All you need to know about RERA in Madhya Pradesh

Author: Riya Kapoor

Highlights

Section 9 of the Act provides that real estate agents which engage in selling projects registered under the Act can only do so after registering themselves with the Authority
Real estate agents will get a certificate number which will be valid for 5 years. Registration fees in case of Individual are Rs 10,000 and Rs 50,000 in the case of other than an individual.
Madhya Pradesh was one of the first states in the country to build an authority in the Real Estate Regulation and Development Act.

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 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 69 of 92 sections notified. Act mandates registration of every project having a size of above 500 square meters or more than 8 apartments.

Real estate agents facilitating sale are also required to register in RERA. Section 9 of the Act provides that real estate agents which engage in selling projects registered under the Act can only do so after registering themselves with the Authority. Section 10 of the Act provides for detailed functions and duties of real estate agents. RERA in Madhya Pradesh has started their operation from day first i.e, 01 May 017. After a long time of almost 2.5 months, only 4 agents are registered in Madhya Pradesh.

Registration Process of RERA in Madhya Pradesh for agents

Real estate agents will get a certificate number which will be valid for 5 years. Registration fees in case of Individual are Rs 10,000 and Rs 50,000 in the case of other than an individual.

Documents required for RERA Registration:

Passport size photograph of agents/ directors /partner
Copy of Aadhar card of agents /directors/partners
PAN card of real estate agent in case of individual or PAN card of Firm
Income Tax Return for 3 financial years preceding the application or in case the applicant was exempted from filing returns under the provisions of the Income Tax Act, 1961 for any of the 3-year preceding the application, a declaration to such effect.
Authenticated copy of the address proof of the place of business
Particulars of the Registration including the bye-laws, memorandum of association, articles of association etc.