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RERA Gujarat: Important Things to Know about GujRERA

  • Highlights

  • GUJRERA regulates the real estate sector of Gujarat

  • It protects the rights of homebuyers and developers

  • GUJRERA has registered over 5,600 projects in Gujarat

  • To buy a RERA home stress-free choose a BFL Home Loan

As someone looking to purchase a home in 2019, there are several options for you to choose from. While the government’s efforts towards creating housing for all through the PMAY scheme have been commendable, other initiatives, such as implementation of RERA, have brought about a transparency and accountability within the real estate sector. As a result, you can be sure that by choosing a RERA registered property, for instance, you’re investing in a legitimate, sturdy property that has all the clearances and licenses.

To ensure proper implementation of the RERA Act of 2016 countrywide, the government actioned the setting up of authorities in each state. One such body is Gujarat Real Estate Regulatory Authority, also known as GUJRERA.

An Introduction of RERA Gujarat

What is the RERA Act in Gujarat?

The RERA Act was passed by the Upper House of the Parliament of India to safeguard your interests as a property buyer and also boost real estate investments across India. Therefore the RERA Act in Gujarat simply ensures that this goal is achieved. It aims to curb fraudulent transactions and regulate real estate in Gujarat by bringing about greater accountability.

To understand RERA’s impact on real estate in Gujarat more deeply, take a closer look at the RERA Act in Gujarat.

What is the Vision of RERA Gujarat?

The vision of the RERA Act of Gujarat is to make the state a destination for real estate investment on a national and global scale. To achieve this, RERA Gujarat employs innovative customer-oriented solutions, excellent communication practices with stakeholders and optimal service-delivery tactics through professional staff.

According to a statement issued by the GUJRERA Chairman, Dr.Amarjit Singh, RERA Gujarat has tirelessly worked to bring every citizen of the state under a regulatory system, which has ensured accountability and promoted transparency while protecting the homebuyer’s interests. He goes on to say that the body is working towards building a transparent ecosystem for the real estate sector in Gujarat and that he wants Gujarat to be an example for other states in India. GUJRERA has certainly made progress towards achieving its goals, as it is one of the top 2 states in India as far as RERA compliance goes, with over 5,600 registered projects.

What are the Rules and Regulations of the RERA Act in Gujarat?

In order to protect yourself financially and to avoid any blunders owing to a lack of information, learn about the RERA rules for real estate in Gujarat. RERA Act Gujarat rules can be found online extremely easily. To access the entire list of rules, simply visit the official website or click on this link:
https://gujrera.gujarat.gov.in/resources/staticpage/ReraRegulatoryAuthorityRules.pdf.

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What are the Fees and Charges that GUJRERA levies?

In order to register yourself as a promoter or agent and thereby get your projects vetted by RERA, you need to pay a fee. Read on to know more about the fee variations on the basis of the project’s size and nature.

  • Pay a registration fee of Rs.5 per square metre for projects labelled as group housing, that don’t exceed 1,000 square metres. If the land exceeds 1,000 square metres, the fee is Rs.10 per square metre, capped at a maximum of Rs.5 lakh.

  • For mixed development projects, the registration fee is Rs.10 per square metre for plots not exceeding 1,000 square metres. However, for plots that do exceed 1,000 square metres, the fee is Rs.15 per square metre, capped at a maximum of Rs.10 lakh.

  • For commercial projects, the registration fee is Rs.20 per square metre for plots not exceeding 1,000 square metres. However, if the plot does exceed 1,000 square metres, the fee is Rs.25 per square metre, capped at a maximum of Rs.10 lakh.

  • For plotted development projects, the registration fee is Rs.5 per square metre, capped at a maximum of Rs.2 lakh.

  • In order to carry out a withdrawal of application, the fee is 5% of the registration fee or Rs.25,000, whichever is higher.

How to Register for GUJRERA?

In order to register for the RERA Act in Gujarat, here are the steps you need to follow.

  • Visit the official GUJRERA website

  • Select ‘Project Registration’ and choose either ‘Promoter’, ‘Developer’ or ‘Agent’ from the given options

  • Depending on your choice, you will get redirected to a new page where you will have to enter certain details such as your email ID

  • You will then receive an OTP, and you must enter it to proceed to the next step

  • Thereafter, you just have to fill the form and pay the fees to complete the registration process

Now that you know how GUJRERA works and its benefits for first-time homebuyers, invest in property in the state without any fear. In fact, consider simplifying the process further by using a home loan to finance your home purchase. The Bajaj Finserv Home Loan is an excellent option as it offers an ample sanction of up to Rs.3.5 crore at an attractive interest rate. Further, you can repay your loan affordably over a flexible tenor of up to 20 years. Bajaj Finserv also gives you access to a comprehensive property report that guides you through all legal and technical aspects of becoming a homeowner.

Best of all, when you choose Bajaj Finserv you can check your pre-approved offer for a range of financial products, including a home loan. Applying via this customised deal expedites the application and approval process, thereby helping you become a homeowner quicker!

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