RERA Registration For An agent Tamil Nadu And Karnataka A Synopsis

A majority of home buying transactions in India are done through brokers/dealers/real estate agent (called ‘Agent’). Until the RERA act come into force, the Agent segment was unorganized and unregulated. The RERA act, has, to repose the faith of a homebuyer in the Real Estate Agent has brought into its ambit the inclusion of Agents by setting regulations within whose parameters, Agents can function.

Highlights:

• It shall be mandatory for every Agent to register themselves with their respective State RERA authority to do any real estate related transactions failing which penalties will be payable .
• The registration is valid for a period of 5 years and agents opting to renew have to do so before 60 days prior to the expiry of their registration.
• Book of Records: The agent shall maintain book of accounts, records and documents for each real estate project separately.
• Display of the certificate: The Agent shall ensure the registration certificate should be displayed at the place of business and that all advertisements, marketing, selling or purchase papers, have mentioned in them the registration number.
   

How To Register As An Agent Under RERA In Tamilnadu And Karnataka?

Registration can be done either as an individual or other than individual (Partnership form/society/LLP/Company)

Login and fill up a application form for registration in the respective states RERA website – Tamilnadu (http://www.tnrera.in/reg_agent_tamilnadu.php) and Karnataka (https://www.rera.karnataka.gov.in/initAgentRegistration)  - The application shall be filledas per format in Form G.

Keep Your Documents On Hand:

• Company Registration Certificate if it is a Company
• Photograph of the real estate agent if he/she is an individual and the photograph of the partners, directors, etc., in case of other entities
• Registration Certificate as a Real Estate Agent in any other state
• PAN Card
• Aadhaar Card
• Address Proof of the place of residence in case of individual

Fee Payable

The fee for agent differs from state to state and depends on the type of applicant whether individual or other than individual.

Fee Payable In Case Of Tamilnadu

Rs.25,000/- in case applicant is an individual
Rs.50,000/- in case applicant is other than a individual
(Fee can be paid via DD or account transfer)

Fee Payable in Case Of Karnataka

Rs.25,000/- in case applicant is an individual
Rs.2,00,000/- in case applicant is other than a individual
(Fee can be paid via DD or account transfer)

The authority is shall issue the certificate as per Form H and can also revoke the registration granted via Form I along with reasons mentioned therein.

Upon completion of the registration form and payment of fees, the process usually takes around 30 days in both states for issuance of the certificate if all documentation is in order.

Author,
Ashwin Kumar
Chief Financial Officer
My Property Boutique