The Real Estate (Regulatory and Development) Act, 2016 has commenced from May 1, 2017. The first set of Rules and Regulations in Real Estate Industry has become a reality now. RERA Rules and RERA Authority has been prescribed by Rajasthan Government to Jaipur, being the Capital state; few changes are there in such rules.

Analysis of RERA Registration for Jaipur, which is as under

Who is required to get RERA Registration?

1. Every Promoter:

• The contractor for construction or demolition of building, plot etc.
• Developers of land
• Any development authority or public body who construct or sold building, plot
• State-level or primary co-operative housing societies
• Holder of power of attorney for sale from the land owner

2. An on-going project as on 01/05/2017 where completion certificate has not been received.

3. Every agent who assist in sell/purchase of any RERA registered real estate project

RERA Fees and procedures

For Real Estate Project – The RERA registration fees shall be based on the land area to be developed.

• For group housing projects
  • 1. Rs. 5/- per square meter for projects where the area of land proposed to be developed does not exceed 1000 square meters; or
    2. Rs. 10/- per square meters or part thereof where the area of land proposed to be developed exceeds 1000 square meters, with maximum cap of Rs. 5 Lacs
• For Mixed development (residential and commercial) projects
  • 1. Rs. 10/- per square meter for projects where the area of land proposed to be developed does not exceed 1000 square meters; or
    2. Rs. 15/- per square meters or part thereof where the area of land proposed to be developed exceeds 1000 square meters, with a maximum cap of Rs. 10 Lacs.
• For commercial projects
  • 1. Rs. 20/- per square meter for projects where the area of land proposed to be developed does not exceed 1000 square meters; or
    2. Rs. 25/- per square meters or part thereof where the area of land proposed to be developed exceeds 1000 square meters, with maximum Cap of Rs. 10 Lacs.
• For plotted development projects – Rs. 5 per square meter, but shall not be more than Rs. 2 Lacs
• For Real Estate Agent-
  1. The RERA registration fees for Real estate agent in Jaipur shall be Rs. 10,000/- for individual and Rs. 50,000/- for person other than individual.

Time limit for RERA Registration is as under

• 1. For On-going project – within 3 months i.e. 31/07/2017
  2. For New project – before any advertisement or sell or booking
  3. For real estate Agent – before any transactions

Author – Team, RERA Consulting  – rera@centrik.in

For, Centrik Business Solutions Pvt Ltd.

Note – Please note that the above article is part of our continuous research on the related matters. It is based on our interpretation of related regulations which may differ person to person. Readers are expected to take expert opinion before relying on above.

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