Gwalior's real estate sector is on an upward trajectory, fuelled by its rich cultural heritage and strategic location in Madhya Pradesh. The city has become a hub for both residential and commercial development, attracting numerous investors and homebuyers. Recent infrastructural developments have further boosted the real estate market, making Gwalior a promising region for realty investments. However, with rapid growth comes the need for regulation to ensure fairness and transparency.
This is where the Real Estate (Regulation and Development) Act, 2016 (RERA) plays a crucial role. RERA in Gwalior has significantly enhanced buyer confidence by ensuring timely project completion and adherence to approved plans. With RERA enforcing rigorous compliance to project schedules and quality benchmarks, and with accessible home loan solutions from Bajaj Housing Finance, potential buyers can confidently explore the market and make informed choices towards realising their homeownership aspirations.
What is RERA in Gwalior?
The Real Estate (Regulation and Development) Act, 2016, or RERA, was enacted to regulate the real estate sector, introduce transparency, and protect the interests of homebuyers in Gwalior. The primary objectives of RERA in Gwalior are to ensure timely delivery of projects and to protect buyers from malpractices in the real estate sector. The Madhya Pradesh Real Estate Regulatory Authority (RERA MP) is the governing body responsible for implementing RERA regulations in Gwalior. This body benefits the real estate market by enforcing developer accountability and facilitating informed decision making among property buyers.
What is the function of RERA in Gwalior?
The RERA in Gwalior is designed to oversee various aspects of the real estate sector:
- Registration of real estate projects: Ensuring that all residential and commercial projects meet specific criteria before they can be marketed.
- Protection of homebuyers' interests: Making sure that developers adhere to the timelines and project specifications that they have promised to homebuyers.
- Promotion of transparency: Requiring developers to regularly update the project status on the RERA website, which includes completion status and ongoing activities.
RERA in Gwalior: How can you access approved projects list?
To access the list of RERA-approved projects in Gwalior, follow these steps:
- Visit the official RERA Madhya Pradesh website.
- Navigate to the ‘Projects’ section and select ‘Approved Projects’.
- Choose ‘Gwalior’ from the district filter to view local projects.
- Browse through the list, which includes detailed project information and compliance status.
- Select a project to view detailed information, including RERA registration number and project details.
What are the rules and regulations of the RERA Act in Gwalior?
The RERA Act in Gwalior mandates several key rules and regulations:
- Project registration: Mandatory for all projects over 500 square meters or those that include eight or more units.
- Regular updates: Developers must provide quarterly updates on their projects' progress.
- Transparency: Full disclosure of project details, including plan layouts and government approvals.
How can you register with RERA Act in Gwalior?
Here are the steps to register a project under RERA in Gwalior:
- Prepare all required documents, including title deed, project plans, and developer details.
- Fill out the registration form available on the RERA MP website.
- Submit the form along with the necessary documents and registration fee.
- Wait for verification and approval from RERA MP.
- Upon approval, receive the RERA registration number for the project.
What are the fees and charges of RERA in Gwalior?
Here are the typical fees and charges associated with RERA registration in Gwalior:
| Type of Project | Fee Description | Calculation Formula |
| Residential plots | Rs 10 per square meter, multiplied by the permissible FAR, applicable to all plots, excluding areas designated for green spaces and roads. | Total area of plotted land (sq meters) x FAR x 10 |
| Ongoing residential plots | Rs 40 per square meter, using the permissible FAR, covers all plots except those designated as green areas and roads. | Total plotted land area (sq meters) x FAR x 40 |
| Residential buildings | Rs 10 per square meter, applied to the carpet area of residential units and shared facilities, excluding shops which are charged at commercial rates. | (Carpet area of residential and common facilities in sq meters x 10) + (Carpet area of commercial units in sq meters x 20) |
| Ongoing residential buildings | Rs 40 per square meter, applied to the carpet area of residential units and common areas, excluding shops. | (Carpet area of residential units and common facilities in sq meters x 40) + (Carpet area of commercial units in sq meters x 40) |
| Commercial plots | Rs 20 per square meter, multiplied by the permissible FAR for commercial or other non-residential usage plots. | Total plotted land area (sq meters) x FAR x 20 |
| Ongoing commercial plots | Rs 80 per square meter, multiplied by the permissible FAR for commercial and other non-residential plots. | Total plotted land area (sq meters) x FAR x 80 |
| Commercial buildings | Rs 20 per square meter, charged on the carpet area of all commercial and non-residential structures. | Total carpet area of commercial and non-residential constructions (sq meters) x 20 |
| Ongoing commercial buildings | Rs 80 per square meter, charged on the carpet area of commercial and non-residential buildings. | Total carpet area of commercial and non-residential constructions (sq meters) x 80 |
| Mixed-use projects | Fees are proportionally calculated based on the designated areas for residential and non-residential use; certain facilities in residential projects are categorised as residential. | Calculated proportionally based on area usage |
| Ongoing mixed-use projects | Fees are calculated based on the specific areas allocated for residential versus non-residential purposes; particular facilities within residential zones are treated as residential. | Proportionate to designated area usage |
RERA has revolutionised the real estate landscape in Gwalior, enhancing transparency, accountability, and safeguarding consumer interests. Understanding the RERA guidelines specific to Gwalior and leveraging financial options like Bajaj Housing Finance Home Loan empowers you to confidently navigate the property market and make informed decisions.
Why choose Bajaj Housing Finance Home Loan in Gwalior?
Bajaj Housing Finance Home Loan provides tailored financial solutions to meet the unique needs of homebuyers in Gwalior. This enhances the property-buying experience in the city by offering benefits such as:
- Efficient application process: Easy online application with fast document verification and approval within 48 Hours*.
- Competitive interest rates: Interest rates starting from as low as 7.99%* p.a., making loans affordable with low EMIs.
- Flexible repayment options: Repayment terms up to 32 years, allowing buyers to manage finances easily.
- Customised loan features: Personalise your loan amount, and tenure as per your needs.
- Top-up loan for extra requirements: Additional funds available for renovations, with minimal paperwork and competitive rates.
Choosing Bajaj Finance for your home loan not only provides access to flexible and cost-effective financing options but also ensures a transparent and supportive process that helps make your home ownership dream a reality in Gwalior.
