RERA Sikkim: RERA Registration Process, Eligibility & Fees

According to the RERA rules, every state should introduce their RERA act after the central government. Most states have already implemented this act. Therefore, you should know about the RERA applicability if you are a home buyer or investor. This article will help you to get all the necessary information about Sikkim RERA rules.

The RERA act was implemented by the Indian Parliament with the intention of bringing transparency in the industry. All the important information about the industry is now visible on the official website of RERA. You can get information about flat numbers, carpet area, units sold, construction timeline and all the regulatory documents certified by the local municipal authority.

What Is Sikkim RERA? 

Everyone knows that even a promising law can be duplicative until it has been executed effectively. Hence, the first goal of any act should be to implement it effectively. After enacting the RERA act, the central government of India asked every state to notify their regulations and policies. However, some of the states were unable to build a website as acknowledged in the act. Then, the central government appointed a group of special members to six northeastern states; Sikkim, Assam, Arunachal Pradesh, Nagaland, Manipur and Meghalaya.

Therefore, you can see how the RERA act came into force in Sikkim. Thus, Sikkim RERA is nothing but the RERA act that is being implemented very smoothly and promptly. The act not only ensures the growth of the real estate industry but also encourages home buyers to invest without worrying.

RERA Act Summary 

Here are some of the major characteristics of the RERA Act. 

• Under section 20, the establishment of the RERA act in every state for adjudicating and monitoring real estate projects is mandatory.
• The RERA shall reject or approve an application of Registration within thirty days of submission. Otherwise, it will be considered as an acceptance of the application. (Section 5)
• Developers should not charge more than 10% of the project from the buyers. (Section 13)
• Developers should deposit at least 70 per cent of the amount received from the investors or buyers in a different bank account.
• An insurance policy of the property and construction is mandatory for every project. (Section 16)
• In case of any bankruptcy, both buyer and developer will have to pay the interest rates.
• The developer will be responsible to compensate the buyers if any damage occurs due to a faulty land title.
• If a developer is unable to comply with the orders of the RERA act then it can lead to imprisonment for up to 3 years or 10% of the project cost or both.
• Under section 43 & 44, fast track dispute resolution mechanism for settlement of real estate disputes through dedicated adjudicating officers.
• No developer can transfer his rights of a property to a different party without any consent letter from the 2/3rd allottees. 

Process Of RERA Registration In Sikkim 

All the residential and commercial real estate properties should be registered under the RERA Sikkim act. As a developer or builder, one should submit required documents along with the prescribed fees except in properties where:

• The Developer has received the certificate of completion of the project before commencement of the act.
• The area of the project should be less than 500 square metres.
• The number of apartments should be less than 8.
• Any existing structure that doesn’t involve marketing, advertising or selling of any plot.

Required Documents For RERA Registration In Sikkim 

• PAN card of the developer.
• Builder’s balance sheet and ITR of the last 3 years.
• The builder should clarify all the information about the apartment such as the number of floors, parking area, carpet area and others.
• Address proof of the place of the business.
• Self-declaration of the builder for the legal rights of the land with proof.
• Information of the land such as title, rights, mortgage and more.
• In case the builder is not the legal owner of the property, a consent letter from the real owner with proper documents are required.
• Information about the project such as layout plan, drawing, location map, sanctioned plan and others.
• Documents of ownership such as the agreement of sale and allotment letter.
• Details of the involved people like Architects, Engineers, Accountants and many others.

RERA Registration For Real Estate Agents In Sikkim 

• First, file an application form with proper documents and fees.
• The Regulator will give you a Registration Number which will be needed to mention in every sale of properties.
• If you are a builder then you will have to upload information such as accounts, records, transactions and many others on the website of RERA quarterly.
• All the information about the project and documents should be shared with the buyers.
• If an agent is found to be fraudulent during the registration process then he/she may be suspended. Any misinterpretation of the documents will be declared as a fraud.

Note: The Status Of RERA Implementation in Sikkim will be notified soon.

How To File A Complaint Under RERA? 

Under section 31 of the Real Estate Regulation and Development Act, 2016, complaints can be filed either with the adjudicating officer or the Real Estate Regulatory Authority (RERA). These types of complaints should be against the developers, agents or allottees. However, a complaint can only be filed if the project is registered with RERA within the prescribed timeline. Violation of provisions under the Act or the rules framed under RERA is not tolerated. You can check the RERA case status or withdraw a case from the state RERA website.

Also read : Odisha RERA: Real Estate Regulatory Authority

FAQs About RERA In Sikkim