The National Capital Region (NCR) of India, encompassing Delhi and its surrounding areas, has long been the focal point of extensive real estate development. This region, characterised by a high demand for both residential and commercial properties, has witnessed rapid urbanisation and infrastructural growth. As a result, the real estate market in NCR has become highly dynamic, attracting numerous investors and developers from across the country. However, this rapid growth has also led to complexities and challenges in the real estate transactions, highlighting the need for regulatory oversight. The introduction of the Real Estate (Regulation and Development) Act, 2016 (RERA) has been a significant step in bringing transparency and accountability to the real estate sector in NCR.
With RERA's stringent enforcement of project deadlines and quality standards, prospective buyers can confidently manoeuvre through the market. Coupled with accessible home loan solutions from Bajaj Housing Finance, this empowers buyers to make informed decisions and achieve their homeownership objectives effectively.
What is RERA in NCR?
The Real Estate (Regulation and Development) Act, 2016, more commonly known as RERA, is a regulatory framework designed to oversee the real estate sector in India, with a particular emphasis on the NCR due to its vast and complex real estate market. The primary objectives of RERA in NCR are to ensure transparency in real estate transactions, protect the interests of home buyers, and resolve disputes between buyers and developers efficiently. The RERA authorities for the states encompassing the NCR—Delhi, Haryana, and Uttar Pradesh—each have their own regulatory bodies, such as HRERA for Haryana and UPRERA for Uttar Pradesh, responsible for the enforcement of the Act's provisions. The benefits provided by RERA in the NCR include improved accountability of developers, enhanced consumer confidence, and a more structured approach to dispute resolution.
What is the function of the RERA in NCR?
RERA in the NCR is entrusted with various functions to ensure a stable and transparent real estate market:
- Regulatory oversight: Monitoring real estate projects and ensuring compliance with the legal framework.
- Project registration: Ensuring that all real estate projects are registered under RERA before they are marketed.
- Consumer protection: Safeguarding the rights of home buyers and facilitating the redressal of their grievances.
RERA in NCR: How can you access approved projects list?
To access the list of RERA-approved projects in the NCR, follow these steps:
- Identify the specific state's RERA website relevant to your location within the NCR (e.g., Delhi, Haryana, or Uttar Pradesh).
- Navigate to the 'Approved Projects' or 'Registered Projects' section on the homepage.
- Select the specific area within the NCR for which you want to check the projects.
- Browse through the list of projects that have been registered and approved by RERA.
- Click on a project to view detailed information, including the developer’s name, project status, and other relevant details.
What are the rules and regulations of the RERA Act in NCR?
The RERA Act in the NCR mandates several important rules and regulations:
- Full disclosure: Developers must provide detailed information about the project, including sanctioned plans, layout, and the stage-wise schedule of completion.
- Escrow account: 70% of the funds collected from buyers must be deposited in an escrow account to be used solely for the construction of the project.
- Timely completion: Ensuring that projects are completed and delivered within the timeframe agreed upon at the time of registration.
How can you register with RERA Act in NCR?
To register a project with RERA in the NCR, developers should follow these steps:
- Prepare all required documentation, such as land title proof, building plans approved by the local authority, and details of the project development team.
- Fill out the RERA registration application form available on the respective state’s RERA website.
- Submit the application along with the specified registration fee and all necessary documents.
- Once the application is verified and approved, a RERA registration number will be issued for the project.
What are the fees and charges of RERA in NCR?
For projects under the purview of UPRERA, the fees are as per the table below:
| Category | Fee |
| Residential project up to 1,000 sq. metres | Rs. 10 per sq. metre |
| Residential project exceeding 1,000 sq. metres | Rs. 500 per 100 sq. metres |
| Commercial project up to 1,000 sq. metres | Rs. 20 per sq. metre |
| Commercial project exceeding 1,000 sq. metres | Rs. 1,000 per 100 sq. metres |
For projects under the purview of HRERA, the fees are as per the table below:
| Category | Hyper/High Potential I & II | Medium/Low Potential |
| Residential/Industrial | Rs. 10 per square metre | Rs. 5 per square metre |
| Other than Individual | Rs. 20 per square metre | Rs. 10 per square metre |
The Bajaj Housing Finance Home Loan presents an extensive range of customised financial solutions crafted to suit the specific requirements of potential homebuyers in NCR. Here's why opting for Bajaj Finance for your home loan could prove advantageous:
Why choose Bajaj Housing Finance Home Loan in NCR
Bajaj Finance Home Loans provides customised financial solutions tailored to meet the unique needs of prospective homebuyers in the NCR. Here is why choosing Bajaj Finance in the NCR could be beneficial:
- Efficient application process: Offers a simplified online application process, with approvals typically issued within 48 Hours* post-document verification.
- Competitive interest rates: Attractive interest rates starting from as low as 8.25%* p.a make home loans affordable and help keep EMIs manageable.
- Flexible repayment options: Customise your repayment schedule up to 32 years to suit your financial planning.
- Top-up loan for extra requirements: Access additional funds for home improvements at competitive rates, with minimal paperwork.
Opting for Bajaj Finance for your home loan in the NCR not only provides access to flexible and cost-effective financing options but also ensures a transparent and supportive process to help you achieve your dream of home ownership.
