Surat, known as the diamond city of India, is not only a hub for gem and jewellery industries but has also seen substantial growth in its real estate sector over the past decade. As one of the fastest-growing cities in the world, Surat’s urban sprawl has expanded significantly, with numerous residential and commercial projects cropping up to meet the increasing demand. The strategic development plans and infrastructural improvements have further boosted the real estate market, making Surat an attractive destination for investors and homebuyers alike.
However, this rapid expansion has also necessitated stringent regulations to ensure transparency and protect buyer interests. This is where the Real Estate (Regulation and Development) Act, 2016 (RERA) plays a pivotal role in the city. With RERA setting project deadlines and quality standards, combined with Bajaj Housing Finance providing flexible home loan solutions, prospective buyers can navigate the market with confidence. This enables them to make well-informed decisions, bringing them closer to achieving their dream of homeownership.
What is RERA in Surat?
The Real Estate (Regulation and Development) Act, 2016, commonly known as RERA, was implemented in Surat to regulate the booming real estate market and ensure fair practices are upheld. This regulatory framework aims to protect the interests of homebuyers, enhance transparency in real estate transactions, and ensure timely completion of projects.
The Gujarat Real Estate Regulatory Authority (GujRERA) is the governing body responsible for overseeing the implementation of RERA in Surat. The key objectives of RERA in Surat include establishing a regulatory oversight mechanism to curb malpractices in the real estate sector, providing a platform for redressal of grievances, and ensuring clear property title certification. The benefits provided by RERA in Surat are manifold, including enhanced buyer safety, increased developer accountability, and improved investment inflow into the real estate market.
What is the functions of RERA in Surat?
RERA in Surat is tasked with several critical functions to regulate the real estate sector effectively:
- Registration of projects: Ensuring that all real estate projects and agents are registered under RERA before they can sell, advertise, or market properties.
- Transparency enforcement: Mandating developers to disclose project details, including plan layout, timeline, cost, and other relevant information on the GujRERA website.
- Grievance redressal: Providing a mechanism for buyers to lodge complaints against developers, which are to be resolved in a timely manner.
RERA in Surat: How can you access approved projects list?
To access the list of RERA-approved projects in Surat, follow these simple steps:
- Visit the official website of the Gujarat Real Estate Regulatory Authority (GujRERA).
- Navigate to the ‘Projects’ section on the homepage.
- Select ‘Surat’ from the list of cities to filter the projects accordingly.
- Review the list of projects that have been registered under RERA, which includes comprehensive details about each project.
- Click on any project to view detailed information such as the developer’s credentials, project status, and legal approvals.
What are the rules and regulations of the RERA Act in Surat?
The RERA Act in Surat imposes stringent rules and regulations to safeguard the interests of buyers and ensure integrity in the real estate sector:
- Full disclosure by developers: Compulsory disclosure of complete project details to buyers and on the GujRERA portal.
- 70% escrow rule: Developers are required to deposit 70% of the project funds in a separate bank account to ensure that the money is used for the designated project.
- Regular progress reports: Developers must regularly update the progress of their projects on the GujRERA website.
How can YOU REGISTER with RERA Act in Surat?
To register a project with RERA in Surat, developers must undertake the following steps:
- Gather all necessary documents, including detailed project plans, land ownership records, and approvals from relevant authorities.
- Complete the application form available on the GujRERA website.
- Pay the registration fee and submit the application online.
- Once the application is approved, a RERA registration number will be issued, which must be displayed in all project promotions.
What are the fees and charges of RERA in Surat?
Here are the fees and charges associated with RERA registration in Surat:
| Project Type | Registration Fee |
| Group housing | Rs. 8 per sq. mt. of carpet area, with a minimum fee of Rs. 10,000 and a maximum of Rs. 10 lakh |
| Mixed development (residential and commercial) | Rs. 15 per sq. mt. of carpet area, minimum fee of Rs. 12,000, and a maximum of Rs. 12 lakh |
| Commercial | Rs. 20 per sq. mt. of carpet area, minimum fee of Rs. 15,000, and a maximum of Rs. 15 lakh |
| Plotted development | Rs. 10 per sq. mt. of land planned for development, minimum fee of Rs. 5,000, and a maximum of Rs. 5 lakh |
| Withdrawal of application for registration | 5% of the Registration Fee or Rs. 25,000, whichever is greater |
RERA has transformed Surat’s real estate scene by boosting transparency, accountability, and protecting consumer rights. Familiarising yourself with Surat’s RERA regulations and utilising financial solutions such as Bajaj Housing Finance Home Loan enables you to confidently explore the property market and make knowledgeable choices.
Why choose Bajaj Housing Finance Home Loan in Surat
Bajaj Housing Finance Home Loans offers customised financial solutions to cater to the unique needs of prospective homebuyers in Surat. Reasons to consider Bajaj Finance for your home loan in Surat include:
- Efficient application process: Submit your application online with ease and receive approval within 48 Hours* after document verification.
- Competitive interest rates: Attractive interest rates starting from as low as 8.25%* p.a help keep EMIs affordable, facilitating effective financial management.
- Flexible repayment options: Up to 32 years of repayment options available, allowing you to tailor your financial planning according to your needs.
- Top-up loanh for additional needs: Obtain additional funding for home improvements with minimal paperwork and competitive rates, enhancing both the functionality and aesthetic of your property.
Opting for Bajaj Finance not only provides access to flexible and cost-effective financing options but also ensures a transparent and supportive process, helping turn your dream of owning a home in Surat into reality.
