The Importance of RERA project Registration for Real Estate Projects in Bihar and how to do it
Learn why RERA project registration is crucial for real estate projects in Bihar and get step-by-step instructions on how to do it.
Real estate is a major sector of the Indian economy and the state of Bihar is no exception. However, like many other states in India, the real estate sector in Bihar was largely unregulated until the advent of the Real Estate (Regulation and Development) Act, 2016 (RERA). RERA is a central law that aims to regulate the real estate sector in India and protect the interests of homebuyers.
In Bihar, the Bihar Real Estate Regulatory Authority (Bihar RERA) was established in 2017 under the Bihar RERA Rules. The authority is responsible for regulating the real estate sector in Bihar and ensuring that the provisions of the RERA Act are implemented effectively. One of the key provisions of the Act is the mandatory registration of real estate projects with the authority. Let us explore the importance of RERA project registration for real estate projects in Bihar and how to do it.
Importance of RERA Project Registration
The RERA Act makes it mandatory for all real estate projects to be registered with the state RERA authority. This provision has been put in place to ensure transparency in the real estate sector and protect the interests of homebuyers. Let us take a look at some of the key benefits of RERA project registration for developers and homebuyers:
RERA project registration ensures that developers provide complete information about their projects, including the layout plan, schedule of completion, and the land title. This ensures that buyers have access to all the information they need to make an informed decision.
One of the main objectives of the RERA Act is to protect the interests of homebuyers. RERA project registration ensures that the developer is accountable for delivering the project as promised and ensures that buyers are not cheated by unscrupulous developers.
Reduces project delays:
RERA project registration requires developers to adhere to strict timelines and complete the project on time. This reduces project delays and ensures that buyers get possession of their homes on time.
RERA project registration enhances the credibility of developers and ensures that they adhere to the highest standards of professionalism and transparency. This enhances buyer confidence in the developer and helps attract more customers.
RERA project registration ensures that developers comply with all the rules and regulations of the RERA Act. This includes providing regular updates to buyers about the progress of the project and ensuring that all the necessary approvals are in place.
How to Register a Project with Bihar RERA
Now that we have seen the importance of RERA project registration, let us take a look at the process of registering a project with Bihar RERA:
Step 1: Visit the Bihar RERA website: The first step in the registration process is to visit the Bihar RERA website (https://rera.bihar.gov.in/).
Step 2: Click on 'Project Registration': On the home page, click on the 'Project Registration' tab.
Step 3 : Fill in the application form
Step 4: Log In/Sign In
Step 5: The next step is to fill in the “Promoter’s Details”.
Step 6: Fill in the Organization’s Director/Member/Partner/Chairman/Trustee Details
Step 7 : Add details about previous project (Last 5 Years only)
Step 8: Your promoter information should be submitted carefully before you can add a new project.
Step 9: Add building details
Step 10: Add other details
Step 11: Upload documents: The next step is to upload all the necessary documents such as the layout plan, the schedule of completion, and the land title.
Step 5: Pay the registration fee: Once all the documents have been uploaded, the next step is to pay the registration fee. The fee for project registration varies depending on the size of the project.
RERA project registration is a crucial step for real estate projects in Bihar. It provides transparency, accountability, and protection for buyers. The registration process is straightforward, and it is essential for builders to follow the process to ensure that they are following the law and providing their buyers with a fair deal. With the implementation of RERA, the real estate sector in Bihar has become more transparent, and buyers can invest in real estate projects with confidence
Note: The information provided in this article about Bihar Real Estate Regulatory Authority is for informational purposes only. It is not intended as legal or professional advice and readers should consult qualified professionals for advice specific to their circumstances.
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