RERA Rajasthan: A Complete guide

Before the RERA Act of 2016 was passed, the real estate sector in the country was unregulated, which resulted in builders and developers flouting rules and duping homebuyers. However, post the introduction of the Real Estate Regulatory Authority (RERA) Act, developers are monitored by a regulatory authority that is responsible for protecting the interest of homebuyers.

What is RERA?

The Real Estate Regulatory Authority (RERA) Act has been implemented to bring transparency to the real estate sector in India. To achieve this objective, RERA requires all builders and developers to register themselves and submit project details to RERA. To bring the entire country under the Act, each state has its own Real Estate Regulatory Authority. This state-specific body is responsible for regulating the real estate sector within the state. In Rajasthan, this body is known as Rajasthan RERA (Raj-RERA).

If you are interested in buying property in Rajasthan, you can find a home by checking the official RERA website for the state. By choosing a property that is registered under RERA Act Rajasthan, you can be sure of making a sound investment.

Know more about RERA Rajasthan and Understand its Benefits

Functions of RERA Rajasthan

From regulating Rajasthan’s real estate sector in its entirety and promoting transparency and accountability in every real estate transaction to standardising property prices, RERA Act in Rajasthan overlooks every aspect of the industry. Additionally, RERA Rajasthan works towards creating a safe environment for investment within the state and also protects the rights of homebuyers by allowing them to register complaints against developers.

RERA Act Rajasthan Rules and Regulations

RERA rules for Rajasthan are divided into 10 chapters. Each chapter deals with RERA rules for various aspects such as documents required for registering a real estate project, extension of registered projects, and collection of fees and registration/renewal charges from agents or promoters.

RERA Rajasthan Fees and Charges

In order to register a project, every real estate agent, developer or promoter has to pay a certain registration fees. Here’s what you have to pay in order to get your property registered.

For a Group Housing Project

• Rs. 5 per sq.mt. if the area of the land doesn’t exceed 1,000 sq.mt.
• Rs. 10 per sq.mt. (capped up to Rs. 5 lakh) if the area of the land exceeds 1,000 sq.mt.

Mixed Development (residential and commercial) Project

• Rs. 10 per sq.mt. if the land doesn’t exceed 1,000 sq.mt.
• Rs. 15 per sq.mt (capped up to Rs. 10 lakh) if the land exceeds 1,000 sq.mt

For Commercial Projects

• Rs. 20 per sq.mt. if the land doesn’t exceed 1,000 sq.mt.
• Rs. 25 per sq.mt. (capped up to Rs. 10 lakh) if the land exceeds 1,000 sq.mt.

For Plotted Development Projects

• Rs. 5 per sq.mt. capped up to Rs. 2 lakh.
  

Rajasthan RERA Forms for Buyers, Agents and Developers

To make a request or file a complaint with RERA Rajasthan guidelines, you must familiarise yourself with the following online forms.

RERA Forms for Buyers

• Appeal to Appellate Tribunal form
• Complaint to authority form-M
• Complaint to regulatory authority form-N
• Agreement for sale annexure-A
  

RERA Forms for Developers

• Application for registration of project form-A
• Declaration form-B
• Registration certificate of project form- C
• Intimation of rejection of application for registration of project or rejection of application for extension of registration of project or revocation of registration of project form-D
• Application for extension of registration of project form-E
• Certificate for extension of registration of project form-F
• Complaint to authority form-M
• Complaint to regulatory authority form-N
  

RERA Forms for Agents

• Application for registration of real estate agent form-G
• Registration certificate of real estate agent form-H
• Intimation of rejection of application for registration of real estate agent or rejection of application for renewal of registration of real estate agent or revocation of registration of real estate agent form-I
• Application for renewal of registration of real estate agent form-
• Renewal of registration of real estate agent form-K
• Appeal to appellate tribunal form-L
• Complaint to authority form-M
• Complaint to regulatory authority form-N
  

How to register for RERA Rajasthan?

You can register a complaint against q developer by submitting an online form and by paying Rs. 1,000 or more, based on the nature of your complaint. Promoters, developers, and agents, on the other hand, have to register their properties with RERA Rajasthan by following certain steps and adhering to the timelines as notified by the authorities. Developers are only required to register their commercial and residential real estate projects if:

• The land on which property is constructed is over 500 sq.mt.
• The property has more than 8 apartments
  

As a homebuyer you can find a Raj-RERA registered project by on the official RERA website for the state or by visiting here. From newly listed projects to existing properties and under-construction apartments, you can view all RERA-compliant properties at a glance. This saves time and simplifies the process of buying a home.

RERA Impact on Real Estate in India

RERA is the first regulatory body in the Indian real estate sector and it has helped bring about transparency and accountability, benefitting both buyers and developers. While all states and union territories are yet to implement RERA, ones like MahaRERA have set the bar high by establishing a robust system.

Additional Read: Effect of RERA on Real Estate

RERA Benefits for First-time Homebuyers

As a first-time home buyer, you can be sure of transparency throughout the home-buying process. Since your rights are protected by the provisions of RERA, purchasing your dream home becomes a stress-free experience. Start now by looking for a Raj-RERA project and then take a Home Loan from Bajaj Finserv to simplify the process further. You can get a loan of up to Rs. 15 crore* on cost-effective terms, and repay it over a flexible tenor of up to 40 years. What’s more, you can qualify for the loan by meeting simple eligibility criteria and submitting minimal documentation.

Best of all, you can check your pre-approved offer from Bajaj Finserv to enjoy simple application and speedy approval. To view your tailor-made deal, submit basic details like your name and contact number. Combine this nifty source of financing with benefits of RERA for first-time homebuyers to buy your dream home without any stress.