PATNA: The Real Estate Regulatory Authority (RERA) of Bihar has made the registration process for real estate projects more straightforward to enhance the ease of doing business, while still ensuring thorough document scrutiny before approvals are granted.
With the updated system, applicant promoters will receive guidance through each step of the filing process via a new filter-based approach. The portal now features a checklist of necessary documents right at the start and includes built-in validation checks to identify discrepancies, minimizing errors and rejections.
Furthermore, RERA has simplified the documentation requirements. Promoters are now only required to submit the Jamabandi, a current revenue receipt, and a non-encumbrance certificate for land-related information, eliminating the need for mutation documents and land possession certificates.
Companies under three years old are exempt from submitting audited financial statements. Instead, they can provide their directors’ income tax returns for the last three financial years.
Additionally, the authority has made compliance easier by removing the need for draft project brochures. Disclosure of immovable properties owned by companies and their directors can now be made via a single affidavit, rather than multiple documents.
To guarantee consistency in scrutiny, RERA has developed a catalogue of pre-formatted queries for officials to utilize when examining applications. Promoters will also no longer need to disclose information about cases from the past five years, as the authority will confirm this through its digital records.
“The authority has consistently prioritized the crucial matter of ease of doing business. This new system was developed based on feedback from stakeholders and an analysis of applications that were rejected due to missing documents,” stated RERA Bihar chairperson Vivek Kumar Singh.
The reforms are designed to expedite the registration process, making it more transparent and user-friendly while ensuring adherence to regulatory standards.
