector.

2What is the procedure to register under RERA?

The center has clarified through a press release that the Promoters and agents are required to get their on-going projects registered with 3 months of the Act applies i.e. 1st, May 2017 (Maharashtra). Also Non Registration of Projects will attract heavy penalty under RERA Act.

Registration Process for Real Estate Agents

  • File an application form along with fee and documents to get registered with RERA
  • You will receive a registration number from the regulator. This need to be mentioned in every property sale
  • On a quarterly basis, you are required to maintain the books of account, records and documents related to the transactions
  • Share all the information and documents about the project with the buyer
  • Agent may be suspended for the misrepresentation or fraud during the registration process.

3What is the benefit of RERA?

The RERA act aims to promote transparency, accountability, and efficiency in the real estate sector the act has also led to the creation of a mechanism wherein issues such as project delays, quality of the projects, pricing of the property, etc.

4Why RERA required?

The Real Estate Act makes it mandatory for all commercial and residential real estate projects where the land is over 500 square metres, or eight apartments, to register with the Real Estate Regulatory (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution.

5When did the Act come into force?

The Act came into force on 1 May 2016 with 59 of 92 sections notified. Remaining provisions came into force on 1 May 2017.