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All buyers and developers in Punjab have to register their ongoing and newer projects on the RERA Punjab portal on a regular basis. Failure might sue the developers. As a consequence, they must pay a penalty to RERA Punjab. Find out more about the RERA Punjab only at Bajaj Markets.

RERA stands for Real Estate Regulatory Authority and it was implemented under The Real Estate (Regulation and Development) Act, 2016. The Act was formulated to protect the interests of the real estate sector consumers and to increase the transparency as well as the accountability of the deals between the buyers and developers. RERA regulates the functioning of the real estate sector in that area. RERA Punjab works in a similar way and has a website where the builders and developers have to register their ongoing and upcoming projects on a regular basis. Real estate agents in Punjab have to register on the Punjab RERA website. If they fail to do so, penalties will be imposed on them. The homebuyers can lodge complaints against the developers in the RERA website and the RERA Punjab authorities will conduct enquiry about it before delivering judgements.

Functions of RERA Punjab

RERA Punjab has a list of regulations which infuses transparency in the deals between buyers and developers or real estate agents. Take a look at the functions of RERA Punjab.

  • RERA Punjab maintains an official website where all the policies and details are updated regularly.

  • It builds an efficient and competitive environment for real estate growth in the state.

  • RERA ensures a fair sale of plots and apartments in Punjab.

  • Punjab RERA acts as a grievance redressal platform where the homebuyers can lodge complaints against the developers in the RERA website and the RERA Punjab authorities will conduct enquiry about it before delivering judgements.

  • RERA makes it mandatory for the builders and developers to register their ongoing and upcoming projects on a regular basis, so RERA Punjab can display it on the website for the public to access.

Rules and Regulations of RERA Act Punjab

RERA Punjab aims to raise the standards of the real estate sector by infusing transparency to the deals, preventing malpractices and removing project delays. Here are the most important RERA rules which Punjab RERA enforces.

  • Homebuyers have to pay only for the carpet area cost for the property and not for the super-built area such as lift, balcony, lobby, etc.

  • RERA requires developers to give updates on the construction process of the property constantly. The developer must pay interest of above 2% of SBI’s Marginal Cost of Leading Rate to the homebuyer in case of any delays on project construction and handover.

  • A homebuyer can report the defects and problems of the property and the developer has to rectify it if it is within five years from the date of handover.

  • The developer must look into the concern and resolve it within 120 days from the day the homebuyer files a complaint.

  • For a developer or builder to make changes to the property, two-thirds of all allottees should express consent for alterations to the sanctioned plan.

  • A builder or a developer cannot take anything more than 10% as an advance from the homebuyer as per regulations of the RERA Act of Punjab.

RERA Punjab Fees and Charges

You have to pay certain fees and charges to register as a real estate agent in RERA Punjab.

Type of Real Estate Agent

Registration Fee

Renewal Fee

Individual

Rs. 5,000

Rs. 3,000

Other than Individual

Rs. 25,000

Rs. 12,000

 

Particulars

Fees

Any kind of Appeal under Section 44

Rs. 1,000

Complaint Fee

Rs. 1,000

 

How to Register (Projects)

Follow the below mentioned steps to register a project in RERA Punjab.

  1. Visit the RERA Punjab’s official website.

  2. Click on the ‘Project Registration’ tab under the Spotlight section.

  3. A new page will open where you have to create an account to register.

  4. From the given options—promoter, real estate agent, and complainant, choose the one you want.

  5. Fill in the username, email and password in the fields that appear on the page.

  6. Enter the displayed captcha.

  7. Click on the ‘Create User’ button to create your account.

How to Register (Real Estate Agents)

  1. Visit the RERA Punjab’s official website.

  2. Click on the ‘Agent Registration’ tab under the Spotlight section.

  3. A new page will open where you have to create an account to register.

  4. From the given options—promoter, real estate agent, and complainant, choose the one you want.

  5. Fill in the username, email and password in the fields that appear on the page.

  6. Enter the displayed captcha.

  7. Click on the ‘Create User’ button to create your account.

Documents Required to Register with RERA Punjab

The documents required to register a real estate project with RERA Punjab can be categorized as mentioned below:

Promoter Details

PAN number, Aadhaar number, company registration certificate, passport size photographs, information about the parent entities (if applicable) etc.

Financial Information

Profit and loss statements for the last three years, cash flow statement for the last three years, auditor’s report, annual balance sheet, etc.

Project Information

Project specifications, amenities, start and end date of the project, litigation details (if applicable), development plan, documents that are to be signed with the allottees, etc.

Project Land Details

Land area, latitude and longitude of the start and end point, encumbrance details, title deed, and approved project plans.

Project Updates

Construction details, parking details, external development works, proposed facilities etc.

 

The documents required to register as real estate agent with RERA Punjab are;

  • Duly filled form

  • Aadhaar Card

  • PAN card

  • Income tax returns

  • Details of the enterprise

  • Proof that registration fee has been paid

Punjab RERA Address

In case of any issues, you can reach out to Punjab RERA at

 

Real Estate Regulatory Authority

Punjab Mandi Bhawan, Ground Floor,

Sector - 65-A, Mohali, SAS Nagar

Punjab - 160062

 

RERA Punjab contact number - 0172 - 5139800-29

Disclaimer: The information provided here is for informational purposes only. Please visit the official website and carry out your research before you avail any services.

Conclusion

With the aim of making the real estate industry in India more transparent, and boosting the sector, the Government of India introduced the Real Estate Regulation and Development Act (RERA) in 2016. All states in India have adopted the same, and Punjab is no different. If you are a resident of Punjab and wish to purchase a property, the Bajaj Markets platform is the perfect place to avail Home Loan through one of our many partners. You can visit the Bajaj Markets website or download the mobile application for further details.