Everything You Need To Know About RERA Punjab

The Real Estate Regulatory Authority (RERA) in Punjab is a governing body established to regulate the real estate sector, ensuring fair practices and transparency in property transactions across the state. It came into effect in August 2017 and aims to safeguard the interests of property buyers, streamline project execution, and hold developers accountable for their commitments. RERA Punjab focuses on addressing issues that commonly affect homebuyers, such as project delays and discrepancies in property dealings. The primary goal is to establish a structured, transparent, and ethical system for residential property buying and selling. Read this blog ahead to read everything you need to know about RERA in Punjab.

Why Choose a Property Registered Under RERA Punjab?

Purchasing a property registered with RERA Punjab offers several advantages to prospective buyers:

Protection of Buyers’ Rights

Buyers are assured of certain safeguards and information accessibility, such as:

Information Access

Access to essential project details like floor plans and estimated project completion timelines.

Transparency in Company’s Background

Updates on the past performance of the real estate company and details about its promoters, providing assurance of RERA Punjab registration.

Resolution of Disputes

In the event of any discrepancy or dispute related to the property’s title, necessary actions can be initiated promptly.

Timely Issue Resolution

Developers registered under RERA Punjab are obligated to resolve buyer concerns within 120 days from the date of filing a complaint, ensuring timely redressal of issues.

Verifying RERA Punjab Registration

Follow these steps:

Step 1: Access RERA Punjab Website: Visit the RERA Punjab website, and under the ‘Registrations’ tab, select ‘Search Registered Projects.’ This will open a comprehensive list of RERA-registered projects, hosting details of over a thousand projects.

Step 2: Enter Project Information: A search window will prompt you to provide relevant project information. Choose your desired district from the drop-down menu, and enter specific project details like the Project Name, Promoter Name, or Registration Number (if you have it). Complete the CAPTCHA for initiating the search.

Advanced Search Option:

For a more granular search, consider entering additional project details. Information about the needed district, planning area/sub-division, projected cost in rupees, and total project area in square meters can be filled in for this purpose.

Step 3: Check Project Details: Post-search, a list of all registered projects within your chosen district (for example, Amritsar) will be displayed. View and review as needed – the list provides comprehensive information about each registered project.

Filing Complaints and Reporting Unregistered Projects

Complaints and reports about unregistered projects are managed on the RERA Punjab website. ‘Form M’ from the ‘Complaints’ tab is filled out and submitted via a registered login account. Case status can be monitored with ‘Search Case Status.’ If a project isn’t registered, report it by clicking ‘Report Unregistered Projects.’

Appeal to the Appellate Tribunal

Dissatisfied buyers can appeal to the tribunal. This involves downloading ‘Form L’ from RERA Punjab and submitting to the tribunal office.

RERA Registration for Builders

RERA registration provides assistance from esteemed institutions, aiding builders in launching their projects. The registration process is initiated on the website.

Essential Documents for RERA Punjab Registration

• Identification
  This includes Aadhaar and PAN cards, company registration certificate, and parent company details.
• Financial Details
  Documents include cash flow details, profit and loss statements (three years), balance sheet, and audit reports.
• Project Details
  Details about litigation, development plans, specifications, amenities, and project timeframes are critical.
• Land Details
  Data about total area, title deed, approved plans, and encumbrance details are essential.

RERA Punjab – Fees Applicable

Agent Registration Fees:

Individual: Rs 5,000 (Registration), Rs 3,000 (Renewal)
Other than Individual: Rs 25,000 (Registration), Rs 12,000 (Renewal)

Additional Charges:

Filing a complaint : Rs 1,000
Appeal under Section 44: Rs 1,000

Benefits of Registering Projects Under RERA Punjab

Registering projects under RERA Punjab comes with many benefits for both developers and buyers. It makes things clearer because developers have to provide full details about the project, including timelines and costs, so buyers know exactly what they’re investing in. It also makes sure that projects follow RERA rules, which reduces the chance of dishonest practices. For buyers, registration means they’re protected and can raise any issues or demand compensation if there are faults in the construction. Developers have to stick to their timelines to avoid fines, which means projects get finished on time. Regular updates also make sure developers stay responsible and earn the trust of the buyers.

Conclusion

RERA Punjab is an essential regulation that helps run real estate dealings smoothly and honestly in Punjab. It requires all properties and agents to be registered, making it easier for buyers to check their legitimacy. It stands up for buyers, ensuring they are treated right, and helps resolve any issues quickly. At the same time, it promotes responsibility among real estate builders and makes it easier for them to get funding.