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:
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:
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