Tripura RERA : Guidelines, Registration Process, Fees

Tripura RERA (Real Estate Regulatory Authority) is a regulatory framework introduced by the Government of Tripura to bring transparency, accountability, and consumer protection to the real estate sector. It is an essential step towards ensuring a fair and regulated environment for homebuyers and developers.

The primary objective of Tripura RERA is to safeguard the interests of homebuyers by promoting timely project completion, ensuring the disclosure of accurate project information, and addressing grievances and disputes effectively. It aims to instill confidence in homebuyers and investors, thus revitalizing the real estate market in Tripura.

Under Tripura RERA, developers and promoters must register their projects with the regulatory authority, provide detailed information about the project, and adhere to strict guidelines regarding project completion and fund utilization. The implementation of Tripura RERA provides a level playing field for all stakeholders involved in the real estate sector. It contributes to the overall growth and development of the state’s real estate market.

Benefits of Tripura RERA

The implementation of Tripura RERA (Real Estate Regulatory Authority) offers several benefits to various stakeholders in the real estate sector. Here are some key advantages:

Accountability of Developers and Promoters

Tripura RERA imposes strict regulations on developers, ensuring their accountability toward project completion and adherence to quality standards. It helps curb project delays and promotes higher professionalism in the real estate industry.

Timely Completion of Projects

RERA establishes clear guidelines and timelines for project completion, reducing delays. This benefits homebuyers by ensuring that their properties are delivered on time.

Dispute Resolution Mechanism

Tripura RERA sets up an efficient and transparent mechanism for dispute resolution through the establishment of a Real Estate Regulatory Authority and an Appellate Tribunal. This provides a fair platform for resolving conflicts between buyers and developers in a time-bound manner.

Consumer Protection and Rights

Tripura RERA protects homebuyers’ interests by providing a transparent and accountable environment. It safeguards their rights, prevents fraudulent practices, and promotes fair dealing in property transactions.

Transparency in the Real Estate Sector

RERA mandates developers and promoters to provide accurate and comprehensive information about their projects, including project details, approvals, timelines, and financial aspects. This transparency enables buyers to make informed decisions.

Increased Investor Confidence

The implementation of Tripura RERA instills confidence among investors due to enhanced transparency and regulatory oversight. It attracts more investments in the real estate sector, contributing to its growth and development.

Overall, Tripura RERA brings greater credibility, efficiency, and trust to the real estate market, benefiting buyers and developers while promoting sustainable growth in the sector.

Key Provisions of Tripura RERA

The Tripura RERA (Real Estate Regulatory Authority) incorporates several key provisions to regulate and streamline the real estate sector. Some of the crucial provisions of Tripura RERA are as follows:

Mandatory Registration

Developers and promoters must register their real estate projects with the Tripura RERA before advertising, marketing, or selling any units. This provision ensures that only registered projects are available in the market, providing transparency and accountability.

Project Details and Disclosures

Developers must provide comprehensive project information, including plans, layouts, approvals, schedules, and financial details. This provision enables buyers to make informed decisions based on accurate and reliable information.

Escrow Account and Fund Utilization

Tripura RERA mandates developers to deposit a specified percentage of the project’s funds in a separate escrow account. This provision ensures that the funds are utilized solely for developing that particular project, reducing the diversion of funds.

Timely Project Completion

Developers must adhere to the project’s declared timeline, as the registered agreement mentions. Tripura RERA penalizes developers for project completion delays, ensuring timely delivery of properties to homebuyers.

Establishment of Regulatory Authority

Tripura RERA establishes a Real Estate Regulatory Authority to oversee and regulate the real estate sector. The authority is responsible for project registration, dispute resolution, and enforcing compliance with RERA regulations.

Appellate Tribunal

Tripura RERA sets up an Appellate Tribunal to hear appeals against decisions made by the Regulatory Authority. This provision provides a platform for aggrieved parties to seek fair and efficient resolution of disputes.

Penalties and Consequences

Tripura RERA imposes penalties, including monetary fines and imprisonment, on developers and promoters for non-compliance with the provisions of the Act. This ensures strict enforcement and encourages adherence to RERA regulations.

These key provisions of Tripura RERA collectively work towards bringing transparency, accountability, and fairness in the real estate sector. They safeguard the interests of homebuyers, promote timely project completion, and establish a robust regulatory framework for the overall growth and development of the industry.

Also Read: Rera Delhi

How to Register a Project on Tripura RERA?

You must do the following actions in Tripura to register a real estate project under RERA:

• Go to Tripura RERA’s official website.
• On the homepage, choose the “Registration” option, then choose “Real Estate Project” from the drop-down menu.
• On the online application form, complete all required fields, including those for the project, the land, and the promoter.
• Upload all essential documents, including the project’s layout plan, land title records, and other permissions and certificates.
• Use the website’s payment link to pay the registration fee online.
• Send in the application form, the necessary paperwork, and a payment receipt.
• The Tripura RERA authority will examine the data and supplementary materials after receiving the application. If everything is confirmed to be in order, registration will be granted.
• The project’s promoter’s identity, projected completion date, and other vital specifics will all be included in the RERA-issued registration certificate.

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

All real estate agents must be registered to conduct business under the RERA Act. A real estate agent who fails to register with the Tripura RERA would be fined Rs 10,000 daily if the default continues.

The registration process for Tripura RERA

• To register with the RERA, real estate agents must submit an application, a fee, and supporting documentation.
• The licensing body will give the real estate agent a registration number, which must be mentioned in every real estate transaction.
• The real estate agent is required to maintain transaction-related documents, books of accounts, and paperwork on a quarterly basis.
• According to a real estate professional, the buyer must have access to all pertinent project data and documents.
• An agent’s account could be suspended if they registered using false information or by engaging in fraud.

Documents needed to register for Tripura RERA

The Tripura RERA application form must be completed and accompanied by the following documents:

• Details about the real estate project, the builder, the marketer, or the agency
• The PAN number and Aadhaar card of the promoter or agent
• Verification of addresses
• The registration number for the service tax
• An identifier for VAT registration
• The project’s anticipated cost
• The regulator’s endorsement
• Documentation and information about ownership
• The declaration
• A paper or receipt for the registration fee that was paid

Also Read: All About Rera Goa

Tripura RERA: Real estate project guidelines

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

• A maximum of 500 square meters of land will be developed.
• Throughout all phases, a maximum of eight units will be constructed.
• The promoter possesses a certificate of real estate project completion, which was obtained before the implementation of this Act.
• The phase of a real estate project that includes buildings without an occupancy or completion certificate must be registered by project promoters currently working on projects for which no completion certificates have been obtained for all buildings in the approved plan. It is required that you register.
• Promoters who violate the Act’s registration requirements could be fined up to 10% of the project’s estimated cost. This is the upper limit.
• If he disobeys the law, he might get a fine of an additional 10% of the estimated cost of the real estate project, up to three years in jail, or both.
• In addition to registering annually with the authority, the promoters must also provide quarterly progress reports on the project to the authority.

Tripura RERA: Registration fees

Depending on the size of the property, the government has levied a registration cost.

Property Type	Charges in Rs for projects up to 1,000 sqm	Charges in Rs for projects more than 1,000 sqm
Group Housing	5/sqm	10/sqm (max Rs 5 lakh)
Mixed Development	10/sqm	15/sqm (max Rs lakh)
Commercial Property	20/sqm	25/sqm  (max Rs 10 lakh)
For Any Plot	5/sqm	5/sq.m (max to Rs 2 lakh)

Fee for filing an appeal or complaint

Filing a complaint: Rs 1,000

Appeal: Rs 5,000

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. Most of the process may be completed online in a few simple steps. When researching Tripura RERA’s approved projects, one must:

• Step 1: Visit the website for Tripura RERA.
• Step 2: Select “Apply Online ” from the menu bar highlighted in green options.
• Step 3: Clicking on it would open a new page in the browser. There would be a menu and several options on this page.
• Step 4: Select “list of authorized projects from the menu bar.”
• Final Step: The Tripura RERA approves the projects listed on this page. 

How to File a Complaint?

Under the RERA, complaining against dishonest developers has never been simpler. For breaking the legislation, developers, builders, and agents may be sued by the governing body or adjudicating officer.

• Any aggrieved person may file a complaint with Tripura RERA or the adjudicating authority, as appropriate, over any registered real estate project for any violation or breach of this Act or the rules and regulations imposed thereunder.
• People damaged by the Tripura RERA or a decision, order, or instruction of an adjudicating authority may appeal to the Appellate Tribunal.
• Anyone who believes an Appellate Tribunal decision or order has wronged them is entitled to have their case reviewed by the High Court.

Final Words

In conclusion, the implementation of Tripura RERA has ushered in a new era of transparency, accountability, and consumer protection in the real estate sector. The key provisions of Tripura RERA, such as mandatory registration, project disclosures, escrow account utilization, and timely completion, have contributed to a more regulated and reliable real estate market. Homebuyers now have increased confidence in their investments, while developers are held accountable for their actions. Establishing the Regulatory Authority and the Appellate Tribunal ensures a fair dispute resolution mechanism. Overall, Tripura RERA has positively impacted the real estate industry in Tripura, fostering growth and ensuring a level playing field for all stakeholders involved.

Frequently Asked Questions