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Tata Capital > Blog > Loan for Home > 5 Things You Need to Know About GujRERA

Loan for Home

5 Things You Need to Know About GujRERA

5 Things You Need to Know About GujRERA

The Gujarat government establish GujRERAin the year 2016 under the Real Estate Regulatory Authority (RERA) Act. The Act aims to protect the rights of homebuyers and developers and ensure transparency in the home buying process. It also regulates the real estate sector in Gujarat.

With the advent of this act, there have been several reforms in buying and selling real estate, developers’ and buyers’ rights, and the elimination of malpractices.

Do you want to buy a property in Gujarat or register yourself as a developer? Here are five things to know about GujRERA.

1# Homebuyers pay only for the carpet area

One of the primary goals of this act is to reduce malpractice in Gujarat’s real estate sector to protect the interests of homebuyers.

A major pain point of the home buyers was the discrepancy in the area for which the property should be charged. As per the new act, home buyers will now be charged only for the carpet area of a property and not on the super built-up area.

This provision has provided significant relief to homebuyers and has made housing more affordable with home loans.

2# Developers cannot demand more than 10% as advance

A developer cannot ask you for more than 10% of the property’s value at the time of signing the builder-buyer agreement or the sale deed. As mandated by GujRERA, both parties are legally bound to register this agreement to provide it with validity.

#3 Complaints must be resolved within 120 days

Reaching out to Real Estate Regulatory Authority with grievances is convenient, and the law mandates that they have to provide quick resolution.

This holds true for all stakeholders: homebuyers, developers, real estate agents, promoters and brokers. When a complaint is filed, they are expected to resolve the issue within the assigned time frame of 120 days.

In the interest of homebuyers, developers can be held accountable for any fault in the construction of the property. This is valid for up to 5 years from the possession date. If a buyer files a complaint, developers are mandated to carry out repairs within 30 days.

#4 The buyer gets a full refund in case of delay or deceit

Under the Gujarat RERA, or GujRERA Act, if the builder fails to complete the project on time, the buyer can withdraw.

They will be compensated with a full refund as well as interest. This interest is payable from the due date of completion till the amount is refunded.

#5 All builders in Gujarat must be registered

All developers in the state must have a Gujarat RERA registration. This discourages fraudulent developers. If you are not registered yet, you can do so through their official website. 

If you want to buy a RERA-approved home, you can find location-wise project listings on the map feature of their website.

Eligibility criteria for registering with the RERA Gujarat

Promoters, real estate agents, and developers canregister with the RERA Gujarat. However, there are some eligibility conditions that they have to fulfil. Some of them are:

  • Any developer/builder who is responsible for building apartments or buildings for sales purposes
  • Any developer/builder who renovates an existing building/structure for the purpose of selling that renovated piece of land
  • Any public figure or allowed authority who uses government-owned lands to construct buildings
  • Any developer/builder who constructs a building on barren land to sell it
  • Any real estate agent who promotes and makes deals for the selling of land

In conclusion

RERA is a boon to buyers, developers, and all other stakeholders in real estate. By purchasing a RERA-approved home, you can rest assured of good construction quality and 100% transparency.

Need a loan to finance your property? At Tata Capital, we offer you competitive home loan interest rates and flexible repayment options. Visit our website to apply online.

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