The Real Estate Regulatory Authority (RERA) Jharkhand makes sure that prospective homebuyers’ interests are safeguarded while enabling real estate developers and agents to offer top-notch services to industry prospects.

The authority has also established an Appellate Tribunal where consumers who are unhappy with the authority’s decision or order can appeal. This was done in order to ensure quick grievance redress. The Appellate Tribunal must guarantee that the appeal is heard and decided within 60 days. Under the Act, registration is mandatory for all real estate agents. According to the Act, real estate agents are not permitted to advertise in any way the sale or purchase of a real estate property unless they have registered with the Act.

Objectives of Jharkhand RERA 

Jharkhand RERA is intended to provide a transparent and sustainable environment to the real estate sector while taking care of consumer rights. Moreover, the RERA encourages investments in the real estate sector and expedites the redressal of complaints and appeals filed under the RERA.

Safety 

As per the RERA act, a minimum of 70% of the investor’s and buyer’s money is kept aside in a separate account. The amount is further disbursed to the builders for construction and development purposes. The act does not allow developers to receive more than 10% of the total cost of the project as advance payment from the buyer prior to the signing of the sale agreement. 

Clarity

Every developer must provide the original project documentation, and they are not allowed to modify the project without the buyer in question’s permission. 

Rightness

As per RERA, the builder can only sell the units based on carpet area instead of a super-built-up area. The buyer has every right to get a full refund of the amount or to keep the investment and get monthly interest on the same. 

Standardization

The builder is required to provide resolution to the disputes of the buyers pertaining to the property till 5 years of selling it, and it should be sorted within 30 days from the day of complaint filing. 

Authority

Builders are not allowed to promote, sell, advertise, or market the property without registering it with RERA. The advertisement and brochures of the property must mention the unique RERA number after a successful registration. 

Some key points under the real estate act 2016

The real estate sector has been growing in recent years, but considering the aspect of consumer protection, the industry was highly unregulated. Despite the numerous consumer protection laws in place, they are mostly curative and rarely preventive. The Government of India had put forward the Real Estate Act in 2016, and all of its sections became effective from May 1st, 2017.

RERA and Appellate Tribunal

In order to promote real estate, the government should implement the necessary measures and create the Real Estate Regulatory Authority in the Union Territories and States. This authority has the duty to maintain the needs of real estate agents, promoters, and allottees while providing a transparent and healthy promotion for the real estate industry. It is also in charge of quickly resolving disputes involving real estate projects that have registered with RERA. To hear appeals based on RERA’s orders and directives, the current administration should also operate an appellate tribunal. The Appellate Tribunal will expedite the hearing process by hearing any appeals made in response to complaints regarding RERA’s directives and orders.

Registration of real estate projects 

Every commercial and residential project is required to get registered with RERA, except: 

  • The proposed project has an area of less than five hundred square meters 
  • The proposed project with a number of residential units is 8 or less including all the phases 
  • The promoter has received the occupancy certificate of the property before the commencement of the RERA Act 
  • If the project is being renovated which does not involve any kind of unit development, advertising, or marketing

Registration of Real Estate Agents

Every real estate agent must register themselves with RERA. Agents are not allowed to encourage the promotion or sale of any property without getting registered with the RERA. real estate agents are liable to a penalty of Rs 10,000 daily till the default continues.

Process of project registration under Jharkhand RERA

  • Go to the official page of Jharkhand RERA
  • Click on the Registration tab and select the option of developer/promoter
  • Select the user type as Developer/Promoter 
  • Fill in the required details and click on Register Now

Required documents for project registration 

  • A copy of the PAN card that is authenticated
  • The balance sheet of the promoter from the previous year which is audited
  • Income Tax Returns of the promoter from the last three years which is audited
  • Documents of parking area whether closed or open
  • If the promoter registers herself/himself as an individual, the proof of residence, contact details, and photographs of the promoter are required
  • If the promoter has not paid the registration fee online then, the banker’s cheque or the demand draft should also be produced by the promoter
  • Documents that state the action of completion and status of the project which is inclusive of the layout plans, the authentic and approved plan, documents mentioning any amendments done recently
  • If the property is owned by a third party, the promoter needs to present the legal deed which includes the title of the promoter to the property
  • If the promoter does not own the property, the consent and a copy of the development agreement or collaboration agreement is required to be produced by the promoter
  • If it is plotted development, the promoter needs to produce the documents which state the plot areas being allotted
  • Documents stating the size of the property based on carpet area

Agent registration process

  • Go to the official page of Jharkhand RERA
  • Click on the Registration tab 
  • Select the user type as Agent
  • Fill in all the required details and click on ‘Register Now’

Required documents for agent

  • The agent needs to submit a written application to the Authority in Form H
  • A copy of the PAN card that is authenticated
  • A copy of the proof of address that is authenticated
  • Documents stating the details of the enterprise
  • If he/she has ITR Filling exemption, the agent needs to produce a declaration of the same
  • If the promoter has not paid the registration fee online then, the banker’s cheque or the demand draft should also be produced by the promoter
  • Documents stating the type of registration that whether the enterprise is private, or in partnership
  • If the agent is registering as an individual, the contact details, proof of address, and photographs are required
  • Income Tax Returns of the last three years

Jharkhand RERA is all about safeguarding consumers from fraudulent activities while keeping intact the flow of investment in real estate.

Follow and Connect with us: Twitter, Facebook, Linkedin, Instagram

RELATED ARTICLESMORE FROM AUTHOR