Tripura RERA: Benefits, registration process, charges and more

In order to safeguard the state’s real estate industry and its people, the government has launched the Tripura Real Estate Act and established the Tripura Real Estate Regulatory Authority (RERA). In fact, Tripura is the first northeast state to adopt the Real Estate Regulatory Act (RERA). As a result of this Act, builders in the state are required to comply with certain laws and regulations, which affect both builders and buyers.

The adoption of RERA has boosted the real estate industry in Tripura but also created a strong connection of trust between investors and developers, promoters, and agents. Even though Tripura is currently undergoing many RERA adjustments and improvements, their real estate markets will soon be on par with those in other Indian states.

See also: How to check project details in RERA Gujarat?

Tripura RERA: Provisions

The following are some of the key provisions under RERA Tripura:

Registration of real estate projects

Before selling or marketing their projects, developers or promoters in Tripura must register them with RERA Tripura. The registration procedure entails providing comprehensive project information, such as approvals, the land title, financial information, promoter information and project timeline.

Registration of real estate agents

RERA Tripura also requires that all real estate agents working in the state register with RERA Tripura. This is to ensure that they operate in a transparent and ethical manner and that they provide accurate information to buyers.

Homebuyers’ protection

RERA Tripura is in charge of making sure that purchasers of real estate are protected from dishonest business practices. The act establishes a Real Estate Appellate Tribunal to hear appeals against the orders of RERA Tripura.

Disclosure and transparency

According to RERA Tripura, developers must provide accurate and comprehensive information about their projects, including project schedules, the current status of approvals, and financial data. This is to prevent developers from deceiving buyers and allow them to make informed decisions.

Escrow account

According to RERA Tripura, developers are required to put 70% of the money they receive from customers in a separate escrow account that can only be used for building and land expenses. This is to guarantee that the project is finished on schedule and that any money collected from buyers is not used for other endeavours.

Timely project delivery

RERA Tripura requires developers to complete their projects within the timeframe specified. In the event of a delay, the developer is required to compensate the buyer in accordance with the terms of the agreement.

RERA Tripura provides a mechanism for regulating and promoting the real estate sector in the state and ensures that the interests of homebuyers are protected.

Tripura RERA: How to register a project?

To register a real estate project under RERA in Tripura, you need to follow these steps:

• Go to the official website of Tripura RERA.
• Click on the “Registration” tab on the home page and select “Real Estate Project” from the drop-down menu.
• Fill in all the necessary fields on the online application form, including those for the project, the land and the promoter.
• Upload all the required paperwork, such as the land title records, project’s layout plan, and other necessary certificates and approvals.
• Pay the registration fee online using the website’s payment gateway.
• Submit the application form along with the required documents and a receipt for your payment.
• After receiving the application, the Tripura RERA authority will review the information and supporting documentation. If everything is found to be in order, they will grant registration.
• The registration certificate that RERA issues will contain important information about the project, such as the promoter’s information, the anticipated completion date, and other crucial details.

Tripura RERA: How to register as a real estate agent?

The RERA Act mandates the registration of all real estate agents to be in business. If a real estate agent does not register himself with the Tripura RERA, he will be subject to a fine of Rs 10,000 for each day that the default persists.

See also: All about Maharashtra RERA

Tripura RERA: Registration process

• Real estate agents can register with the RERA by submitting an application form, fee and supporting documentation.
• The regulator will provide a registration number to the real estate agent, which must be stated in every real estate transaction.
• The real estate agent is obliged to keep books of accounts, records, and papers pertaining to transactions on a quarterly basis.
• A real estate agent must provide the buyer with access to all relevant project information and documentation.
• If an agent makes false statements or commits fraud to register, their account may be suspended.

Tripura RERA: Documents needed to register

The following documents are needed to complete the Tripura RERA application form:

• Specific information on the real estate project as well as the builder, marketer or agency
• The promoter’s or agent’s PAN and Aadhaar card
• Address verification
• The service tax registration number
• The VAT registration number
• The estimated cost of the project
• The regulator’s approval
• Ownership information and documentation
• A proclamation
• A receipt or a printout of the registration fee paid

Tripura RERA: Real estate project guidelines

The fundamental guidelines for launching a project in Tripura are as follows:

• No more than 500 square metres of land is planned for development.
• There will be no more than eight units built in total, throughout all stages.
• Before the deployment of this Act, the promoter has obtained a real estate project completion certificate.
• Real estate project promoters who have ongoing projects in which no completion certificates have been issued for all buildings in the sanctioned plan must register for the phase of the project that includes structures without an occupancy or completion certificate. This registration is mandatory.
• Promoters who fail to register according to the Act risk a fine of up to 10% of the project’s projected cost. This is the maximum.
• If he continues to break the law, he may face a jail sentence of up to three years or a fine of another 10% of the projected cost of the real estate project or both.
• Additionally, the promoters must give the authority with quarterly progress reports on the project in addition to registering with the authority on an annual basis.

Tripura RERA: Registration fees

A registration fee has been imposed by the government for properties based on the size of such properties.

See also: How to check land records on Jami Tripura portal?

Tripura RERA: Fee for filing an appeal or complaint

Filing a complaint: Rs 1,000

Appeal: Rs 5,000

Tripura RERA: How to view registered projects?

Since the launch of the Tripura RERA website, it’s become easier and more flexible to learn about many essential topics, such as Tripura’s RERA-approved projects. The majority of the process may be completed online in a few simple steps. When researching Tripura RERA’s approved projects, one must:

Step 1: Go to Tripura RERA Website.

Step 2: Choose “Apply Online” highlighted in green on the menu bar.

Step 3: Clicking on it would take the browser to a new page. This page would include a menu and a slew of choices.

Step 4: Choose ‘list of authorised projects‘ from the menu bar.

Final Step: Each project authorised by the Tripura RERA is included on this page, as shown below.

Tripura RERA: How to get the list of defaulter projects and agents?

Often, unsuspecting homebuyers fall victim to false assurances from deceitful real estate developers or unregistered agents. To address this issue, Tripura RERA offers a list of defaulting agents and projects on its website. To access this list, visit the Tripura RERA homepage and select the Defaulters tab.

Tripura RERA: How to check the list of approved projects?

Homebuyers need to be informed about real estate projects approved by Tripura RERA. The authority permits buyers to verify projects before investing. To access the list of approved projects, visit the official RERA Tripura website and click on the ‘List of Approved Projects’ tab on the homepage. The list will then be displayed for review.

Tripura RERA: Appellate Tribunal

The Tripura RERA was established to regulate the real estate sector in Tripura. It registers projects and agents while addressing complaints related to fraudulent practices. Acting as an adjudicating authority, it can levy penalties and make judgments. If dissatisfied with RERA’s decision, aggrieved parties can appeal to the Appellate Tribunal of Tripura RERA. This tribunal reviews RERA’s judgement, offering a chance for reconsideration and presenting one’s case anew.

Tripura RERA: How to file a complaint?

Complaining about rogue developers under the RERA has never been easier. Developers, builders and agents may be sued in front of the regulating body or adjudicating officer for violations of the law.

• For any breach or infringement of this Act or the rules and regulations established thereunder, any aggrieved person may submit a complaint with Tripura RERA, or the adjudicating officer, whichever is applicable, concerning any registered real estate project.
• Persons harmed by the Tripura RERA or an adjudicating officer’s directions, decisions or orders may appeal to the Appellate Tribunal.
• Anyone who feels wronged by an Appellate Tribunal judgement or order may take their case to the High Court for review.

Tripura RERA: Contact details

If you have any query or concern, you can approach Tripura RERA through the following contact details-

Address: Tripura Real Estate Regulatory Authority (T-RERA), 5th Floor of U.D. Bhawan, Sakuntala Road, Near Rabindra Bhawan, Agartala, Tripura(W)- 799001

Telephone No: 0381-2329301(O)

Email: rera.tripura@gmail.com

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