Madhya Pradesh is well known as the “Heart of India” not only for its unique culture and its rich natural resources but also for its electric governance system. Madhya Pradesh was one of the first to notify its rules under the REDA Act and device a RERA Authority in its state. The Builders and agents in Madhya Pradesh are bound to take registration under RERA (Real Estate Regulation Authority) within 3 months from the enactment of the rules under REDA Act i.e. 1st of May 2017
According to Mr. Antony deSa, chairperson of Real Estate Regulatory Authority brief TOI that the agenda of RERA is to provide crystal clear picture of the real estate sector and protect the interest of the buyers. He further clarified that RERA will not control the pricing of projects, but will see the things in a practical aspect so the entire process becomes smooth and transparent.
Here below are some of the important aspects of RERA in Madhya Pradesh
- Who is required to get RERA Registration?
- Every Promoter:
- The Builders, contractors and developers who entered in an “Agreement to sale” with Buyers.
- 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
- An on-going project as on 01/05/2017 where completion certificate has not been received.
- Every agent who assists 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.
- In case of Residential project
- 10/- per square meter for projects where the area of land proposed to be developed does not exceed 1000 square meters; or
- 20/- per square meter where the area of land proposed to be developed exceeds 1000 square meters
- In case of Commercial or any other projects
- 50/- per square meter where the area of land proposed to be developed does not exceed 1000 square meters; or
- 100/- per square meter where the area of land proposed to be developed exceeds 1000 square meters.
For Real Estate Agent – The RERA registration fees for a Real estate agent in Madhya Pradesh shall be Rs. 25,000/- for individual and Rs. 2,50,000/- for a person other than an individual.
- Time limit for RERA Registration – the time limit is as under
- For On-going project – within 3 months i.e 31/07/2017
- For New project – before any advertisement or sell or booking
- For real estate Agent – before any transactions
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.