What is RERA?
RERA means Real Estate Regulatory Authority. It was established as an Act in 2016 by the Parliament of India. The primary objective of RERA is to safeguard the buyers of plots from any kind of fraudulent activities and to contribute to the growth of real estate investments.
RERA offers transparency, accountability and safeguard to the buyers of plots, apartments and flats. It is applicable not only in Gurgaon but all over India. However, a specific set of rules has been made for each state.
The act plays a crucial role in building the trust and confidence of the buyers in the builders involved in the construction of the project. Once a project gets registered under RERA, the level of trust and confidence in that project increases due to the established reputation of this act over the years.
Features of RERA Plots
The RERA act has several features such as transparency for the buyers and trying to maintain the customer’s protection which ultimately increases the trust and confidence of the customers in the builders. Projects registered under the act provide timely delivery of projects and Right to Information about the plots to be bought.
The security quotient is mainly considered as more than 70% of the money is kept in a special account which can be used in the event of an emergency. RERA Approved Projects in Gurgaon provide a proper quality which means that the developers involved in the building process will resolve any problems that customers may face in the next 5 years of purchase. In addition to all these, buyers are given the utmost authorization with proper rules and rules with all the necessary information. The bankruptcy risk is also reduced under the act.
RERA Projects in Gurgaon
There are many RERA approved plots all over India, but Gurgaon has the highest number of plots in the country. The first thing that developers think about is RERA registration process, as it offers various benefits to both the developers and buyers. There are nearly 600 RERA approved projects in the Gurgaon area, including the Godrej zenith, which will be launched in the near future, smart world the Edition, which is an under construction project, which will be finished in 2031, puri diplomatic residents, which is under construction and will be finished this year, DLF privateana is among the newly launched projects that will be finished in the year 2026, elan the presidential is among the under construction projects that will finish this year, m3M capital is among the under-construction projects that will finish in 2026.
These are just a few of the projects, and there are many more located in Gurgaon that offer the various facilities and benefits of the RERA act.
Affordable Plots in RERA
Affordable plots in RERA approved under the act include both high-priced and low-cost plots. However, the low-cost plots tend to be more in demand than the high-priced ones. Below are some examples of affordable plots approved under the act:
WATTHAN PLACE 106 Gurgaon
This plot starts at 1.10 Lakhs per square yard.
True Habitat Luxe Residential 112 Gurgaon
The plots in these projects start at 1.69 Lakhs per sq. yard.
JMS The Pearl sector 95 Gurgaon
These plots start at 90000 per square yard
Irene Sarvannah sector 35 Gurgaon
Plots start at 80000 per sq. yard
VK Developers Sohna greens sector 4 Gurgaon
The plots start at 95L/SQ
RERA Upcoming Projects
There are a number of new projects that have been launched in the last couple of years. The first priority for the developers of these newly launched projects is to register their projects under the RERA as it offers various recognitions and benefits which ultimately help them to increase their profits and increase the demand for plots.
Here are some of the new projects that will be launched under RERA in the next couple of years.
These are the projects that have been approved by the RERA and will be launched this year.
These projects will be launched under the RERA in 2023.
This project will be the newly launched project under RERA.
Gurgaon RERA Projectswill be the first project under RERA to be launched under the new year.
Navraj The Antalyas will be the next project under RERA launched in 2027.
Signature Global City — This project has been launched in previous years will be completed next year.
Anant Raj — Estate Residences — This RERA projects in gurgaon will be completed by 2030.
These are just a few of the projects that have just been launched under RERA.
Documents Required for the Registration Process in RERA
In order to register, the following documents are required:
Registration fees payable via cheque (or bank draft)
The license of land on which the project was constructed
Documents relating to the license validation
Ownership documents
Copy of bilateral agreement (Bilateral) and/or DTCP (LC IV) at the time of granting the license
Various documents related to cooperation and the license
Cash flow statement of registering project
Certificate from chartered accountant (or equivalent)
Balance sheets and revenue statement to be acknowledged
Draft allotment letter (or draft agreement)
Certificate of incorporation (or equivalent) of the company
Copy of CIN number and PAN number of company
Copy of address proof (Aadhar card or PAN card)
Chairman managing director’s Pan Card
Total liabilities held by project till date
Project report with estimated cost of the project
Balance sheet of last 3 years of developer and license
How to Apply for RERA?
The registration process begins if you are applying from Gurgaon. You will need to visit the website and select project registration. Then, you will need to sign up for the registration process. A new page will open where you need to fill in some basic information about the project. RERA in gurgaon Save the correct information, then a page will open with the applicant details. Fill in the details according to the required fields. In the new page, according to the RERA form A, you need to deposit the required fees. Here, the online registration form will be filled.
You can preview your form, correct any errors, and save the temporary project ID for future reference. You can also print out the form, keep it in your office records, and submit it to the authorities with all the necessary documents. After submitting the documents and the online forms, you will receive a receipt which will make the project recognizable. The process will continue as needed.
How to apply loan for RERA Plots?
There are different types of loans available for different projects. However, all the projects approved by RERA are eligible for the loans. The EMI on the plots is also available. There are several reputed banks that offer loans such as HDFC ban, SBI ban, etc.
The loans are applicable to both residents and non-residents of India. The age of the applicant should be taken into consideration before providing any loan. The loan is given to the people who earn a certain amount or are self-employed. The loan can be given in a lump sum or in installments. Property papers, list of papers of applicants, income proof of salaried person/co.
The loan taking process has been made simpler as the requirements have been reduced by RERA act. This has motivated and helped the people to buy their own homes through EMI or loans as now it is easy to provide.