The Punjab government has notified the state about RERA rules in June 2017, and soon after, in August 2017, RERA Punjab was officially put in place. In line with RERA’s primary objectives, the RERA Act of Punjab too works towards promoting transparency within the real estate sector. If you are looking to buy a property in Punjab, it is best to understand RERA Punjab first.
Here’s What You need to Know about RERA Punjab
Functions of RERA Punjab
You’re probably familiar with RERA rules, and RERA in Punjab functions in a similar manner. It has a list of regulations that provide for better transparency between homebuyers and developers or real estate agents. Here are the functions that RERA Punjab performs.
- As specified by overarching RERA rules, RERA Punjab and its policies are hosted on the official state RERA website and you can find updates here too
- To promote real estate growth within the state, RERA in Punjab has created a strong, transparent, efficient, and competitive environment.
- RERA Act of Punjab overseas the sale of plots and apartments in a fair manner
- RERA Punjab protects the interests of buyers in the real estate sector. One way in which it does this is by allowing buyers to lodge a complaint or query on the RERA portal and receive swift resolution
- Under the RERA Act of Punjab, real estate agents and other stakeholders have to compulsorily register their projects and themselves, so that RERA can display records pertaining to stakeholders and projects on its official website
Rules and Regulations of RERA Act Punjab
RERA Punjab’s goal is to stop malpractices and project delays to ensure this it holds real estate agents and builders to the highest standards. To know more, take a look at the most important RERA rules that RERA Punjab also follows.
- As a homebuyer, you only have to pay the carpet area cost for the property you are buying. Builders cannot charge you for the super built-up area such as the lift, balcony, stairs and lobby
- Another way in which RERA impacts real estate agents and homebuyers is that it requires property developers to offer buyers updates during the construction process. In case of project construction or handover delays, as per RERA rules, the developer has to pay interest of 2% above SBI’s Marginal Cost of Leading Rate to a homebuyer
- The property developer’s duty does not end at handover. You can report defects and problems and have the developer rectify them within 5 years from the date of handover
- In case of dispute, developers have to attend to and resolve your concerns within 120 days from the day you file your complaint
- As a homebuyer, two-thirds of all allottees must express consent for alterations to a sanctioned plan for a developer or builder to be able to make changes to the property
- The RERA Act of Punjab prohibits developers from taking anything more than 10% as advance from a homebuyer
Fees and Charges of RERA Punjab
Now that you know what is RERA, you must also understand the fees and charges in detail. As a homebuyer you can create a virtual account to log into the official RERA Punjab website, while as a real estate agent, developer or agency, you have to register with RERA by submitting a list of documents and paying a fee. This varies across states in India and for Punjab it is Rs.5,000 onwards.
Registering for RERA
Separate RERA forms are available on the website and you can register your project, as well as create a builder or developer profile using them.
- To register projects you must visit the official RERA Punjab website and select 'Project Registration
- Thereafter, you will be redirected to a page where you can create an account. In order to do so, you will first have to confirm your status as a stakeholder and pick one of these options: promoter, real estate agent or complainant
- Next, fill in the required fields and enter the CAPTCHA code
- Click on 'Create User'
In a similar vein, you can register yourself as a RERA registered real estate agent, promoter, and developer. In order to do so, start by clicking on the 'Agent Registration' tab on the official RERA Punjab website. Thereafter, select your user type and fill in other details. Apart from this, note that as a homebuyer you have to fill a form in order to register a complaint and pay a fee of Rs.1,000.
By now, you’re sure to have understood the importance of RERA act and how it simplifies the process of buying a home. With so many benefits in store, the next step is to look for a good funding solution to purchase your home in Punjab. For instance, you can check your pre-approved offer for a home loan from Bajaj Finserv by sharing a few basic details.
Once done, you can apply for a loan of your choice using a lucrative offer that’s specially customised for you. This will simplify the process of availing finance and will allow you to service a loan that is well-suited to your financial capacity.
So combine the power of instant, tailor-made financing with RERA’s benefits for a first time homebuyer to own your dream home without any stress.
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