Real Estate Regulations and Development Act aka RERA was enacted by the Indian government on 26th March 2016 while all its provisions came into force on 1st May 2017. The act was passed to protect the interest of the home buyers, increase transparency in the Indian real estate market, and put an end to the unscrupulous activities by the builders and developers. All the Indian states and union territories were asked to prepare their own set of rules pertaining to the guidelines of RERA for the builders, brokers, and real estate agents. The capital city, Delhi, notified its rules for the builders and real estate agents in Delhi on 24th November 2016. The Ministry of Urban Development notified the ‘National Capital Territory of Delhi Real Estate (Regulation and Development) (General) Rules, 2016’ that constitutes all the rules and guidelines for the builders, developers, brokers, real estate agents, and property dealers in Delhi.
As per the Delhi RERA rules (rule 8), every real estate agent in Delhi needs to get his/her agency registered with the Regulatory Authority of Delhi. The agent is required to fill Form G in writing or online to become a registered real estate agent and enjoy the facilities it entails. Registration with RERA Delhi would entitle the real estate agent a right to facilitate the sale or purchase of property that is registered under the Delhi Real Estate Regulatory Authority. The agents would have to comply with the rules, regulations, and provisions of the act. Moreover, the agent can be prosecuted any time for any misconduct or even held liable for any flaw in the property they are promoting in Delhi.
How To Apply For Registration
As per the Rule ‘8’ of the National Capital Territory of Delhi Real Estate (Regulation and Development) (General) Rules, 2016, every real estate agent needs to apply for registration with the regulatory authority before facilitating any sale or purchase. To apply for registration, the agents have to make a written application to the regulatory authority of NCT Delhi as given under RERA Form ‘G’. The application needs to be in triplicate (three copies) while registration.
Documents Required To Register As A RERA Agent In Delhi
A real estate agent requires a number of documents while registering with the Real Estate Regulatory Authority of Delhi. Here is a list of documents the agent must keep in hand while making a registration:
- Enterprise Detail: Before registering with real estate regulatory authority of Delhi, the real estate agent requires the details of the enterprise that he/she wants to get registered under RERA. The details include the business name and registered address belonging to Delhi. They also require the detail of the nature and type of enterprise like whether it is a society, partnership, proprietorship, company etc.
- Registration Particulars: The real estate agents in Delhi also require the particulars of registration like the memorandum of association, by-laws, articles of association etc., depending on the nature of enterprise like society, company, proprietorship, partnership etc.
- Individual/Partner Details: Next, the real estate agents require the documents comprising the details regarding their name, address, photographs, contact details etc. In case the agency has other partners or directors, the same details of the partner/director are also required.
- PAN Card: The real estate agents need to produce an authenticated copy of their PAN Card as well as their partner’s PAN Cards (as the case may be).
- Business Address Proof: The real estate agent needs to submit the address proof of the business. As the real estate agents are registering under the Delhi regulatory authority, it is mandatory that their business location should be in Delhi National Capital Region.
Fees Required For Registration
The real estate agents have to pay certain fees to the regulatory authority of Delhi to become a registered real estate agent in Delhi NCR. The fees need to be paid in the form of a demand draft, online payment or a Banker’s Cheque drawn on any bank that is scheduled under the Delhi regulatory authority. The fee required for the registration of a real estate agent in Delhi is INR 10,000 when the agent is the individual owner of the agency. In case the applicant is anyone other than an individual, a fee of INR 50,000 has to be paid.
Once the registration with the Delhi Real Estate Regulatory Authority is completed, the real estate agents can perform all their functions like facilitating sale/purchase of property etc., for a period of five years. In other words, the real estate agent becomes a registered agent in Delhi for 5 years once the registration is done. The agent would have to renew their registration by applying through the Form ‘J’.