Real Estate Practice in India

Understanding Real Estate Practice or RERA Registration and Guidelines

The Real Estate (Regulation and Development) Act, of 2016, the Transfer of Property Act, of 1882, and the Registration Act, of 1908 are all important legislation affecting the country's real estate landscape. As a result, whether you intend to invest in real estate or currently own property, you must have a fundamental awareness of these rules.

How to get a Real Estate Practice license?

To practice real estate in India, you must first register with RERA (Real Estate Regulatory Authority). The Real Estate (Regulation and Development) Act of 2016 regulated and structured real estate enterprises to make transactions easier for house purchasers and brokers alike. The RERA registration process and costs differ per state.

The agent should register for Professional Tax Registration and RERA registration (PTR). PTR refers to the tax charged by each state on professional services performed in the territory. The state tax agency charges the agent a fee (the amount varies by state), and this registration certificate must get renewed.

How to register for Real estate practice under RERA?

The real estate practice registration procedure under RERA varies by state, much like the payments necessary to receive a license. In Delhi, for a real estate practice the agent must complete Form G and submit it to the appropriate body for registration. In Haryana, the application form is REA-I, but in Rajasthan, a written application is on form H. Besides the completed application form.For the RERA registration requires the applicant to properly completed the application form on hand. Aside from that, submit the following documents:

• Verified copy documents for the business's address proof, email address, and phone number.
• Copy of PAN card document.
• Name, contact information, a portrait, and the address of the real estate agent as well as the directors or partners.
• Submit your previous three years of Income Tax Returns.
• Name, kind of business (corporation, society, sole proprietorship, etc.), and registered address of the company.
• If it is a real estate agency, specifics of the agency, submit documents including the moa (Memorandum of Association), bylaws, and AOA(Articles of Association).
• Details about registration in any other state (if applicable).
• Any criminal or civil cases filed against the real estate agent or his/her firm.
• Copies of letterheads, rubber stamp pictures, and acknowledgment receipts that the agent wants to use.
• Information on the real estate projects, promoters, and advertisements that the real estate agent worked with throughout the last five years to conduct business.

The authorities issue the certificate to the agent within 30 days of receiving the application. If the agent is found to be involved in unfair commercial practices, he or she will face up to a year in prison. If the regulatory body determines that the agent has violated the terms of the Act, the license may get revoked.

RERA or Real Estate practice certification process:

1. Paperwork Completion: To begin the procedure, the RERA enrolment form must be filled out and the required papers must be attached.
2. Verification: Document verification of all the documents submitted for the process.
3. Form completion: Fill out the registration with the help of online legal advice in India.
4. Work Complete: After creating an account with the Real Estate Regulatory Authority (RERA), the registration number will be provided.