Real estate project development is for the purpose of developing land or an existing building into an apartment. Real Estate Agents are professionals licensed to assist buyers and sellers in their transactions relating to property.
Section 3 (1) of the Act mandates registration with RERA for all real estate projects in order to achieve greater transparency in project marketing and execution. The ongoing project which have not yet received the completion certificate as on the Companies (Incorporation) Act 1956 commencement date is required to obtain the registration within 3 months.
Each State RERA now has to accept or reject the application for registration within 30 days from the date of application of the promoter. After successful registration, a registration number will be given to the promoter of the real estate project.