Tamil Nadu RERA Registration for Agents
According to RERA act 2016, RERA registered agents has the authority to deal the real estate sector. They legally can indulge in the process of selling and purchasing of real estate properties which are registered under section 3 of the act.
1 Exclusive Offers
1 Exclusive Offers
Offers and discounts
Tamil Nadu RERA Registration for Agents
RERA registration, short for Real Estate Regulatory Authority registration, is a legal process that real estate developers and agents must go through in many countries, including India. It's a way to officially register real estate projects and services with the government. This registration is designed to ensure transparency, Accountability, and fairness in the real estate industry, ultimately protecting the interests of property buyers and promoting ethical practices.
By choosing IndiaFilings, you can navigate the Tamilnadu RERA registration process easily, ensuring compliance with transparency, accountability, and efficiency requirements while safeguarding your interests in the real estate market.
Contact us today to streamline your RERA registration!
RERA Registration
RERA Registration is a mandatory procedure regulated by the Real Estate (Regulation & Development) Act. RERA was established to address prevalent issues within the real estate sector. It is compulsory to obtain RERA registration before engaging in advertising, marketing, booking, selling, offering for sale, or inviting individuals to invest in any plot or building. The primary objectives of this registration are as follows:
The enforcement of the RERA Act takes place at the state level, with responsible authorities overseeing the following:
Role and RERA Registration Requirements for Real Estate Agents
A "real estate agent" is a person who acts as a representative and aids others in real estate transactions while earning fees for their services. Real estate agents encompass property dealers, brokers, and intermediaries. Their primary responsibilities revolve around facilitating connections and negotiating agreements to lease or sell land, plots, buildings, and apartments. In India, the Real Estate Regulatory Authority (RERA) Act stipulates that all real estate agents must obtain RERA registration.
RERA Registration Applicability
The applicability of RERA registration is outlined as follows:
Advantages of RERA Registration for Real Estate Agents
Securing RERA registration provides numerous benefits for real estate agents under the RERA Act. Mandatory for agents dealing with RERA-registered real estate projects, here are the advantages of RERA registration:
Legal Authorization
RERA registration grants legal authorization for advertising, marketing, booking, selling, offering for sale, or inviting individuals to purchase plots, apartments, or buildings covered under the RERA Act.
Enhanced Credibility
RERA registration enhances the credibility of real estate agents, instilling confidence and trust among prospective buyers and sellers. It signifies compliance with regulatory standards, highlighting the agent's professionalism.
Consumer Protection
RERA registration ensures consumer protection by fostering transparency and Accountability in real estate transactions. It establishes a framework for fair practices, curbing fraudulent activities, and providing avenues for addressing grievances.
Access to RERA Projects
Only registered agents can engage with real estate projects registered under RERA. RERA registration broadens agents' business opportunities by granting access to a wider range of projects.
Compliance with Regulations
RERA registration guarantees adherence to the regulations outlined in the Act. Registered agents remain updated on the latest rules and obligations, minimizing non-compliance risks and associated penalties.
Professional Recognition
RERA registration signifies professionalism and dedication to the real estate industry. It sets registered agents apart from their unregistered counterparts, bolstering their reputation and market standing.
RERA registration is crucial for real estate agents, fulfilling legal obligations and establishing trust, credibility, and professionalism in the industry.
Validity of RERA Registration
The registration of a real estate agent remains valid for five years unless revoked before the expiry date. During this period, registered agents must maintain proper books of accounts, records, and financial accounts following regulatory requirements, ensuring transparency and Accountability in their business operations.
Renewal of License
Under the provisions of the RERA Act, a real estate agent's registration can be renewed through the submission of an application, allowing them to extend their license beyond the initial registration period.
Documents Required for RERA Registration
The documents required for RERA registration depend on whether it is for a promoter or a real estate agent. Here is a list of the documents needed:
Documents Required for Promoter Registration:
Additional Documents Required for Promoters who are Companies:
Documents Required for Real Estate Agent Registration
Please note that these requirements are general, and specific state regulations may require additional RERA registration documents.
Procedure for Obtaining RERA Registration
The process to obtain RERA registration involves the following steps:
Filing the RERA Registration Form
The applicant must complete and submit the prescribed registration form to the Government of Tamilnadu. This form should include all the necessary details and accompanying documents.
Submission of Required Documents
The applicant must submit the duly filled application form and the required documents. The applicable fees can be paid through a demand draft, a banker's cheque drawn on a scheduled bank, or online payment methods specified by the real estate regulatory authority.
Verification by the Authority
The authority will review the submitted application and determine whether to accept or reject it within 30 days of receiving the application. If there is no response within this timeframe, the authority will consider it an implicit acceptance.
Issuance of Registration Certificate
Upon acceptance of the application, the regulatory authority will issue a registration certificate to the promoter or the real estate agent. This certificate serves as a confirmation of their registration under RERA.
What Penalties Are Imposed by the RERA Act?
Under the RERA Act, the following penalties come into effect:
Penalties for Agent Defaults
If a real estate agent fails to adhere to any provision of the Act, they may be subject to a fine of Rs 10,000 per day, which can extend up to 5% of the total cost of the plot, apartment, or building.
Punishment for Unfair Trade Practices
If an agent engages in unfair trade practices, they may face imprisonment for up to 1 year.
Exemptions from RERA Registration
Specific projects are not obliged to be registered under the RERA Act. These include:
Streamline the RERA Registration Process with IndiaFilings
IndiaFilings can provide valuable assistance in obtaining RERA (Real Estate Regulatory Authority) registration in Tamilnadu. With our expertise and knowledge of the regulatory requirements, IndiaFilings can guide real estate promoters and agents through the complex process of RERA registration.
Our services encompass filling out the necessary forms, compiling the required documents, and ensuring compliance with the Tamilnadu RERA rules and regulations of the respective state's RERA authority. By entrusting IndiaFilings with the registration process, individuals and entities in the real estate sector can streamline the registration procedure, saving time and effort while ensuring compliance with the law.
Tamil Nadu RERA Registration for Agents FAQ's
Zero Late Fee Platform
Many small businesses pay lakhs in penalty every year to the Government for late filing various statutory returns. Such penalty or late fee paid is not tax deductible and is a drain on profitability. At IndiaFilings, our mission is to provide the most affordable services to our customers and help them avoid all late fee.To achieve our mission - we have built enterprise grade technology to help you proactively know the upcoming compliance and avoid penalty.Checkout our compliance services below, talk to an Advisor and stop paying unwanted late fees.
Smarter Banking
Avail a range of banking services through IndiaFilings.com. IndiaFilings can help you open a current account, get a payment gateway or avail loans through our Partner Banks.