With the aim of bringing transparency, the government of India established the Real Estate Regulatory Authority (RERA) and ordered each state to establish its own set of RERA provisions under the Real Estate (Regulations and Development) Act, 2016.
Under the Real Estate (Regulation and Development) Act, 2016, Andhra Pradesh RERA was established. The state governor had already published the Real Estate (Regulations and Development) Act 2017. The Act was notified on March 27, 2017, and came into effect on May 1, 2017. Developers, builders, and real estate agents must follow the norms of the RERA Act.
Objectives & Features Of Andhra Pradesh RERA
The emergence of RERA Andhra Pradesh made it easy for buyers to easily access all the details related to real estate projects. Here are some of the features and objectives of the APRERA.
- AP RERA approaches to address the buyer’s grievances related to real estate.
- This regulatory body has the whole authority of the reals estate sector and regulates every activity from construction, dealings top transactions for both commercial and residential projects.
- Under the AP RERA provisions, both buyers and sellers are required to publish every detail of the real estate project on the official website of AP RERA. This information includes the project plan, land title status, approval certificates, layout plan, plan for development, complete schedule, etc.
- The developer is required to pay compensation if he fails to complete the construction of the project within the deadline given.
- To protect the buyers’ interest the Act aims to bring accountability in the real estate sector.
- AP RERA intended to bring transparency to the real estate sector in order to reduce the chances of promoters and agents defrauding buyers.
- AP RERA governs real estate to ensure professionalism in the industry.
- It establishes the symmetry of information between real estate dealers and buyers.
- It established a fast mechanism to provide speedy resolution to real estate disputes among buyers and sellers.
- The RERA act has forced some responsibilities on both buyers and real estate dealers.
- With good governance in the real estate sector, it aims to encourage investments and investor confidence.
How to register a project with Andhra Pradesh RERA?
The registration process is simple and can be done online as well as offline. It is crucial to read and understand the guidelines before filling out forms.
Here are the steps that you will need to follow during registration with RERA:
- First, visit the official AP RERA website, then select “Project Registration” under the registration tab on the homepage.
- Now, click on “New Project” to register a new project or select “Existing Project” to update an old project under AP RERA.
- Fill in the required details on the form such as PAN number, Adhaar details, location details, GST number, license number, contact details, and bank account details along with the latest bank account statement.
- After filling in all the information click on “Save and Continue”.
- Finally, make the payment for the registration fee to successfully register the project under AP RERA.
Agent registration under Andhra Pradesh RERA
- Go to the official website of AP RERA and click on “Agent Registration” under the “Registration” tab.
- Select as per the case whether you are a new or existing registered agent.
- A form will appear, then you have to fill in the required details in the form and upload all the relevant documents.
- Now, pay the registration fee to complete your registration process.
Applicability Of AP RERA
- The Act is applicable to all new real estate projects, including areas of more than 500 square meters or residential apartments with more than 8 units, in all phases. It includes plots, apartments, etc.
- As of the date of AP RERA’s commencement, i.e.., 01/05/2017, it is applicable to all active projects (aside from those listed below).
- handling of layout projects, such as open spaces, roads, services, and amenities, by the local authority.
- laying of slabs in housing developments.
- Up to 50% of the homes, apartments or other structures have executed sales or deeds before development projects are finished.
- Finishing up the necessary preparation work and submitting a request to the appropriate authority for the issuance of a certificate of completion or occupancy
Required documents for RERA Registration
For real estate developers
- Documents for information of the promoter include PAN Card, passport size photographs, address proof, etc.
- Financial statement declaration document (Audited sheet of balance, profit and loss statement, ITR, statement of cash flow, etc.)
- The project information with all the fitting documents (details of land encumbrance, plans for development, plans for layout, details of the location, deed of title, certificate of structural stability, etc.)
- Bank account details where the funds for the project are saved.
For real estate agents
- PAN card
- Adhaar card
- Agent or entities contact details
- Enterprise information
- Details of litigations
How to check the RERA application status
- Visit the official website of AP RERA
- Navigate to the “Registered” tab under this option select “Project”.
- You can access all the details of the project and its status.
Moreover, you can download the list of projects as a Word or Excel file.
Process of filing a complaint under AP RERA
- Visit the AP RERA official website at rera.ap.gov.in, click on “Registration” and select “Complaint registration” from the drop-down options.
- A form called C1 will appear which needs to be filled and submitted with all the relevant documents for the complaint registration.
- Select “save and continue” on each page and submit the complaint form at last.
Grading Of Agents Under AP RERA
To make the real estate sector efficient and transparent, along with narrowing the trust deficit in the market, AP RERA is soon to adopt a system that will be used to grade the real estate agents in the state. The buyers will understand the value of working with a good agent with the aid of agent grading.
Earlier, buyers relied on personal recommendations to find a good agent. But now that the AP RERA has made information available to them, they can access the sincerity and effectiveness of agents. Grading of agents will begin soon, using the information and documents submitted by brokers during RERA AP registration, and will increase accountability in the real estate market.
A number of factors, including information about real estate partners, legal matters, clearances, prior projects for which the agent facilitated sales, the broker’s financial stability, a balance sheet, and IT returns, will be examined in order to grade the broker. The real estate agent’s agency will also be monitored by RERA throughout the tenure in addition to all of the above.
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