As a real estate agent or developer, obtaining a RERA license is mandatory. It not only legitimizes your business but also assures potential customers of your credibility. However, obtaining the license is only the first step in ensuring your real estate business operates legally. The RERA license renewal process is equally important to maintain your legal status. In this article, we will discuss everything you need to know about the RERA license renewal process.
What is RERA?
RERA stands for Real Estate Regulatory Authority, a law enacted in 2016 by the Indian government to regulate and promote the real estate sector. The law applies to all residential and commercial real estate projects, including land and plotted developments.
Why is RERA License Renewal Important?
The RERA license renewal is essential to maintain the legal status of your real estate business. Failing to renew your license could lead to penalties, fines, or even the suspension of your business operations. Additionally, a valid RERA license gives your customers confidence in your credibility and ensures that your business operates legally.
RERA License Renewal Process
The RERA license renewal process is simple and straightforward. Here are the steps you need to follow to renew your RERA license:
Step 1: Collect Required Documents
Before you begin the renewal process, ensure you have the following documents:
- A copy of your original RERA registration certificate
- A copy of your PAN card
- A copy of your Aadhaar card
- A copy of the property’s ownership document
Step 2: Visit the RERA Portal
Once you have all the necessary documents, log in to the RERA portal and click on the ‘Renew License’ option.
Step 3: Fill in the Details
Fill in the required details, including your personal details and business information.
Step 4: Upload Documents
Upload the documents required for renewal, including the original RERA registration certificate, PAN card, Aadhaar card, and ownership document.
Step 5: Pay Fees
Pay the renewal fees online through the RERA portal.
Step 6: Submit Application
After completing the payment, submit the application online. You will receive an acknowledgment receipt containing a reference number, which you should keep for future reference.
How Often Should You Renew Your RERA License?
The RERA license is valid for five years from the date of issuance. You should renew your license at least 60 days before the expiry date to avoid penalties.
Common Mistakes to Avoid During RERA License Renewal
Here are some common mistakes to avoid during the RERA license renewal process:
- Failing to renew your license on time
- Submitting incomplete or incorrect documents
- Not paying the renewal fees on time
Conclusion
The RERA license renewal process is simple and straightforward, and it is essential to maintain the legal status of your real estate business. It is a mandatory requirement that must be fulfilled to avoid penalties and fines. By following the steps outlined in this article, you can easily renew your RERA license and ensure your business operates legally.
Prestige Park Grove is an upcoming township launched by the Prestige Group.
