Advertisement
What really powers the cloud? Behind every Google search, A...
A lot of what defines a home isn’t visible at handover. I...
Private equity has played a significant role in shaping Indi...
Luxury real estate is one of the most talked-about segments ...
Airports play a much bigger role than just enabling travel -...
The Rajasthan Real Estate Regulatory Authority (RERA) has announced several updates effective from March 1, including revisions to the fee structure for industrial plots, farmhouses, and exemption applications. The registration fee remains unchanged at INR 5 per sq m for residential and industrial categories, while the standard fee has been reduced for institutional and industrial properties but increased for commercial and mixed-use developments. Stricter penalties have been introduced for delays in submitting required documents, with fines escalating based on the delay period. Additionally, RERA has mandated water supply service drawings for plotted development projects and tightened regulations on lapsed projects to ensure compliance. These changes aim to streamline operations and foster growth across various sectors, while enhancing transparency and sustainable development.
The Rajasthan Real Estate Regulatory Authority (RERA) has rolled out significant updates to its fee structure and penalties, which will take effect from March 1. The changes, aimed at fostering growth and ensuring compliance, include revised fees for various categories, stricter penalties for delays in document submissions, and enhanced regulatory measures for lapsed projects and water supply requirements. Advertisement
Under the revised guidelines, the registration fee for residential, institutional, industrial, and farmhouse categories remains unchanged at INR 5 per sq m. However, the standard fee for institutional and industrial properties has been reduced from INR 10 per sq m to INR 5 per sq m. Advocate and RERA expert Mitesh Rathore explained that this reduction is anticipated to encourage growth in industrial and institutional developments by lowering registration costs.
For commercial and mixed-use properties, the registration fee remains INR 5 per sq m, but the standard fee has been increased from INR 5 per sq m to INR 10 per sq m. Meanwhile, for exemption applications in residential, commercial, and mixed-use categories, the registration fee stays at INR 10 per sq m, while the standard fee has been lowered to INR 4 per sq m. These updates replace the fee structure outlined in an order issued in July 2023.
RERA has introduced a more stringent penalty system for delays in submitting crucial documents such as Quarterly Progress Reports (QPRs), Completion Certificates (CCs), Occupancy Certificates (OCs), and Mortgage-Free Letters. While the current penalty is a flat INR 5,000 regardless of delay length, the new rules introduce an additional INR 5,000 fine for each successive quarter of delay.
Promoters must now upload Partial CCs, CCs, OCs, and Mortgage-Free Letters within 45 days of their issuance. Non-compliance will result in a penalty of INR 1,000 per day for delays beyond this window, applicable to certificates issued on or after March 1, 2025. An official noted that this measure addresses ongoing inconsistencies in compliance.
To tighten monitoring of lapsed projects, RERA has declared that promoters will not be allowed to revise project maps unless they take corrective steps to regularise lapsed projects. This move is intended to ensure stricter adherence to project timelines and regulations.
In a bid to standardise processes, RERA now requires water supply service drawings to be submitted for plotted development projects. Previously, this requirement applied only to non-plotted developments under RERA Regulation 3(2)(ii) of 2024. The updated mandate ensures comprehensive infrastructure planning for all project categories.
Rajasthan RERA's revised fee structure and enhanced regulations represent a comprehensive effort to promote growth, ensure compliance, and boost transparency in the real estate sector. By reducing costs for institutional and industrial developments, the state positions itself as a competitive hub for investments. However, developers, particularly smaller ones, may face challenges in adapting to these changes, underscoring the need for digitalisation and process efficiency. Overall, these updates are set to enhance investor confidence and support long-term development in Rajasthan's real estate market.
Advertisement
Facebook
Whatsapp
