RERA Rajasthan- Registration Process, Documents and Everything Else

Scams in the real estate sector have become a common issue nowadays. Often, developers either forget about the projects or make long delays in delivering them. Considering the same, the state government launched a RERA Act to ensure projects are delivered within the stipulated time and that people don’t become the victim of the fraud. 

Recently, RERA Rajasthan canceled the auction proceedings by the Union Bank of India and protected the interest of allottees in Jaipur. Moreover, the authority asked the Bank to hand over ‘Sunrisers’ in the C Scheme area, the under-construction residential projects to RERA. 

The whole point of informing you of this is to make you understand the importance of the RERA Act.

In this section, we are going to focus on the RERA Act Rajasthan. The RERA Rajasthan is a part of the RERA Act, a regulatory body, that is a practice to ensure a transparent system in the real estate sector of Rajasthan. While each state has its own RERA, we are moving on to understanding the RERA Rajasthan process, registration, fees and charges, documents, and everything that there is to know about this state-specific body. 

What is RERA Rajasthan?

The RERA, the Real Estate Regulatory Authority, Act is an initiative commenced with the intent of streaming a transparent regulation in the real estate sector of India. This act demands that all the builders and developers come forward, have themselves registered and submit all the details associated with the project to RERA as it makes headway to achieve the goal of this initiative. Each state in the country has its own RERA which brings RERA Rajasthan to life. 

The reason behind instituting individual RERA to each state is eminently the aim to prevail regularization of the real estate workings within the state. This means that the body which has to work state-specifically will have the responsibility for customaries covering the real estate fittings within the state. The body that looks after this practice in the state of Rajasthan is known as Rajasthan RERA (Raj-RERA).

RERA Rajasthan Functions, Rules and Regulations

The RERA Act Rajsthan looks after different aspects of the real estate industry, from the regulation of the real estate sector as a whole and encouraging transparency and reliability in real estate transactions to setting a standard base to the computation of area and property rates. RERA Rajasthan is dedicated to working into developing an environment that is safe and sound for anyone who is willing to make an investment within the state. It accentuates the rights of home-buyers and enables them to file complaints against developers. 

RERA entails rules for Rajasthan that are divided into different aspects. These aspects include the registration of a real estate project, the collection of fees and registration or renewal charges from the side of agents and promoters and the extension of registered projects. This is the first everybody in the Indian real estate sector that helps approach this sector with transparency and accountability. It is advantageous for both, the buyers as well as the developers. There are many other states of India that practice this regulatory body. 

How Advantageous is RERA- Major Benefits of the RERA Act Rajasthan

Bringing the regulation of the real estate industry in steamline is the prime objective of RERA Act. To make sure it is being practiced efficiently across the country, this regulatory has been divided into state-wise bodies. RERA Rajasthan features a number of benefits including the essential rights one should be aware of. 

Let’s take a look at the benefits of RERA Act Rajasthan:

1. Rate of interest on Default

There was a time when the delay in possession of property by the builder would lead him to pay interest lower to the home buyer. On the other hand, the rate of interest charged would be higher if the homebuyer defaulted. 

As maintained by RERA now,  the rate of interest payable will be the same for both parts if the buyer makes default in payment or reneges in the completion of a project planned by the builder. While once there was no correspondence in the rate of interest payable by both the parties, the RERA Act has launched the sameness for them. 

2. Lower Risk of Builder Insolvency

Earlier the builders used to have their hands on multiple projects that went under progress simultaneously. They were able to change the course of funds from one project to the construction of another one. 

Now that RERA is in the picture, this would not be acted upon anymore. The developers have the liability of 70% of the amount as a deposit which will be reflected in a separate bank account. They can only withdraw the amount from this account upon the completion of a project. The completion must be certified by an architect, civil engineer and a chartered accountant. 

As it has been brought into the effect that the funds cannot be diverted to the development of other projects or any other means of usability, this will form a certitude that the funds are not being used for any other purpose but only for the reasons for which they have been raised. 

It has come into the light a number of times that the developers raised funds from buyers for the construction of their homes and leveraged the same funds for other fulfilments. It often resulted in bankruptcy as a result of which they failed to reach the completion of the property development. 

3. Freedom to Withdrawal for Home Buyers

The RERA act offers homebuyers the right to withdraw from the project that has not been accentuated as per the promises made by the builder. If there is any discrepancy in the project development or the commitments made by the builder appears incongruous then the home buyer holds the power to withdraw from the project. The buyer is also entitled to a complete refund of the amount that was paid in advance along with interest and compensation for the claim. 

4. Advance Payment

Under this act, the developer is not free to have more than the 10% of the total cost of the villa, apartment etc. as application or advance fees before the commencement of an agreement of sale. 

5. Rights of Buyer for Delay in Possession

This act entails the following rights to practice in case the developer fails to lead to the completion of a project on the decided date:

• The buyer can withdraw from the project for which he will also be entitled to the complete refund along with interest to be paid from the due date of completion.
• He can go on with the project till its completion wherein he shall be entitled to compensation with interest payable effective from the due date of completion to the date of actual completion. 

6. Rights of Buyer for Defect After possession

One of the several benefits of the RERA Act is that it allows the builders to practice rights in case of any defect in the construction. If any structural defect or any other kind of defect is discovered in the quality of the project, workmanship or service, it will be rectified by the developer within 30 days at no additional cost. 

In case the builder does not pace up with this, the buyer will have the right to claim compensation for it. Besides that, the buyer can claim compensation if any defect is found in the title of the property after the possession. There is no cap limit for the time within which a buyer has to catch the defect. 

7. Right to Information

Right to information in the RERA Act maintains that the buyer is entitled to all the information and updates associated with the project and its progress including the plan layout and its deployment, stages of completion and any issue arising out of the project. 

8. Establishment of Authority

If there is any grievance resing against the developer, it can be forwarded to the state authority that is set up for RERA. This authority practices the prowess to redress any grievances raised against the developer. If you are not satisfied with your order then you can put forth the appeal with the Appellate Tribunal who will make reparation for your case within a period of 60 days. If they fail to do it, the reasons for the failure shall be recorded. 

If the builder wishes to make an appeal to the Appellate Tribunal against the Authority and their order, he will have to deposit a minimum amount of 30% of the penalty. The percentage may be changed as per the decision by the Appellate Tribunal or the builder shall pay the total amount payable to the allottee which includes interest as well as compensation imposed on him, before the appeal is heard. 

9. Standardized Carpet Area

There was not a defined carpet area on which the price of the property was calculated by the builder. In fact, every builder/developer practised their own way of calculating the carpet area. For instance- while one builder calculates the carpet area for 15 sq ft, the other calculates keeps calculation of the carpet area for 14 sq ft. 

Such differences in the calculation for carpet areas were observed during the time when there was no standard method for computing the carpet area. Now that that the RERA Act has come into the existence, it is clearly set that the calculation of the carpet area has to be done using the same formula by all the builders or developers. 

Wait, what is the carpet area? 

As per what the definition of carpet areas is lit up by law as:

The carpet area refers to the net usable floor area of the apartment. It includes the areas that are covered by the internal partition walls in the apartment. It does not include the area that is covered by the walls situated externally, the area covered under the services shafts, the exclusive verandah or balcony and the area of an exclusive open terrace. 

We can now finally move to the standardisation of the calculation of Carpet Area that has directly impacted the prices in the real estate industry, given how many developers charge upon the carpet area. Here is how builders perform the computation of the carpet area-

Before RERA, the builders used to extortionate the carpet area because of which the rate of the property would go sky-high. Now that the method for this calculation has been crystal clearly brought out by the act, it will be a smooth run down the maths, without any manipulation and inflation in the rates. 

RERA Rajasthan Fees and Charges

Here are the fees and charges related to the Rera Rajasthan which you should know about-

Real Estate Agent Registration Fee and Charges

Here are the charges and fees for RERA Rajasthan registration in the case of a real estate agent:

Required for Registration for RERA Rajasthan

If you are looking for the RERA Rajasthan registration documents that are required to be presented during the process of registration, then you just need to take a look through all that is mentioned below.

Here are the documents required for the RERA Rajasthan registration process for promoters-

• A copy of PAN card 
• Promoter’s Audited balance sheet for the preceding financial year
• The number of total parking areas including each type of parking like open, basement, stilt, mechanical etc.
• A copy of the legal title deed stating the title of the promoter to the land
• Details of encumbrances 
• A copy of the development, collaboration, joint development or other kinds of agreement (Only for the promoters who are not landowners)
• Application form 

Here are the documents required for the RERA Rajasthan registration process for real estate agents-

• A copy of PAN card
• A copy of address proof of the business 
• Details of the enterprise with all the information including its name, type of enterprise (society/proprietorship/partnership/company, etc.) and registered address.
• Photograph of the real estate agent (in case of an individual)
• Photograph of the partner directors (in case of anyone other than an individual)

How to Register for RERA Rajasthan

The process of getting yourself registered on the RERA Rajasthan scheme is quite straightforward. If you are wondering how to do it, take a look at the steps to be followed to register for RERA Rajasthan: 

Step 1: Navigate to the official website of Rera Rajasthan.

Step 2: Now tap and expand the drop-down menu for ‘Online Registration’.

Step 3: Select the ‘Real Estate Project’ or ‘Real Estate Agent’ option.

Step 3: After you choose who you are appearing as you will be redirected to sso.rajasthan.gov.in/signin.  

Step 4: Then you have to select the ‘Registration’ option and choose among ‘Citizen’, ‘Udhyog’ and ‘Govt. Employee’ accordingly.

RERA Benefits for First-time Homebuyers

The RERA act brings a sense of security for those who are on their headway to buying a new home. The entire process has become a smooth errand for new home-buyers ever since the arrival of RERA. This is because, as we have read the benefits of RERA, the rights of a home buyer remain safeguarded and are ensured with their regulation under this act. It tops the whole experience of buying a new home for an individual in a fuss-free phase. 

If you are looking for a property to purchase in Rajasthan then you can hop to the official website of RERA for the concerned state and find the home of your dreams. The decision of choosing the property registered under the RERA Rajasthan will have your back on making an investment with a sane and safe mind. 

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