Rajasthan builders to face increased fees for plot registration from August 1

Rajasthan's real estate landscape undergoes a transformative shift on August 1 as real estate developers face increased registration fees for plotted and commercial schemes under the watchful eye of the Rajasthan Real Estate Regulatory Authority (RERA). The regulatory body introduces a pivotal change, setting a standard fee of Rs 10 per square metre. In accordance with RERA's guidelines, projects comprising nine or more plots on land areas exceeding 500 square metres become mandated for registration under its purview. This strategic move fosters heightened transparency and accountability within the state's real estate domain.

The authorities have now supplemented the previous registration fee of Rs 5 per square metre for residential plots with the novel standard charge. Likewise, commercial, industrial, and mixed-use plots will observe a revised registration fee of Rs 10 per square metre. This prudent step aims to instil a greater sense of dedication and integrity among developers operating in the state. It is imperative to note that this standard fee does not solely target private developers; it extends its reach to government agencies as well. Municipalities, Urban Improvement Trusts, development authorities, the Rajasthan State Industrial Development and Investment Corporation, and housing boards all fall within the ambit of this new regulation.

Underpinning this transformation is the pressing need to address an escalation in complaints within RERA's jurisdiction. Through the introduction of a standard fee, the regulatory authority endeavours to tackle these challenges head-on and elevate its vigilance over the real estate sector. To grapple with unauthorized colonies, a novel approach is taking shape. A new RERA office at the divisional level emerges as a proactive measure, bolstering regulatory control. In addition, an upcoming rule will require RERA permission before issuing occupancy certificates for plotted colonies, compelling compliance with regulations and stopping unauthorized developments.

These proactive measures emerge as part of a broader vision that champions a more resilient and compliant real estate ecosystem in Rajasthan. By nurturing a culture of responsibility and strict adherence to regulations, RERA remains committed to preserving the integrity and stability of the state's real estate market.

In March 2016, the Government of India enacted the RERA Act to foster transparency and efficiency in real estate dealings. This act safeguards the interests of builders, homebuyers, brokers, and other stakeholders within the industry. With several reforms in place, RERA serves as India's first real estate regulator. It is mandatory for each state and union territory to abide by RERA's rules and guidelines, making it essential to comprehend them for navigating the otherwise intricate real estate business practices. RERA's jurisdiction encompasses nearly 70 percent of all real estate projects in the country. The RERA certificate serves as legal proof of property, project, or property agent registration under the state-level RERA authority or tribunal.

Next (Union Bank of India, Bank of Baroda & Yes Bank hold e-auctions for seized properties in Mumbai)

Rajasthan builders to face increased fees for plot registration from August 1

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