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RERA Himachal Pradesh

RERA Himachal Pradesh

RERA Himachal Pradesh is the state-specific implementation of the Real Estate (Regulation and Development) Act of 2016. Established to regulate the real estate industry, RERA HP aims to protect the interests of homebuyers while promoting fair practices among builders and developers. By registering with the Himachal Pradesh RERA website, developers and agents commit to transparency and adherence to the rules set forth by the Himachal Pradesh Real Estate Regulatory Authority.

Purpose of Himachal Pradesh RERA

The primary goal of RERA Himachal Pradesh is to create a more trustworthy environment in the real estate sector. It seeks to increase:

1. Consumer Protection: Safeguarding homebuyers' investments by ensuring developers fulfil their contractual obligations.

2. Transparency: Promoting transparency by mandating the disclosure of comprehensive project information on the Himachal Pradesh RERA website.

3. Standardisation: Streamlining the property acquisition process through standardised documentation and procedures.

4. Accountability: Enhancing accountability by holding developers and agents responsible for project delays and contractual defaults.

5. Effective Dispute Resolution: Providing a platform for efficient and impartial resolution of grievances.

Function of RERA Himachal Pradesh

1. Registration of Projects: All real estate projects must be registered with RERA Himachal Pradesh before sale.

2. Registration of Agents: Real estate agents must register to legally operate in the state.

3. Monitoring Compliance: Ensure developers adhere to project timelines and specifications.

4. Information Dissemination: Provide detailed project and developer information on the Himachal Pradesh RERA website.

5. Grievance Redressal: Offer a mechanism for buyers to file complaints and seek resolutions.

6. Regulation of Marketing: Control misleading advertisements and promotions.

RERA Act Himachal Pradesh: Rules and Regulations

1. Mandatory Registration: Projects over 500 square metres or with more than eight units must register.

2. Escrow Account: Developers must deposit 70% of project funds into an escrow account.

3. Project Updates: Quarterly updates on project status are required on the Himachal Pradesh RERA website.

4. Standardised Contracts: Use of model agreements to ensure fairness.

5. Timely Possession: Developers are liable for delays and must compensate buyers.

6. Transparent Advertising: All promotional materials must include the RERA registration number.

7. Defect Liability: Developers are responsible for structural defects for five years post-possession.

Fees and Charges for Himachal Pradesh RERA

Here are the fees and charges for registering and renewing your registration under Himachal Pradesh RERA:

Registration Type	Fee
Project Registration (Residential Projects)	₹10 per square metre (minimum ₹50,000)
Project Registration (Commercial Projects)	₹20 per square metre (minimum ₹1,00,000)
Real Estate Agent Registration (Individual)	₹5,000
Real Estate Agent Registration (Firm/Company)	₹20,000
Renewal of Agent Registration (Individual)	₹2,500
Renewal of Agent Registration (Firm/Company)	₹10,000
Filing a Complaint to Authority	₹500

Features & Benefits of Himachal Pradesh RERA

1. Enhanced Transparency: Access to detailed project information ensures you make informed decisions.

2. Financial Security: Funds are secured in an escrow account, reducing the risk of project abandonment.

3. Legal Protection: Standardised agreements protect your rights.

4. Accountability: Developers are held accountable for delays and quality issues.

5. Simplified Grievance Redressal: Quick resolution of disputes through the Himachal Pradesh Real Estate Regulatory Authority.

6. Confidence in Investment: Knowing that projects are regulated boosts your confidence.

7. Improved Quality: Developers strive for better quality to meet regulatory standards.

Eligibility Criteria to be a Part of Himachal Pradesh RERA

For Developers/Promoters:

1. Must be involved in the development of a real estate project exceeding 500 square metres or more than eight units.

2. Should have all necessary approvals and documents.

For Real Estate Agents:

1. Individuals or entities facilitating the sale or purchase of properties.

2. Must possess valid identification and business documents.

For Projects:

1. New projects or ongoing projects without a completion certificate.

2. Must comply with the rules and regulations set by RERA Himachal Pradesh.

Documents Required for RERA Himachal Pradesh Project Registration

1. Promoters registering a project under HP RERA must provide the following documents:

2. Copy of the promoter's PAN card.

3. Proof of ownership such as title deed or development agreement.

4. Project details, including location, layout plans, and sanctioned plans.

5. Financial statements like balance sheets and income statements.

6. Encumbrance Certificate to prove that the land is free from legal liabilities.

Documents Required for RERA Himachal Pradesh Agent Registration

Agents registering with the Himachal Pradesh Real Estate Regulatory Authority must provide the following documents:

1. Copy of the agent's PAN card.

2. Aadhaar card, passport, or driving licence.

3. Address proof documents

4. Business Registration documents

5. Recent passport-sized photos.

6. Income Tax Returns for the last three years.

7. Declaration affirming compliance with RERA HP regulations.

How to Register for RERA Himachal Pradesh for Promoters?

Step 1: Visit the official RERA website and go to the Himachal Pradesh RERA portal.

Step 2: Create an account using your credentials, like email and mobile number.

Step 3: Complete your application form with detailed project information.

Step 4: Attach all your required documents in the prescribed format.

Step 5: Make an online payment as per the fee structure.

Step 6: Review all details before submission.

Step 7: The authority will process your application within 30 days.

Step 8: Upon approval, you'll get a unique RERA registration number.

How to Register for RERA Himachal Pradesh for Agents?

Step 1: Access the RERA Portal and navigate to the Himachal Pradesh RERA website.

Step 2: Register to create an account by providing your basic information.

Step 3: Log in to your account using your new credentials.

Step 4: Fill in your personal and business information to complete the registration form.

Step 5: Attach the necessary documents. Upload scanned files of all your required documents.

Step 6: Pay the registration fee online.

Step 7: Review your information and ensure that everything is accurate.

Step 8: Wait for the authority to verify your details.

Step 9: Receive your RERA registration certificate upon approval.

Final Thoughts

Understanding what is RERA Himachal Pradesh is essential for making secure real estate investments in the state. By ensuring transparency and accountability, RERA HP protects your interests and promotes a healthy real estate environment.

If you're planning to purchase property and need financing, consider getting a home loan from Tata Capital. With attractive home loan rates, flexible repayment options, and competitive home finance rates of interest, Tata Capital makes owning your dream home easier.

Visit the Tata Capital website or download the app to explore more.

FAQs on RERA Himachal Pradesh

Yes, RERA is fully applicable in Himachal Pradesh. The state government has implemented the Real Estate (Regulation and Development) Act of 2016 to regulate the real estate sector effectively.

The registration fee for a real estate agent in Himachal Pradesh is ₹10,000 for individuals and ₹50,000 for firms or companies.

The Himachal Pradesh Real Estate Regulatory Authority is required to process and grant registration within 30 days of receiving a complete application.

A promoter can start advertising and selling the project only after obtaining the RERA registration number from RERA Himachal Pradesh.

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