Patna, the capital of Bihar, is experiencing a transformative shift in its real estate sector, propelled by rapid urbanisation and infrastructural development. The city, historically rich and strategically important, is becoming a hotspot for real estate investments, with a growing demand for both residential and commercial properties. The proliferation of housing projects and commercial complexes has attracted attention from both local and national developers. However, this boom has also highlighted the need for regulation to protect buyer interests and ensure fair play.
The Real Estate (Regulation and Development) Act, 2016 (RERA), implemented in Patna, aims to bring transparency, accountability, and efficiency to the real estate transactions, fostering a healthy growth environment in the sector. With RERA's rigorous enforcement of project schedules and quality benchmarks, along with the accessible home loan solutions provided by Bajaj Housing Finance, prospective buyers can navigate the market with confidence. This enables them to make informed choices and realize their homeownership goals effectively.
What is RERA in Patna?
The Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, is a national law enacted to regulate the real estate sector and protect the interests of home buyers. In Patna, RERA's objectives are to ensure the sale of plot, apartment, or building, as the case may be, or sale of real estate project, is done in an efficient and transparent manner. The Bihar Real Estate Regulatory Authority (BRERA) is the governing body responsible for implementing RERA in Patna. The implementation of RERA has brought numerous benefits, including timely delivery of projects, protection of buyers' money through the establishment of an escrow account, and a formal redressal system for grievances.
What is the functions of RERA in Patna?
The functions of RERA in Patna are comprehensive, aimed at enhancing the overall integrity of the real estate market:
- Regulatory oversight: Ensuring all real estate projects and agents operating in Patna are registered under RERA.
- Transparency: Mandating that all registered projects disclose full details regarding their development, including plan layouts, government approvals, land status, contractor information, and project status.
- Dispute resolution: Facilitating a fast and effective dispute resolution mechanism to handle issues between developers and buyers.
RERA in Patna: How can you access approved projects list?
Accessing the list of RERA-approved projects in Patna involves the following steps:
- Visit the official website of the Bihar Real Estate Regulatory Authority.
- On the website, navigate to the 'Registered Projects' section.
- Filter the projects by selecting 'Patna' to view the specific projects in the city.
- Browse through the detailed list of approved projects, which includes comprehensive information about each project.
- Click on any project to view more detailed information, including its RERA registration status and other relevant details.
What are the rules and regulations of the RERA Act in Patna?
The RERA Act in Patna has established specific rules and regulations to ensure a fair and transparent real estate market:
- Mandatory registration: All commercial and residential real estate projects must register with RERA before advertising or selling.
- Regular updates: Developers are required to provide regular updates on the project status to RERA and the buyers.
- Financial discipline: A minimum of 70% of the funds collected from buyers must be deposited in a separate escrow account and used exclusively for the construction of the project.
How can you register with RERA Act in Patna?
To register a project with RERA in Patna, developers should follow these steps:
- Collect all required documents, including the approved project plan, area development permissions, and details of the development team.
- Fill out the RERA registration form available on the Bihar RERA website.
- Submit the application along with the necessary documentation and the required fee.
- Once verified and approved, the project will be registered and assigned a RERA registration number.
What are the fees and charges for RERA in Patna?
In Patna, the Bihar State Real Estate Regulatory Authority (Bihar RERA) oversees real estate transactions. Here are the fees and charges for RERA registration:
| Property Type | Fee (Rs. per square metre) |
| Residential properties | Rs. 5, capped at Rs. 2 lakh |
| Commercial, industrial, mixed-use properties | Rs. 10 |
It's important to note that RERA registration is mandatory for all real estate projects where the land area exceeds 500 square metres or involves more than eight apartments. This registration ensures transparency and protects buyer interests.
RERA has transformed the real estate landscape in Patna, improving transparency, accountability, and consumer protection. Familiarising yourself with Patna’s RERA regulations and utilising financial options like the Bajaj Housing Finance Home Loan enables you to confidently navigate the property market, ensuring well-informed and wise decisions.
Why choose Bajaj Housing Finance Home Loan?
Bajaj Housing Finance Home Loans offers personalised financing solutions for homebuyers in Patna, providing a range of benefits:
- Competitive interest rates: Benefit from our home loan's competitive interest rates, starting at just 8.25%* p.a, ensuring affordability.
- Simplified and quick loan process: Our streamlined home loan application process ensures transparency and minimal hassle. Apply online, and upon document verification, receive approval within 48 Hours*, bringing you closer to your dream of owning a home swiftly and seamlessly.
- Customisable loan options: Tailor your home loan to meet your needs with our customisable options. Choose your loan amount, and repayment tenure, empowering you to achieve homeownership on your terms and according to your financial capabilities.
RERA has led to significant transformations in Patna's real estate sector, enhancing transparency, accountability, and consumer protection. By understanding RERA regulations in Patna and leveraging financial solutions like Bajaj Finserv Home Loan, you can make informed decisions and approach the real estate market with confidence.
