RERA registration in Gujarat is no more a myth now. The builders and agents in Gujrat have tightened their waist for registration of real estate projects. The Gujarat government is working on fast pace for the implementation of  RERA website in Gujarat.

Majula Subarmaniam, Interim Chairman of Real Estate Regulatory Authority has taken a view that the authorities not only have the power to ensure compliance of RERA rules but also have the power to call information from developers, consumers and real estate agents as well as conduct investigation in case of violation of provisions of law.

Although the other members of authority are yet to be appointed but the website for registration in RERA will be launched within a week. A brief Discussion on some important provision are as follows:

• 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. On-going project as on 01/05/2017 where completion certificate has not been received.
3. Every agent who assists in sell/purchase of any RERA registered real estate project.

RERA Fees and procedures

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

• In case of Group Housing project
  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 meter where the area of land proposed to be developed exceeds 1000 square meters, but maximum to Rs. 5 Lacs

• In case of Mix development (residential and commercial) Project
  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 meter where the area of land proposed to be developed exceeds 1000 square meters but maximum to Rs. 7 Lacs

• In case of 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 meter where the area of land proposed to be developed exceeds 1000 square meters but maximum to Rs. 10 Lacs.

• In case of Plotted development projects
  1. Rs. 5/- per square meter but maximum up to Rs. 2 Lacs.

For Real Estate Agent – The RERA registration fees for Real estate agent in Gujarat shall be Rs. 10,000/- for individual and Rs. 50,000/- for person other than individual.

• Time limit for RERA Registration – the time limit 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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