What is the RERA Enrolment Duration?
Every dealer’s real estate authority (RERA) license becomes active from the issue date. One can extend the permit for another five years after filling the form 60 days before the expiration date.
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Tag: <span>Real Estate</span>
Documents Required for RERA Registration To Become a Real Estate Agent in India
For RERA registration, the broker or real estate agent must have a duly filled application form ready. Apart from this, the following documents are required to be submitted:
- Authenticated copy of the address proof, email address, and phone number of the place from where the business will operate.
- Authenticated copy of the agent’s PAN card.
- Name, contact details, photograph, and address of the real estate agent and the directors or partners.
- The last three years’ Income Tax Returns.
- Name, type of enterprise (company, societies, proprietorship, partnership, etc.), and registered address of the enterprise.
- If it’s a real estate agency, then particulars of the agency, including the MoA (Memorandum of Association), byelaws, and AoA (Articles of Association), must be submitted.
- Registration details in any other state (if applicable).
- Details of any criminal/civil cases pending against the real estate agent or his/her company.
- Copies of acknowledgment receipts, letterheads, and rubber stamp images that the agent wishes to use.
- Details of the real estate projects, promoters, and their advertisers with whom the real estate agent associated for business in the last five years.
RERA Guidelines on Registration of Real Estate Agents and Brokers
The Real Estate (Regulation and Development) Act 2016 launched the Real Estate Regulatory Authority (RERA) with the aim to enhance transparency and accountability in real estate transactions and organize the whole process. The Act requires every real estate agent to register with their state’s respective real estate regulatory authority to procure a RERA registration number/license. Once issued, the license will be valid for five years.
As per RERA guidelines, a RERA registered/licensed real estate agent shall
- not facilitate the purchase/sale of any unregistered property.
- obey the rules stated in the Act.
- not indulge in any unfair trade practices such as making a statement (orally or in writing) that is false and misleading or allowing the advertisement of services that will most likely not be offered.
- facilitate the possession of all the documents and information that the homebuyer is entitled to at the time he/she books any apartment, plot, or building.
RERA Act regulates real estate transactions and ensures that home buyers have access to licensed, responsible agents without having to worry about being misled or cheated. Security, fairness, authorization, transparency, and quality are all taken care of by RERA. It offers a number of benefits to the promoter, the buyer, and the real estate agent as well
How to become a real estate agent?
To become a property dealer in India, it is necessary to obtain registration under RERA (Real Estate Regulatory Authority). The Real Estate (Regulation and Development) Act 2016 has regulated and organized real estate businesses so as to facilitate home buyers and agents alike in their transactions. The RERA registration process and its fees vary across states.
In addition to RERA registration, the agent should also apply for Professional Tax Registration (PTR). PTR refers to the tax imposed by every state for performing professional services in the region. The state tax department provides a PTR to the agent by charging a fee (the fee varies between states), and this registration certificate must be renewed annually.
What is a Real Estate Agent?
A real estate agent is one who connects buyers and sellers for real estate transactions and acts as a mediator or representative in their negotiations. Real estate agents are licensed professionals who work for a real estate broker (a brokerage firm or an individual) who possess a specialized license and more experience.
Whether you’re selling or buying property, a real estate agent will help you close the deal keeping all your requirements in mind. He/she will guide you at every step, from property research to closing the real estate transaction. Generally, the agent’s fee includes a percentage of the property sale price. Before reading about how to become a real estate agent in India, here’s a list of the general duties of real estate agents that include research, administrative work, and marketing:
- Schedule appointments and presentations
- Determine client’s financial abilities and needs
- Update property listings
- Answer emails and phone calls
- Search open listings and find properties
- Carry out comparative real estate market analysis
- Draft documents (leases, closing statements, deeds, contracts, etc.) and deliver them
- Stay up to date with real estate trends, markets, and best practices
- Network with local businesses and potential clients
- Prepare and distribute promotional material
- Run advertising campaigns
- Manage their social media/online presence
- Build a business website or blog
Real estate Business is a property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.In terms of law, real is in relation to land property and is different from personal property while estatemeans the “interest” a person has in that land property.
Real estate is defined as the land and any permanent structures, like a home, or improvements attached to the land, whether natural or man-made. Real estate is a form of real property.
Real estate is different from personal property, which is not permanently attached to the land, such as vehicles, boats, jewelry, furniture, tools and the rolling stock of a farm.
What is real estate ?
Real estate is a property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.In terms of law, real is in relation to land property and is different from personal property while estate means the “interest” a person has in that land property.
Real estate is defined as the land and any permanent structures, like a home, or improvements attached to the land, whether natural or man-made. Real estate is a form of real property.
Real estate is different from personal property, which is not permanently attached to the land, such as vehicles, boats, jewelry, furniture, tools and the rolling stock of a farm.
What is the Rera and what benefit of Rera in Real estate :-
Rera full form in real estate :-
Rera Full form is Real Estate Regulatory Authority(RERA)
The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The Act establishes a Real Estate Regulatory Authority (RERA) in each state for regulation of the real estate sector and also acts as an adjudicating body for speedy dispute resolution. The bill was passed by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016. The Act came into force on 1 May 2016 with 61 of 92 sections notified. The remaining provisions came into force on 1 May 2017. The Central and state governments are liable to notify the Rules under the Act within a statutory period of six months.
Real Estate (Regulation and Development) Act, 2016 Parliament of India
- An Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment of building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and for matters connected therewith or incidental thereto.
Citation No. 16 of 2016 Passed by Parliament of India Passed 15 March 2016 Enacted 25 March 2016 Passed 10 March 2016 Assented to 25 March 2016 Commenced 1 May 2016 – 61 of 92 sections notified
1 May 2017 – Remaining 31 Sections notifiedLegislative history Bill titleReal Estate (Regulation and Development) Bill, 2016Bill citation XLVI-C of 2013 Bill published on14 August 2013 Introduced by Dr. Girija Vyas, Minister of Housing and Urban Poverty Alleviation
Rera full form in real estate :-
Rera Full form is Real Estate Regulatory Authority (RERA)
The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The Act establishes a Real Estate Regulatory Authority (RERA) in each state for regulation of the real estate sector and also acts as an adjudicating body for speedy dispute resolution. The bill was passed by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016. The Act came into force on 1 May 2016 with 61 of 92 sections notified. The remaining provisions came into force on 1 May 2017. The Central and state governments are liable to notify the Rules under the Act within a statutory period of six months.
Real Estate (Regulation and Development) Act, 2016 Parliament of India
- An Act to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment of building, as the case may be, or sale of real estate project, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector and to establish an adjudicating mechanism for speedy dispute redressal and also to establish the Appellate Tribunal to hear appeals from the decisions, directions or orders of the Real Estate Regulatory Authority and the adjudicating officer and for matters connected therewith or incidental thereto.
Citation No. 16 of 2016 Passed by Parliament of India Passed 15 March 2016 Enacted 25 March 2016 Passed 10 March 2016 Assented to 25 March 2016 Commenced 1 May 2016 – 61 of 92 sections notified
1 May 2017 – Remaining 31 Sections notifiedLegislative history Bill titleReal Estate (Regulation and Development) Bill, 2016Bill citation XLVI-C of 2013 Bill published on14 August 2013 Introduced by Dr. Girija Vyas, Minister of Housing and Urban Poverty Alleviation
ifms in real estate :-
IFMS stands for Interest Free Maintenance Security Charges. It is an additional charge given by the property buyers to the builders & developers until the formation of the residents’ welfare association (RAWs) for maintenance, upkeep, security purposes, and developmental projects.
IFMS is a non-refundable charge that is diluted as soon as the welfare association is formed. It is one time payment (including taxes) that is usually categorized into hidden charges. An 18% GST is levied at the time of payment. The IFMS in real estate is not fixed. It differs from one property to another. For instance, it will be different for commercial properties compared to residential properties. The only constant factor in it is GST of 18%.
As the name suggests “Interest-free” the amount is transferred to the developer’s account without any interest and once the RWA gets into action, the same gets transferred into their account.
According to the rules stated by RERA, the builders & developers will have to mention all the charges including IFMS and sinking funds for transparency amongst all.
Is it applicable only to the residents?
As mentioned earlier, IFMS is an additional charge paid by the buyer at the time of investment in a property. It can be any property, residential or commercial; the tax shall be levied on the buyer for the future maintenance purposes.
Will it be included in the security deposit/token money?
IFMS in real estate is completely different from the security deposits and token money. It is the additional charge that is specifically transferred to a different account until the developer forms the Residential Welfare Association.
Is it similar to sinking funds?
The builders & developers have differentiated the two. IFMS is used for the recurring expenses while the sinking funds are used for emergency purposes and repairs.
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