[ecis2016.org] We take a close look at the Tripura RERA registration process, costs for promoters and agents, and some of its functions, as well as how complaints are filed.
In order to safeguard the state’s real estate industry and its people, the government has launched the Tripura Real Estate Act and established the Tripura Real Estate Regulatory Authority (RERA). In fact, Tripura is the first northeast state to adopt the Real Estate Regulatory Act (RERA). As a result of this Act, builders in the state are required to comply with certain laws and regulations, which affect both builders and buyers.
You are reading: All you need to know about Tripura RERA
The adoption of RERA has boosted the real estate industry in Tripura but also created a strong connection of trust between investors and developers, promoters, and agents. Even though Tripura is currently undergoing many RERA adjustments and improvements, their real estate markets will soon be on par with those in other Indian states.
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Real estate agent registration in Tripura
The RERA Act mandates the registration of all real estate agents to be in business. If a real estate agent does not register himself with the Tripura RERA, he will be subject to a fine of Rs 10,000 for each day that the default persists.
- Real estate agents can register with the RERA by submitting an application form, fee and supporting documentation.
- The regulator will provide a registration number to the real estate agent, which must be stated in every real estate transaction.
- The real estate agent is obliged to keep books of accounts, records, and papers pertaining to transactions on a quarterly basis.
- A real estate agent must provide the buyer with access to all relevant project information and documentation.
- If an agent makes false statements or commits fraud to register, their account may be suspended.
Documents needed to complete Tripura RERA application forms
The following documents are needed to complete the Tripura RERA application form:
- Specific information on the real estate project as well as the builder, marketer or agency
- The promoter’s or agent’s PAN and Aadhaar card
- Address verification
- The service tax registration number
- The VAT registration number
- The estimated cost of the project
- The regulator’s approval
- Ownership information and documentation
- A proclamation
- A receipt or a printout of the registration fee paid
Real estate project guidelines in Tripura
The fundamental guidelines for launching a project in Tripura are as follows:
- No more than 500 square metres of land is planned for development.
- There will be no more than eight units built in total, throughout all stages.
- Before the deployment of this Act, the promoter has obtained a real estate project completion certificate.
- Real estate project promoters who have ongoing projects in which no completion certificates have been issued for all buildings in the sanctioned plan must register for the phase of the project that includes structures without an occupancy or completion certificate. This registration is mandatory.
- Promoters who fail to register according to the Act risk a fine of up to 10% of the project’s projected cost. This is the maximum.
- If he continues to break the law, he may face a jail sentence of up to three years or a fine of another 10% of the projected cost of the real estate project or both.
- Additionally, the promoters must give the authority with quarterly progress reports on the project in addition to registering with the authority on an annual basis.
Tripura RERA registration fees
A registration fee has been imposed by the government for properties based on the size of such properties.
|Property Type||Charges in Rs for projects up to 1,000 sqm||Charges in Rs for projects more than 1,000 sqm|
|Group Housing||5/sqm||10/sqm (max Rs 5 lakh)|
|Mixed Development||10/sqm||15/sqm (max Rs lakh)|
|Commercial Property||20/sqm||25/sqm (max Rs 10 lakh)|
|For Any Plot||5/sqm||5/sq.m (max to Rs 2 lakh)|
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Fee for filing an appeal or making a complaint to Tripura RERA
Filing a complaint: Rs 1,000
Appeal: Rs 5,000
Where can I discover Tripura RERA-approved projects?
Since the launch of the Tripura RERA website, it’s become easier and more flexible to learn about many essential topics, such as Tripura’s RERA-approved projects. The majority of the process may be completed online in a few simple steps. When researching Tripura RERA’s approved projects, one must:
Step 1: Go to Tripura RERA Website.
Step 2: Choose “Apply Online” highlighted in green on the menu bar.
Step 3: Clicking on it would take the browser to a new page. This page would include a menu and a slew of choices.
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Step 4: Choose ‘list of authorised projects‘ from the menu bar.
Final Step: Each project authorised by the Tripura RERA is included on this page, as shown below.
Filing a complaint in Tripura RERA
Complaining about rogue developers under the RERA has never been easier. Developers, builders and agents may be sued in front of the regulating body or adjudicating officer for violations of the law.
- For any breach or infringement of this Act or the rules and regulations established thereunder, any aggrieved person may submit a complaint with Tripura RERA, or the adjudicating officer, whichever is applicable, concerning any registered real estate project.
- Persons harmed by the Tripura RERA or an adjudicating officer’s directions, decisions or orders may appeal to the Appellate Tribunal.
- Anyone who feels wronged by an Appellate Tribunal judgement or order may take their case to the High Court for review.
What percentage of buyer money should go into a separate account for the real estate project under RERA?
To pay construction and land costs, 70% of the money earned from the real estate project will be placed in a separate account with a scheduled bank. This money will be utilised only for that project’s costs, and nothing else.
What are the consequences for a real estate developer who does not comply with the RERA’s registration requirements or other directives?
Real estate developers that breach the Act’s registration procedures face a fine of up to ten per cent of the project’s total projected cost. Real estate developers who are discovered to be continuing the crime face either jail (up to 3 years) or a fine of up to an additional 10% of the total project cost.
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