RERA Jharkhand: RERA Registration, Eligibility, Fees & Rules

The Real Estate Regulatory Authority (RERA) of Jharkhand was established in May 2017. This happened after the implementation of the Real Estate (Regulation and Development) Act of 2016. The act made it mandatory for all promoters, builders, and real estate agents to register themselves under it. This is actually beneficial for the homebuyers, as the act aims to reduce the delays in the project. There is an appellate tribunal that has been established by the authorities. This tribunal is responsible for making sure that all the appeals have been resolved within the period of 60 days. This established the RERA Act as beneficial for buyers. However, promoters too enjoy some significant benefits under the act. The official website of RERA Jharkhand allows promoters to register their projects easily. Promoters can easily gain buyers’ trust with the help of this act. RERA Jharkhand guarantees total transparency between buyers and sellers in addition to being an act created by the government.

The vision of RERA Jharkhand

Jharkhand RERA is all about providing an environment to the real estate sector that is transparent and sustainable while taking care of consumer rights. Another objective defined under RERA is to enhance the investments in the real estate sector and expedite the redressal of complaints and appeals filed under RERA.

Objectives of RERA

Safety: According to the RERA act, a minimum of 70% of the investor’s and buyer’s money will be kept aside in a different account. The money is further disbursed to the builders for the process of land development and construction. Under this act, the developers are not allowed to take more than 10% of the total property cost from the buyer prior to the sale agreement signing.

Clarity:

Every builder needs to present the original documentation related to the project and they cannot make any amendments to the project without the consent of the concerned buyer.

Rightness: As per RERA, the builder can no longer sell the units based on the super-built-up area. The carpet area is what is required to be mentioned while selling the property. In case, the project is delayed, the buyer has every right to get the full sum of money back or to keep the investment and get a monthly investment on the same.

Standardization: With RERA, the builder is ought to fix any wear and tear of the property till 5 years of selling and it should be resolved within 30 days from the day of complaint filing.

Authority: No builder has the right to promote, sell, advertise, or market the property before registering with RERA. After successful registration, the advertisements and brochures about the property should have the mention of a unique RERA number allotted.

Some key points under the Real Estate Act 2016

The real Estate sector has emerged as the hero industry in recent years but when it comes to the aspect of consumer protection, the industry has been highly unregulated. Though there are many laws for consumer protection, they are majorly curative and hardly preventive. In 2016, the Government of India had put forward the Real Estate Act and all of its sections became effective from May 1st, 2017. Here are all the sections that are mentioned in the Real Estate Act 2016:

RERA and Appellate Tribunal

In this section, the government should take necessary steps and establish the Real Estate Regulatory Authority in the Union Territories and States for promoting Real Estate. The responsibility of this authority is to deliver a transparent and healthy promotion for the real estate sector while keeping intact the requirements of real estate agents, promoters, and allotees. It is also responsible for swift redressal of disputes which are regarding the real estate projects registered with RERA. The government in power should also operate an Appellate Tribunal, to hear the appeals based on the orders and directives of RERA. An appeal filed in the grievance of the directives and orders of RERA shall be heard by the Appellate Tribunal which will further expedite the hearing.

Registration of Real Estate Projects

Every project be it a residential one or a commercial one should be registered with RERA unless:

The proposed area for development is less than five hundred square meters
The number of units to be developed is 8 or less than including all the phases
The promoter has the occupancy certificate of the property before the act became effective
The purpose is renovation or improvement, and which does not involve any kind of unit development, advertising, or marketing

Registration of Real Estate Agents

Every real estate agent should get themselves registered with RERA. Any real estate agent should not encourage the promotion or sale of any property on behalf of a third party unless he/she is fully registered with the Real Estate Regulation Authority. In case, the real estate agents skip the process of registration, they are liable to pay a penalty of ten thousand rupees daily till the default continues.

What is the process of project RERA registration Jharkhand online by a promoter/developer?

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 RERA registration Jharkhand by a promoter/developer

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 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 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 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

What is the process of agent RERA registration Jharkhand online?

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 RERA registration Jharkhand

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
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
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

Latest News

In May 2023, RERA Jharkhand decided to investigate the cash transactions sellers or buyers use at the time of purchasing a property. This was done to get leads on the trails of the black money used in the real estate market through transactions. Instructions for the investigation came directly from the government of India. If RERA Jharkhand finds any such case, they need to report the case under the Prevention of Money Law and Industry Act 2022. These crucial instructions were also shared with the Urban Development Department. These black money transactions in real estate are not new in India. The decision was made to put an end to this trend completely.

In a nutshell

Overall, RERA Jharkhand is a crucial requirement for the betterment of buyers, sellers, and promoters. The requirement has been fulfilled, and all three parties can now enjoy the benefits that RERA Jharkhand provides them. Tailing the black money is another beneficial aspect of the act, as black money transactions can lead to fraud and scams. With all that, RERA Jharkhand is turning out to be a boon for homebuyers and sellers, promoting complete transparency. However, things are a little tough for black money users with the implementation of the RERA Act in Jharkhand.