Registration For RERA Project

As per section 3 of Real Estate (Regulation & Development) Act read with Rule 3 of above rules, every promoter shall get the eligible real estate project, registered with RERA authority.

Criteria For Registration:

Compulsory registration for all the real estate project except:
1) Area of Development exceeds 500 Sq Meters OR Number of Units exceeds 8 inclusive of all phases.
2)Project Which has received Completion Certificate (BU Permission) as on 1st May, 2017.
3)Renovation, Repair or Redevelopment not resulting into selling of any new apartment,Plot or Building.
4)Every Phase is a Standalone real estate Project and required to be registered separately.
5)Every Phase is a Standalone real estate Project and required to be registered separately.

Instead, it is advisable to think about whether it is more profitable to buy a given house or would it make more economic sense to rent a house. The trick here is to compare the annual expenses. Pay careful attention to the word “expenses”. We are not comparing cash flows. Instead, we are comparing expenses.

Registration Process

1) Promoter should file an Application in Form – A in Triplicate with following documents.

  • Registration certificate of the company(if a company)
  • Promoter Photograph.
  • Project Head Photograph (if a company)
  • CA certificate
  • Architect certificate
  • Engineer certificate
  • Balance sheet for three years
  • Audited profit-loss statement for three years
  • Director’s Report for three years
  • Cash flow statement for three years
  • Auditor Report
  • Income tax return acknowledgement.
  • Pan card
  • Encumbrance certificate
  • Commencement certificate
  • Approved building plan or plotting plan.
  • Approved layout plan.
  • Proforma for sale agreement.
  • LAnd documents and location.
  • Approved an infrastructure plan.
  • Area development plan
  • Proforma for allotment letter
  • Brochure of the current project
  • All no objection certificate from authorities
  • Declaration (form B)
  • Proforma for sale deed
  • Project photo.
  • Project specification.
  • Payment receipt

2) RERA Processes the Application within 30 Days
3) IF RERA Authority Fail to confirm Application within 30 Days then it leads to Deemed Registration
4) RERA Authority will grant registration number and also provide Login ID and Password

Project Registration fees

To conduct the real estate business, a developer should register his project with the Gujarat Real Estate Authority (G-RERA) by filling up “Form A”. He/she has to pay a registration fee while applying for registration of his project with the RERA using demand draft drawn on any scheduled bank or a Co-operative Bank or through online payment mode.

In case of group housing project

Rs 5 per square meter – If the area of land proposed to be developed do not exceed 1000 square meters.
Rs 10 per square meter – (capped up to Rs. 5 lakhs) – For projects where the area of land proposed to be developed exceeds 1000 square meters.

In case of mixed development (residential and commercial) project

Rs 10 per square meter – For projects where the area of land proposed to be developed do not exceed 1000 meters.
Rs 15 per square meter (capped up to Rs. 7 lakhs) – For projects where the area of land proposed to be developed exceeds 1000 square meters

In case of commercial projects

Rs 20 per square meter – For projects where the area of land proposed to be developed does not exceed 1000 square meters
Rs 25 per square meter (capped up to Rs. 10 lakhs) – For projects where the area of land proposed to be developed exceeds one thousand square meters.

In case of plotted development projects

Rs 5 per square meter, but capped to Rs. 2 lakhs

Declaration By Developers in FORM B

  • Legal title to the land proposed to be developed with details.
  • Land is free from all encumbrances and details.
  • Time period to complete the project.
  • 70% of the amounts realized for the real estate project from the allottees, from time to time, shall be deposited in a separate account to be maintained in a scheduled bank to cover the cost of construction and the land cost and shall be used only for that purpose.
  • Undertake to take pending Approvals.
  • He has furnished such other documents as may be prescribed by the rules or regulations made under this Act.

Restriction On Usage of Fund

  • Maximum advance / application fee that can be received by the Promoter, prior to executing a written agreement forsale is 10% of the cost of the apartment.
  • Mandated to deposit the funds collected in separate bank account and allowed to be Withdrawn only after certification from an engineer, architect and a chartered accountant in practice certifying the withdrawal is proportionate to the percentage of completion of project
  • Accounts of promoter needs to be audited within 6 months of the Financial Year end.
  • Over leveraging up to 30 percent only.
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