As someone looking to purchase a home in 2021, you will have many options available to you. While the government’s efforts towards creating housing for all through the PMAY scheme have been commendable, other initiatives, such as the implementation of RERA have brought about 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 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. In addition, 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 state citizen under a regulatory system, ensuring accountability and promoting transparency while protecting the homebuyer’s interests.
He says 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 undoubtedly 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?
To protect yourself financially and 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 easily. To access the entire list of rules, simply visit the official website or click on this link:
- 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 exceed 1,000 square metres, the cost 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 cost 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?
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 ‘Promoter’, ‘Developer’, or ‘Agent’ from the given options
- Depending on your choice, you will get redirected to a new page 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
- After that, you 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. 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 Rs. 5 crore at an attractive interest rate. Further, you can repay your loan affordably over a flexible tenor of up to 30 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. Moreover, applying via this customised deal expedites the application and approval process, thereby helping you become a homeowner quicker.
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