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What is RERA
The Real Estate (Regulation and Development) Act, 2016, (RERA) is an act passed by the Indian parliament. The RERA seeks to protect the interests of home buyers and also boost investments in the real estate sector. While the Rajya Sabha passed the RERA bill on March 10, 2016, an approval from the Lok Sabha came on March 15, 2016. The act then came into force from May 1, 2016. While 59 of its 92 sections were notified on May 1, 2016, the remaining provisions came into force from May 1, 2017.
Act, 2016, with the aim to regulate the real estate sector and address the issues faced by home buyers. It has the following objectives:
- To protect the interest of the allottees and ensure their responsibility
- To maintain transparency and reduce the chances of fraud
- To implement Pan-India standardization and bring about professionalism
- To enhance the flow of correct information between the home buyers and the sellers
- To impose greater responsibilities on both the builders and the investors
- To enhance the reliability of the sector and thereby increase confidence amongst the investors.
Eligiblity of Obtain the RERA Registration?
Any builder who wants to develop a residential or commercial property on land that is more than 500 sq. Meters or the number of proposed apartments in all phases is more than 8, get their self-registered under RERA.
Benefits of RERA Registration
Timely Possession Of The Property
RERA was introduced to provide transparency and accountability towards the purchaser. RERA Registration helps the promoter in providing the estimated date of completion of the project and other related information. However, in case of failure, there will be huge penalties imposed on the promoter.
Increased Compliances Reduces The Fraud:
Under RERA Registration, the promoter, and the agent has to comply with various compliances that help in reducing the fraud.
Enhances Trustworthiness:
RERA registration helps the promoter and agent in enhancing the trustworthiness. The main reason behind this is that the buyers prefer to deal with the builders having RERA registration.
Clearance Of Assured License:
Under RERA Registration, it is mandatory to have the requisite licenses before selling a unit. Hence the buyers cannot be now attracted to fraudulent plans.
Complaints Handling:
All complaints or grievances raised by the buyers are directly entertained under RERA.
Proper Disclosure Of Projects And Activities Involved
With the help of RERA Registration, all the compliances are performed in such a way (including disclosure of projects and activities that helps the buyers in obtaining the proper disclosure of projects.
What Documents are Required for RERA Registration?
The documents required for RERA registration depend on who is getting registered under RERA i.e. the promoter or the Agent. Here is the list of documents required for RERA Registration:-
Documents Required For Real Estate Agent Registration
- Id and address proof of the applicant
- Photographs
- Particulars of real estate agent Company (that includes name, registered address, Byelaws, MOA, AOA, and type of company.
| Form of Business | PRIVATE LIMITED COMPANY | ONE PERSON COMPANY | LLP | PARTNERSHIP FIRM | PROPRIETORSHIP FIRM |
|---|---|---|---|---|---|
| Recommended For | Startups & Growing Companies | Sole Promoters | Professional Services Companies | Small Businesses Firms | Small Traders, Agents & Manufactures |
| Prevailing laws | Companies Act | Companies Act | LLP Act | Partnership Act | NA |
| Charter Documents | MOA & AOA | MOA & AOA | LLP Agreement | Partnership Deed | NA |
| Limit of Members | 2-200 | 1 | 2-Unlimited | 2-20 | NA |
| Separate legal identity | Yes | Yes | Yes | NO | NO |
| Limited Liability | Yes | Yes | Yes | NO | NO |
| Tax Advantage | High | High | Low | Low | Low |
| Annual Statutory Compliances | High | High | Low | Low | Low |
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FAQs
Simplified Performa for Incorporating Company Electronically, also known as SPICe, was introduced in the year 2016 for the purpose of incorporation of the companies. Under the Ease of Doing Business (EODB) initiative, the MCA released the new form SPICe+ to further ease the company incorporation process. The new SPICe+ form encompasses more features than the earlier SPICe form. Name approval is integrated as part of the SPICe+ form. The AGILE form has been converted to AGILE Pro to provide GSTIN / ESIC / EPFO / Bank account as well along with company incorporation. Apart from that, even after affixing DSC in the form, information can be modified in the SPICe+ form.
After the introduction of the SPICe+ form, the name approval has been integrated with SPICe+. Part-A of SPICe+ is for name approval. Therefore, from 15th February 2020, the RUN form can only be used for a change of name.
Company Limited by Shares: The liability of the shareholders is limited only to the amount that is unpaid on the shares held by them. Company Limited by Guarantee: A company having no share capital where the liability of the shareholders is limited up to the amount undertaken to be contributed by them in the event of liquidation of the company.
Yes. private limited companies are eligible for attracting foreign direct investments in compliance with the relevant laws and regulations.
DIN, also known as Director Identification Number, is an identification number of a person intending or has become a director in a company. DPIN, also known as Designated Partner Identification Number, is an identification number for a designated partner in LLP. It is similar to DIN in the case of companies. DIN and DPIN are issued by the Ministry of Corporate Affairs.
Yes. Even a foreign national can become a director in a private limited company.
As per the Companies Act, 2013, only an individual natural person can become a director in a company. Therefore, neither a company, firm, or association can become a director in any company. This is to ensure the fixation of duties and responsibilities that would be difficult in the case of companies and firms becoming directors.
The private limited company registration cost depends upon various factors like authorized capital, number of directors, etc. Initiate your Pvt. Ltd. Company Registration with eAuditor Office as your partner in corporate compliance! Reach out to us for any professional assistance.