Manipur, a scenic state in Northeast India, is gradually emerging as a potential market for real estate development, driven by improvements in infrastructure and increased local and non-resident investments. The state's capital, Imphal, is at the forefront of this growth, witnessing a steady demand for both residential and commercial properties. As more developers enter the market, the need for regulation and transparency becomes paramount to protect the interests of buyers and ensure fair practices in the real estate sector. The implementation of the Real Estate (Regulation and Development) Act, 2016 (RERA) in Manipur is a significant step towards achieving this goal.
Thanks to RERA's rigorous enforcement of project timelines and quality benchmarks, potential buyers can navigate the market with confidence. Paired with accessible home loan options from Bajaj Housing Finance, this enables buyers to make informed choices and realise their homeownership goals efficiently.
What is RERA Manipur?
The Real Estate (Regulation and Development) Act, 2016, more commonly known as RERA, is a crucial piece of legislation designed to regulate the real estate sector and protect homebuyers' interests across India, including Manipur. The primary objectives of RERA in Manipur include ensuring transparency in the sale of properties, protecting the rights of home buyers, and establishing a dispute resolution mechanism for quick and fair settlement of disputes. The Manipur Real Estate Regulatory Authority is the governing body responsible for the enforcement of RERA in the state. The benefits of implementing RERA in Manipur include increased accountability of developers, timely delivery of projects, and a significant reduction in fraud and unfair practices in the real estate sector.
What is the role of RERA in Manipur?
RERA in Manipur is tasked with several critical functions to ensure a healthy and transparent real estate market:
- Project registration: All real estate projects in Manipur must be registered with RERA, ensuring that developers provide all necessary documentation and adhere to approved plans.
- Transparency and disclosure: Developers are required to disclose comprehensive information about their projects on the RERA Manipur portal, including project plan, layout, government approvals, and land status.
- Grievance redressal: RERA provides a mechanism for buyers to lodge complaints against developers, which are addressed promptly to ensure fairness and justice.
RERA Manipur: How to access the approved project list?
- To access the list of RERA-approved projects in Manipur, follow these steps:
- Visit the official website of the Manipur Real Estate Regulatory Authority.
- Navigate to the ‘Registered Projects’ or ‘Approved Projects’ section available on the site.
- Select the specific area or district within Manipur to narrow down the search.
- Review the list of projects that have been registered under RERA.
Click on any project to view detailed information, such as the developer’s details, project status, and other relevant compliance data.
What are the rules and regulations of the RERA Act in Manipur?
The RERA Act in Manipur encompasses comprehensive rules and regulations designed to protect buyers and ensure developer accountability:
- Timely completion: Developers are obligated to complete and hand over projects within the timeline specified at the time of registration.
- Escrow account: Developers must deposit 70% of the funds received from buyers into an escrow account to ensure that the funds are used solely for construction purposes.
- Penalty for non-compliance: Failure to comply with RERA regulations can result in hefty penalties, including financial fines and, in severe cases, imprisonment.
How can you register with the RERA Act in Manipur?
For developers to register their projects under RERA in Manipur, the following steps should be followed:
- Prepare and compile all necessary documentation, including the project plan approved by local authorities, details of the development team, and financial statements.
- Complete the online registration form available on the RERA Manipur website.
- Submit the form along with the necessary documents and pay the applicable registration fee.
- Upon successful verification, receive a RERA registration number for the project.
What are the fees and charges for RERA in Manipur?
In Manipur, the Real Estate Regulatory Authority (RERA) oversees real estate transactions. Here are the fees and charges for RERA registration:
| Property Type | Project Size | Fee (Rs. per sq. m.) |
| Residential properties | Up to 2000 sq m | Rs. 10 |
| Residential properties | 2000 to 5000 sq m | Rs. 20 |
| Residential properties | Exceeding 5000 sq m | Rs. 30 |
| Non-residential properties (Commercial) | Any size | Rs. 30 |
Why choose Bajaj Housing Finance Home Loan?
Bajaj Housing Finance Home Loan offers a comprehensive suite of tailored financial solutions designed to meet the unique needs of prospective homebuyers in Manipur. Here’s why choosing Bajaj Finance for your home loan could be beneficial:
- Competitive interest rates: Benefit from attractive interest rates starting from as low as 7.99%* p.a., making home loans affordable and manageable.
- Flexible repayment options: Tailor your repayment plan with terms up to 32 years, aiding in easier financial planning.
- Customised loan features: Personalise your home loan to match your specific requirements in Manipur, selecting the loan amount, and tenure that best suit your financial goals.
- Efficient application process: Experience a hassle-free online application process with quick approval times, often within 48 Hours*.
- Top-up loan for extra requirements: If you need additional funds for home improvements or expansions, Bajaj Finance provides a top-up loan option with minimal paperwork and competitive rates, enhancing both the functionality and appeal of your property.
Choosing Bajaj Finance for your home loan in Manipur not only gives you access to flexible, cost-effective financing options but also ensures a transparent and supportive process that helps you turn your dream of owning a home into a reality.
