Meesha Bhabra a 5th-year Law Student specializing in Corporate Law at the School of law, Lovely Professional University has written this blog explaining “Rules Governing Punjab: RERA”
RERA PUNJAB
RERA registrations in Punjab are a must for all builders who plan to develop residential projects in the Punjab region. Registration with RERA Punjab expedites the overall financial tie-ups with Govt. and other banking institutions and improves the market goodwill.
The RERA Punjab Act came into force in August 2017. This regulatory body was established to set up a transparent and ethical transactional process in residential buying. In most of cases, it was witnessed that home buyers faced difficulties due to project delays caused by builders. To address the grievances of homebuyers, the Punjab RERA Act came into force.
Investing in a real estate project is a significant decision for buyers, considering that a considerable investment goes into it. Thus, the security of your money must make you think and rethink several details about the project. To ensure that buyers are at ease, the RERA Punjab has compiled a set of rules that help buyers avoid hassles if any.
RERA registrations in Punjab for projects are also beneficial for builders and developers as it enables them to gain buyers’ trust. Punjab RERA also aims to create a win-win situation for both the developers and buyers by creating a transparent system. In addition, it aims to increase the pace of project execution.
Why should a buyer purchase a RERA Punjab-registered property?
When you plan to purchase a project, always ensure that you buy a RERA Punjab-registered project. Buying a RERA registered property is beneficial for you in the following ways:
- The buyers’ rights are protected, considering they can get information related to the project. It includes the floor plan and project completion time.
- Also, the buyers can get updates related to the company’s past performance and its promoters to know if the project is registered with RERA Punjab.
- For any dispute in the title of the project, action must be taken.
- If a buyer has filed a concern, developers registered under RERA Punjab have to resolve the issue 120 days from the complaint filing date.
How can the buyer check if the project is registered with RERA Punjab?
Further, the next step is to ensure that the property buyers are planning is registered with the RERA or not. To check RERA-registered projects in Punjab, you need to follow the following steps.
Step 1: Visit the website of RERA Punjab and Click on the ‘Registrations tab. From there, click on ‘Search Registered Projects.’ This will give you a list of RERA registration in Punjab for different projects. In addition, a list of more than 1000 projects in Punjab has been compiled for the users.
Step 2: Once you click on search registered projects, the following window will appear. Complete the required details in the section.
If supposedly you are searching for a project in ‘Amritsar,’ select it from the drop-down section in the district section. Also, you can provide other additional details, such as Project Name, Promoter Name, and Registration Number (if it is available to you). Lastly, enter the captcha and click on search.
The below page of the RERA Punjab website can be used by buyers to search for other services. These include quarterly updates, different locations where the projects are listed, and advanced searches. The advanced search tab is beneficial in searching for information on registered projects, an extension of registration, completion certificate, and revocation of registration for different projects.
However, suppose the buyer has to use the advanced search page. In that case, the following details must be filled in, such as district information, planning area/ sub-division, project cost in rupees, and Project area in Sq M.
Step 3: Once you click on search, a list of projects registered in Amritsar under RERA Punjab will be displayed. Hence from that list, you can view the details of the project you want to know about.
When and how should the buyer apply to the appellate tribunal?
In case a buyer has filed a complaint against the developer with the state’s RERA body but is not satisfied with the ruling, the buyer can then file a complaint against the judgment of the State’s RERA decision with the appellate tribunal.
The appeal to the appellate tribunal is covered under section 44 of the RERA Act. Wherein, the person filing the complaint has to fill out Form L and send it to the appellate tribunal office. The form must be downloaded from the website by clicking on the Appellate Tribunal section. From there, click on the real estate appellate tribunal tab. The following window will open, and the link to download the form is available there.
Why should builders go for RERA registration in Punjab?
The builders who are planning to launch their project in Punjab must go for RERA registration in Punjab by visiting the RERA Punjab website. The sole reason builders should opt for RERA registration in Punjab is to receive RERA certification, which can help builders generate the required funds from renowned financial institutions.
With the implementation of the RERA Act, transparency in the entire real sector has improved. This has led to an increased influx of investments in the market from both local and global investors.
To register a project with RERA, the builder needs to visit the RERA website and create an account. Once the account is created, it has to be verified. Before applying through the portal, the builder must keep in handy a list of documents that are required at the time of project registration.
Registration Fees of RERA in Punjab for real estate agents
The real estate agent shall pay a registration fee at the time of application for registration through online mode at the time of online registration, for a sum of Rs.5,000/- in the case of the applicant being an individual. 25,000/- in the case of the applicant being anyone other than an individual.
The validity of the Registration number: Real estate agents will get a certificate number that will be valid for five years.
Renewal of Registration: RERA certificate for agents can be renewed after 5 years. The application fee for a renewal is Rs 3,000 in the case of an individual. 12,000/- in the case of others other than an individual. Renewal granted by RERA will be valid for 5 years.
Documents required for RERA Registration:
- Passport size photograph of agents/ directors /partners
- Copy of Aadhar card of agents /directors/partners
- PAN card of a real estate agent in case of an individual or PAN card of a Firm
- Authenticated copy of the address and proof of the place of business
- Particulars of the Registration including the bye-laws, memorandum of association, articles of association, etc
- Income tax returns for the last 3 years.
Jurisdiction: This Registration number will be valid for the entire state of Punjab. The real estate agent shall maintain and preserve his books of accounts, records, and documents by the provisions of the Income Tax Act, 1961.
CONCLUSION
Lastly, buying or investing in a RERA Punjab registered project is in the best interest of the buyers as they can keep a tab on the progress of the projects. In addition, buyers can also get a timely solution in case of any issues arising with the property they are investing in. RERA Punjab aims to bring transparency and accountability in the entire process of real estate transactions in an ethical manner. Further, getting RERA registrations in Punjab for a project is a very easy process and is highly advisable for builders to opt for it.
What to Know as a First time Home Buyers: Click here
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