1. Understanding RERA: The Pillar of Real Estate Integrity
RERA was enacted to protect the interests of homebuyers and boost investments in the real estate sector. It mandates that every real estate project (with minor exceptions) and every real estate agent must be registered with the respective State Regulatory Authority.
Why RERA Registration is Non-Negotiable
The law is clear: No promoter shall advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, in any real estate project, without registering the project with the Real Estate Regulatory Authority.
For agents, the mandate is equally strict. Facilitating a sale in an unregistered project or operating without an individual RERA license can lead to heavy daily penalties and even the suspension of your business operations.
2. Who Needs RERA Registration?
At our GST Suvidha Center, we categorize RERA applicants into two primary verticals:
A. Real Estate Promoters / Developers
Registration is mandatory for:
- New Projects: Any residential or commercial project where the land area exceeds 500 square meters.
- Apartment Threshold: Any project that proposes to develop more than 8 apartments (inclusive of all phases).
- Ongoing Projects: Projects that did not receive a Completion Certificate (CC) before the commencement of the Act.
B. Real Estate Agents
Any person or entity who negotiates or acts on behalf of one person in a transaction of transfer of his plot, apartment, or building must be registered. This includes:
- Individual Brokers
- Partnership Firms / LLPs
- Private Limited Companies
- Proprietorship Firms
3. The GST Suvidha Center Advantage in RERA Filing
Filing for RERA is significantly more complex than a standard GST return. It requires a meticulous blend of legal documentation, financial auditing, and technical project details.
Our Service Spectrum
- Project Registration: Comprehensive filing for developers, including phase-wise registration.
- Agent Licensing: Fast-track registration for brokers to ensure they can legally earn commissions.
- Quarterly Compliance Updates: RERA requires developers to update project progress (photos, units sold, approvals) every quarter. We manage this entire backend process.
- Extension Applications: If your project is delayed due to “Force Majeure” or other valid reasons, we handle the extension filings with the Authority.
- Financial Audit & Form 5 Filing: Ensuring that 70% of the funds are maintained in a separate escrow account and audited annually by a CA.
4. Comprehensive Documentation Checklist
One of the primary reasons RERA applications get rejected is “incomplete documentation.” Our team at PCACHARY performs a pre-audit of your documents before submission.
For Promoters (Project Registration)
| Category | Required Documents |
|---|---|
| Identity | PAN Card, Aadhaar of Promoters/Directors, Photographs. |
| Legal Title | Certified copy of the Title Deed, Non-encumbrance certificate from a revenue authority. |
| Financials | Audited Balance Sheet (last 3 years), Income Tax Returns, Cash flow statements. |
| Approvals | Sanctioned Plan, Layout Plan, Commencement Certificate, Allotment Letter. |
| Project Details | Carpet area details, Number of parking slots, List of amenities. |
| Collaborations | Details of Architects, Structural Engineers, and Real Estate Agents involved. |
For Real Estate Agents
- Identity Proof: PAN Card and Aadhaar (Mandatory).
- Business Address Proof: Electricity bill or Rent Agreement of the office space.
- Enterprise Details: If a company, the MoA, AoA, and Certificate of Incorporation.
- Past Experience: Details of registration in other states (if any) and any past litigation history.
5. The Financial Guardrail: The 70% Escrow Rule
Perhaps the most critical aspect of RERA for developers is the Section 4(2)(l)(D) compliance.
The Rule: 70% of the amounts realized for the real estate project from the allottees must be deposited in a separate account maintained in a scheduled bank to cover the cost of construction and the land cost.
How We Assist:
- Escrow Setup: We help in the documentation required to open RERA-compliant bank accounts.
- Withdrawal Certification: We coordinate with Chartered Accountants, Architects, and Engineers to provide the necessary certificates required to withdraw funds in proportion to the percentage of completion.
6. Penalties for Non-Compliance (A Cautionary Note)
As your intellectual partner, we prioritize truth over agreement. The costs of avoiding RERA registration are far higher than the nominal fees of compliance.
- For Developers: A penalty of up to 10% of the estimated cost of the real estate project. Continued non-compliance can lead to imprisonment for up to 3 years.
- For Agents: A penalty of ₹10,000 per day during which the default continues, which may cumulatively extend up to 5% of the cost of the property.
- Misrepresentation: Providing false information in the application can attract a penalty of 5% of the project cost.
7. Why Choose Purna Chandra Achary (GST Suvidha Center WB 093)?
Navigating the RERA portal requires technical “know-how” and legal precision. Many businesspersons struggle with the “tech-savvy” nature of these digital gateways.
- Zero Technical Burden: You provide the documents; we handle the portal.
- Cost-Effective: As part of the GST Jan Suvidha Kendra network, we offer “nominal and reasonable rates” that are significantly lower than high-end legal firms.
- Personalized Solutions: Every real estate project is unique. We provide solutions tailored to your specific land title and project structure.
- End-to-End Support: From the first “Application Reference Number” (ARN) to the final “RERA Registration Certificate,” we are with you.
8. Conclusion: Building a Legacy of Trust
In the modern Indian economy, “Transparency is the new Currency.” By registering under RERA, you aren’t just following a law; you are telling your customers that their investment is safe. You are telling the banks that your project is fundable. You are telling the market that you are a professional.
Let PCACHARY (GST Suvidha Center) be the engine that handles your regulatory burden while you focus on building the skylines of tomorrow.
Ready to get your RERA License?
Contact our Budge Budge, Kolkata Office today:
- Name: Purna Chandra Achary (Channel Partner)
- Center Code: GSC WB093
- WhatsApp/Call: +91 9836812177
- Email: connect@pcachary.in
- Website: pcachary.in
