The Rajya Sabha passed the Real Estate Regulatory Authority Act bill in 2016. However, the RERA Act in Uttarakhand was announced on 28th April 2017. This act intends to bring transparency and protection to all real estate developers and buyers. To learn about how the RERA act works, its purposes, benefits and other important aspects, keep reading till the end.

RERA is an authority responsible for maintaining rules and regulations to deal with the seamless functioning of the real estate sector. Before the legitimisation of this act, there were innumerable instances of corruption and ill practices. However, this situation is gradually changing its due course.

To make the benefits of this act accessible, the state government of Uttarakhand developed an official portal. This not only educates the investors, builders and buyers about the rules and regulations of this act, but it also helps register their grievances.

Here is a list of services offered by Uttarakhand RERA:

• Agent registration.
• Project registration.
• Application for project completion.
• RERA training.
• RERA consultation.
• Project extensions.
• Project quarterly compliances.
• GST registration.
• Application for a project name change.

After the enactment of RERA, every investor, developer, and agent must comply with certain rules. The general ones applicable for all states include the following:

• Builders need to submit all original paperwork for the project they undertake.
• To make any changes in their plan, builders must seek buyers' consent.
• A developer must deposit 70% of the funds from the investors and buyers to a separate account. This money will only be allotted for construction and other costs related to the project land.
• Developers and builders are not allowed to take more than 10% of the property's cost as an advance before any agreement is signed.
• The Real Estate Regulatory Authority has also regularised selling a property based on carpet area measurement, not a super-built area.
• If any home buyer detects any defect in construction within the first five years of possession, the builder is liable to rectify it.
• Developers cannot register, build, invest or even book a plot without registering with the regulatory authority.

The rule of RERA act (in general) states, every builder must register real estate projects under RERA. To know how to follow the below step-by-step guideline for this process:

Step 1: Visit the official website of RERA in Uttarakhand.

Step 2: On the homepage, click on the option of “Project Registration.”

Step 3: Choose which type of promoter you are, and click “Next” to proceed further.

Step 4: Follow all the instructions and fill in other particulars.

Step 5: Once you reach its end, submit the registration form and you are done.

For first-time estate agents, registration under this act can feel challenging. To help them out here is an easy guide for the registration process:

Step 1: Visit the official website of Uttarakhand RERA.

Step 2: Click on “Agent Registration” on the homepage.

Step 3: Choose your “agent type” as per your profession.

Step 4: Fill out the registration form and press "Next" to move ahead.

Step 5: Once done, cross-check every piece of information before submitting the registration form.

While registering under this act, it is mandatory to submit specific documents. Below mentioned is a list of documents required for an agent:

• A copy of the PAN card.
• ITR files for the last three financial years.
• A photocopy of the agent's address proof. If that is not available, they can also submit a copy of the address proof of their partners or directors.
• If an agent has their own company, then a registration certificate copy is needed.
• A copy of the address proof for the place of business.
• Two recent photographs of project partners, agents, and directors.

Promoters who are registering under this act need to submit the following documents:

• A copy of their PAN card.
• An audited balance sheet of the last financial year.
• ITR files recorded for the last three years.
• A copy of the legal title deed specifying the promoter's title to the land of the proposed development.
• A total number of available parking areas in the associated real estate project.
• Details related to encumbrances, like title, dues, interest, litigation, etc.
• A declaration signed by the promoter that there will be no discrimination against any allottee while allotting the property.

If someone wants to check which are the projects under this act in Uttarakhand, they can follow these steps:

Step 1: Visit the official website of RERA in Uttarakhand.

Step 2: Click on “Registered” in the navigation bar.

Step 3: Select the "List of Projects” from the drop-down menu.

Step 4: A long list of registered projects and their details will appear on your screen.

The process of searching for registered real estate agents is very simple. You can follow these steps to fulfil your requirements:

Step 1: Go to the official website of RERA in Uttarakhand.

Step 2: Click on the “Registered” option on the homepage.

Step 3: Choose “List of Projects” from the menu.

Step 4: A detailed list of all the real estate agents will appear on your screen.

You need to follow these actions to access the list of projects and agents that have failed to register under this act:

Step 1: Visit the official website of RERA in Uttarakhand.

Step 2: Click on the "Defaulters" option from the navigation tab.

Step 3: Depending on your requirement, choose from the two options “List of Agents” or “List of Projects.”

Step 4: Upon selecting, you will redirect to a new page. Here you will find a list of projects or agents who have failed the RERA registration process.

In case you have any grievances against a developer, real estate agent or promoter, you can file complaints directly through the official website of RERA in Uttarakhand.

Step 1: Visit the official website of RERA in Uttarakhand.

Step 2: Click on “Complaint Registration” on the homepage.

Step 3: You will redirect to a new page, where you have to fill in a complaint registration form. This includes the parameters of the complaint and respondent.

Step 4: Attach supporting documents.

Step 5: Complete your payment and upload a scanned copy of the receipt.

Step 6: Tick all those declaration boxes at the end.

Step 7: Submit this form.

RERA in Uttarakhand was launched to restore home buyers’ faith in real estate businesses. Therefore, it is self-explanatory that this act will have several benefits in favour of the investors and buyers.

Here is a list of the top benefits of RERA in Uttarakhand:

• Complaints get addressed immediately, as filing them is very easy.
• Every buyer has been given the right to property information previously curbed. 
• In case of any false claims regarding project completion, buyers can now withdraw from the project. Furthermore, developers must compensate in such instances by refunding their advanced payment with interest. 
• Prior to selling a project, every builder, developer, and agent must register with the regulatory authority. In addition, they also need to disclose every minute detail about the property. 
• Under this act, builders are prohibited from diverting funds from one project to another. Therefore, safeguarding them from bankruptcy.
• For any default payment, either from a buyer or developer, the rate of interest on the penalty is the same.

To wrap it up, the RERA Act  in Uttarakhand was enacted to make real estate transactions easy and seamless. Apart from that, there is less corruption in this sector. However, if there is anything else you want to explore on UK RERA, visit their official website.