What is the Fee for RERA Registration in Delhi? A Complete Guide

What is the Fee for RERA Registration in Delhi? A Complete Guide

Real Estate (Regulation and Development) Act, which is well-known as RERA was passed in 2016 to restore the buyers’ faith and bring about order in the unorganized Indian real estate business. Within a very short stint of its existence RERA has proven to be a boon for home buyers builders as well as real estate agents. All real estate and housing projects, agents, and promoters in Delhi need to register under RERA as it does in other states. This blog covers all the fees for RERA registration in Delhi for both real estate projects and agents operated under this act, as well as the advantages of registration under RERA.

What is Delhi RERA?

Delhi RERA is the regulatory authority set up under the RERA Act concerned with the regulation of the real estate sector within the NCT of Delhi. Its mandate is to regulate the conduct of real estate transactions and protection of interest of purchasers. The authority is also responsible for the registration of real estate deals and also the real estate consultants and also the management of disputes of homebuyers and developers.

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Delhi Real Estate Regulatory Authority (RERA) Registration

As established by the RERA Act all new and continuing real estate projects that have a land area of 5000 square meters or more units as well as eight units of apartments must subscribe with the RERA authority before the project can be advertised or sold. In Delhi, registration of such projects is now possible, which is going to add transparency and credibility to the real estate sector.

Delhi RERA Project registration fee

Registration fee related to Delhi RERA differ from the type and size of the real estate project you want to register. Heres a breakdown of the fees:

For Residential Projects:

?10 per square meter for the development of the residential projects.

The scale of fee is restricted from ?50000/- to ?500000/-.

For Commercial Projects:

It charged ?20 per square meter for developing commercial projects.

The minimum is one lakh and the maximum is ten lacs or ten thousand.)

For Mixed Development Projects (Residential and Commercial):

The minimum charges that were proposed in the current context of mixed development projects are fifteen rupees per square meter.

It costs ?1,00,000 as the least fee and ?7,00,000 as the highest fee.

For Plotted Development:

?5 per square meter.

The minimum fee ranges from ? 25000 to a maximum amount of ? 200000.

Delhi RERA: REAL ESTATE AGENTS ONLINE REGISTRATION AND THE PROCESS

In property market, real estate agents act as the link between the buyer and sellers of properties in the market. Any person/ entity involved in the business of real estate in Delhi requires getting registered with the Delhi RERA as per the provisions of RERA Act. This registration is for the protection of potential homeowners in order to work only with responsible and answerable agents.

How much Delhi RERA charge for the registration of Agent?

The registration fees for real estate agents under Delhi RERA vary depending on whether the applicant is an individual or a company:

For Individual Agents:

Registration Fee: ?10,000

Renewal Fee: ? 5,000/- payable for each unit every five years.

For Corporate Entities:

Registration Fee: ?50,000

Renewal Fee: ? 25,000 (which is issued for a period of five years and valid for renewal after every five years).

When registering the business the applicant is required to fill and accompany the application form with the following: personal and business information, any previous convictions or litigations. On registration, the agent is issued with a number and this number and the letters B R O must be quoted in all property related transactions and advertising.

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The project is registered under the Delhi RERA (Real Estate Regulatory Authority) Authority

The Delhi RERA has displayed a list of all registered projects on its official website to ensure that consumers are protected. This register is available to the public and; the project name, the location, promoter’s information, registration number, project status and timelines. To this, one must remember that free of cost users can examine project details and confirm the credibility of a particular project.

Advantages of Investing in Delhi RERA Registered Projects

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Transparency: All registered projects must give full project plan, layout, the projected time of completion and all the financial disclosure to the buyer.

Timely Delivery: List of RTI Act depends on the projects which must be fulfilled and delivered to the consumers within a given time period and one of the functions of RERA is to saw to it that this be done. The interest or compensation is charged on the developer in the event that a project was to be delayed.

Quality Assurance: The promoters of the projects are required to bear the expense of taking structural remedies for a period of five years from the date of taking possession. This provides the buyers with confidence in the construction work being done by the contractors successfully.

Legal Recourse: As mentioned by the provisions of the Act, there exists transactional issues and disputes concerning the buyers that can be sought solution from Delhi RERA. This legal support will in a way guarantee the rights of the homebuyers are safeguarded.

Financial Discipline: To guarantee the integrity of those funds a developer is allowed to spend only 30% of the money while the remaining 70% must be placed in an escrow account for the specific project.

How to Register a Project or Agent with Delhi RERA

For a project registration or as an agent in Delhi RERA, then the applicant has to go to the official website of Delhi RERA and apply through an online form. They must scan and upload the documents that was required from them such as their identification documents, residential proof, their project proposal and proof of having paid the registration fee.

Conclusion

Real Estate Regulation Act registration for housing projects in Delhi is beneficial to prevent unscrupulous practices in the sector. For each stakeholder; the buyer, the developer or the concerned agent on the ground has the capacity to benefit from the insight on the fees involved and the procedure to follow in order to register with RERA. The policy provides security and transparency to the buyers and sellers through RERA thus helping the capital city of the country to have a healthier and more reliable property market.