The Real estate sector is one of the most profitable industries in any state. Therefore, the sector needs separate laws and regulations for better growth. However, rules are also important for the consumers of this sector, mainly home and property buyers.

Moreover, abiding by the RERA act set up by the central government, the Punjab state government also has set up certain rules for real estate sectors of the state. This article has listed every necessary aspect of the RERA Act in Punjab. Keep scrolling to know in detail.

RERA in Punjab is a compulsory act for all builders making or planning to make commercial and residential projects in the state’s territory. However, the primary reason for the RERA act is to protect buyers’ interests by setting up rules for the builders. Further, this act is also helpful for building a strong bond and maintaining transparency between buyers and builders.

The rules of RERA in Punjab are as follows:

• Every real estate agent, promoter and builder should register under this act
• Builders can not charge any extra cost for lift, balcony, staircase etc
• Homebuyers will only pay the price for the carpet area
• Builders are liable for solving problems within 120 days after receiving a complaint
• Developers can not charge more than 10% as per this act

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To register a project under the RERA Act in Punjab, follow the below-mentioned steps:

Step 1: Visit the official site of RERA Punjab

Step 2: Find the “project registration” tab and click on it

Step 3: In the next window, you will need to create an account for registration

Step 4: Choose any one option among promoter, real estate agent and complaint

Step 5: Fill in every field and provide all necessary documents

Step 6: Choose the “create user” button and proceed to make your account

Step 7: Login by using the promoter and real estate agent account

Step 8: Click on add projects tab and add project details

Step 9: Click on submit

Personal Documents

Promoter’s identity details, including:

• Aadhaar number
• PAN number
• Passport-size photographs
• Parental information
• Company registration certificate, etc

Property-Related Documents

• Last 3 years profit and loss statement
• Previous 3 years cash flow statement
• Annual balance sheet, auditor’s balance sheet
• Project information such as specifications, litigation details, project start and end date, facilities, etc
• Complete land information of the project, including latitude and longitude of the whole plot, title deed, encumbrance details, project plan etc
• Project updates, including proposed amenities, construction details, external development works, parking details, etc

Check out these steps a project agent needs to follow to register under RERA in Punjab:

Step 1: Go to the official website of RERA Punjab

Step 2: Find the “Agents Registration” tab and click on it

Step 3: In the next window to open an account

Step 4: Choose the user type from the list

Step 5: Choose the “Create User” button after filling in the captcha

Necessary documents for project agent registration are as follows:

• Income tax returns
• PAN card
• Aadhaar card
• Duly filled form
• Enterprise details
• Demand draft copy or proof of fee

You can check application statuses from the official site of RERA Punjab. The steps are as follows:

Step 1: Visit the official site of RERA Punjab

Step 2: Click on the “Registration” tab

Step 3: Click on “List of Pending Applications”

Step 4: You will be redirected to a PDF of the list where you can check your application status

Some easy steps to find a registered project are:

Step 1: Go to the official site of RERA Punjab

Step 2: Click on the “Registration” tab

Step 3: On top of the list, you will find the “Search Registered Projects” option

Step 4: Click on it and find out all registered projects

Follow these steps to find a registered agent under the RERA Act:

Step 1: Visit the official site of RERA Punjab

Step 2: Select the “Registration” tab

Step 3: Choose “List of Registered Real Estate Agents”

Step 4: In the next window, you can view the list of registered agents

If you are unaware of your registration’s lapse period, you can check it from the site. The required steps to find lapsed registrations are as follows:

Step 1: Visit the official site of RERA Punjab

Step 2: Click on the Registration tab

Step 3: Click on “List of Lapsed Registration”

Step 4: Find the list and also check whether your number is on this list

To register a complaint under RERA Punjab, follow the below-mentioned steps:

Step 1: Go to the official site of RERA Punjab

Step 2: Select the complaint tab or open the file complaint link

Step 3: Create a User ID with the proper username

Step 4: As you create the ID, a mail will be sent to you to activate your account

Step 5: Go to the provided link and complete creating your profile

Step 6: As per the type of complaint, either select form N or form M

Step 7: Provide all necessary details in the form

Step 8: Proceed to pay the complaint fee

Step 9: Upload the documents proposed on the site

Step 10: Record the complaint number for future use

To access progress reports or annual reports, the steps you will need are:

Step 1: Go to the official site of the Punjab RERA

Step 2: On the home page, choose the “Documents” tab

Step 3: From the drop-down, select “Annual Reports”

Step 4: Go to the next window and download the report PDF

The worth mentioning benefits of RERA Punjab are discussed below:

• The RERA Act in Punjab helps acquire access to detailed information regarding the real estate sector of the state
• The enforcement of this act has brought clarity to the working process, the process of lodging complaints and compensation
• As the law secures the homebuyers, it helps address all grievances effectively
• This act is also beneficial for setting up fair prices for properties

Lastly, RERA Act in Punjab is a beneficial act, well-maintained and strictly enacted by the Punjab government. The act secures the consumers’ rights and keeps the whole real estate sector under proper rules and regulations. Moreover, the official site of RERA Punjab has easy navigation, and you can easily find all the necessary information there.