RERA Kerala: Here’s All the Info You Need About the Real Estate Regulatory
The real estate sector plays a crucial role in the growth and development of any state’s economy. Investing in real estate, especially in locations such as Marine Drive in Kochi, can be a lucrative opportunity for Non-Resident Indians (NRIs). Understanding the regulatory landscape and guidelines set forth by the Real Estate (Regulation and Development) Act, commonly known as RERA, is essential for making informed investment decisions. Here’s a comprehensive overview of RERA in Kerala and why it’s crucial for NRIs looking to invest in real estate in the state, including apartments & flats in Marine Drive in Kochi.
The Real Estate (Regulation and Development) Act, simply known as RERA Act India, was introduced by the Government of India in 2016 as a governing module for the real estate sector to protect the home buyers’ interests and promote transparency.
About RERA Kerala
RERA, introduced in Kerala in 2017, aims to establish transparency, accountability, and efficiency in the real estate sector. It provides a platform for homebuyers to make informed decisions and safeguards their interests by ensuring timely completion of projects, adherence to quality standards, and fair practices by developers. K-RERA has an online portal that offers services to promoters, developers, agents, and citizens regarding registration, approval process, renewal of application, to name a few.
Key Functions and Services Offered by RERA Kerala:
Applicability
RERA Kerala or K-RERA regulations are applicable to developers, promoters, real estate agents, and buyers equally. The goal is to ensure the accountability of all stakeholders involved in the real estate industry and its projects.
Registration
The Real Estate Regulatory Authority Kerala requires all projects in the state to be registered with K-RERA. Before selling or developing real estate projects in the state, agents and developers must be registered with the RERA Kerala.
Grievance redressal
K-RERA rules make it necessary to address grievances or issues at the earliest. Buyers at any point can raise an issue if the contract of the real estate project is violated. They can file a complaint against real estate developers regarding delays, or any other issue to be resolved.
Penalties and fine
The goal of the regulatory authority is to promote transparency, minimise delays and fraud, and follow fair practices. Failure to comply with the law may result in penalty of imprisonment for a term of up to three years, or a fine of up to 10% of the real estate project’s estimated cost, or both.
Dispute Resolution
K-RERA’s dispute resolution mechanism ensures timely redressal of any grievances and disputes raised by buyers, developers, or firms. It aims to ensure resolve problems at the earliest while ensuring justice.
● Online Services: The K-RERA online portal makes it easy for all users to know about the latest developments, registered and upcoming projects, registration, how to lodge complaints, and more.
Benefits of K-RERA
The K-RERA offers several benefits to homebuyers, including:
Transparency in Process
The primary goal of RERA Kerala is to ensure the entire process of buying and selling land in the real estate industry displays transparency and accountability to protect interest of the homebuyers. This also is a step in restoring lost faith in the real estate sector.
Redressal Mechanism
The regulatory gives buyers the right to file complaints against real estate developers in case of defaulting on the contract or other related issues. RERA Kerala has the power to investigate complaints and act against defaulters.
Reducing Fraudulent Practices
K-RERA ensures there is transparency and fair play to minimise any kind of fraud or any kind of delays.
Timely Project Completion
RERA Kerala ensures that developers adhere to the project completion timeline mentioned in the agreement, minimising delays, and protecting the interests of buyers.
Legal Compliance
The real estate regulatory body in the state makes it mandatory for all to abide by the law whether it is related to project or funds. Any kind of violation or non-compliance of the law attracts punishment with imprisonment along with fine.
Reliability
RERA Kerala aims to establish a real estate sector that is transparent, efficient, and overall works towards promoting the real estate by tackling challenges faced by real estate agents, developers and home buyers alike.
RERA Registration Process for Agents in Kerala
1. Visit https://reraonline.kerala.gov.in/ and click on Agent Corner > Start New Agents Registration.
2. Fill in personal details like your mobile number and email ID and create login credentials.
3. You will receive a verification link on your email ID to confirm details and activate your account.
4. After email verification is done, you would be redirected to the portal to login.
5. Once logged in the portal, you can fill in other details like your project details and proceed to make the payment.
6. Once everything is verified, you’ll receive your registration certificate within 30 days.
7. Renew your certificate every 5 years by submitting a renewal application and paying the fees.
Mandatory information required by Real Estate Agents when registering for RERA.
1. Personal details of the agent, including name, address, contact information, PAN card number, and Aadhar card number.
2. Educational qualifications of the agent.
3. Details of the real estate agency, including name, address, contact information, and PAN card number.
4. A statement of the type of properties that the agent deals with, such as residential, commercial, or industrial.
5. A statement of the geographic area where the agent operates.
6. Details of ongoing projects that the agent is currently involved with, including project names, addresses, and status.
7. A declaration that the agent has not been convicted of any criminal offence.
8. A declaration that the agent will comply with the rules and regulations of RERA.
9. Scanned copies of the PAN card, Aadhar card, and photograph of the agent.
10. Scanned copies of the PAN card and address proof of the real estate agency.
Document Checklist to register in RERA Kerala:
For Promoter
● A PAN Card copy
● The balance sheet of previous financial year- audited by CA.
● Previous three years’ Income Tax Return (ITR)
● Open parking area in the real estate project
● A copy of a title deed – a clear title of the promoter to the land should be specified.
● All the details of encumbrances on which the development is proposed. It must have all the details like title, dues, interest, litigation etc.
● A self-declaration stating all the allottees will have the same rights, and no discrimination will be done.
● Details of all existing projects- status of the project, total area, built area, carpet area etc.
For Individual Real-Estate Agent
● PAN card copy
● Address proof of agent/partners/directors
● Address proof of office from where business is conducted.
● Registration certificate, only if a firm or a company
● Passport-size photographs of agents, directors, or partners
● Last three years’ Income Tax Returns
Company, Society, Partnership Firm, Trust, Development Authority, or Proprietorship Firm
● PAN Card
● Aadhaar Card
● Residence Proof
● VAT and TIN Registration number
● Contact details!
● Information regarding the Board of Directors
● Passport size photographs
● Annual report and auditor’s report
● Layout plans
● Legal Title Deeds
● Details of the project, including amenities, number of units, parking spaces, etc.
● Joint development agreement
To make the payment
● Application fee for registration in K-RERA
● Online payment details
Project Registration Charges at RERA Maharashtra
For individual real estate agents:
Rs. 25,000: Up to 1000 sq. m or up to 12 units
For real estate partnership firm:
Rs. 2,50,000: Up to 1,000 sq. m or up to 12 units
More than 1,000 sq. m or more than 12 units: Rs. 5 per sq.m. extra in both cases.
Registering a Complaint on K-RERA website:
● Kerala Real Estate Regulatory Authority does not have provisions for online filing of complaints on the portal.
● Home buyers, agents or promoters can register a complaint with RERA Kerala in case of any violation, fraud, or infringement of RERA rules.
● A complainant must fill out the physical complaint form for an offline complaint.
● Complaints can be filed as per Section 31 of the RERA Act, 2016, with submission of Form M
● In case of the complaint to the Adjudicating Officer, you need to fill Form N
● Three copies of the complaint because the complaint is sent to the involved parties.
● A complaint fee of Rs 1000 is to be sent in Demand through post or visit the office of RERA Kerala
RERA Kerala Office Contact and Address Details (Head Office)
Kerala Real Estate Regulatory Authority, Swaraj Bhavan, 5th Floor, Nanthancode, Kowdiar PO, Thiruvananthapuram 695003
Phone No.: 9497680600
Conclusion
A real estate project must comply with the laws laid by the regulatory authority to ensure no malpractice, or any kind of violation is carried out to protect the interests of buyers and ensure that they get a fair deal. While looking to buy or invest a property in Kerala, these are some points that can help you get a fair deal.
