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The Real Estate (Regulation and Development) Act of 2016 was implemented to improve the regulation of the real estate sector in India by safeguarding the interests of homebuyers and promoting transparency. As per the provisions of the Act, every state and union territory in India must establish an authoritative body referred to as the Real Estate Regulatory Authority (RERA) to oversee the regulations of the act within the territory.
The RERA Act in Chandigarh is enforced by the Punjab Real Estate Regulatory Authority (Punjab RERA). Here we discuss everything you need to know about Chandigarh RERA.
The RERA Chandigarh promotes the streamlining of real estate projects in Chandigarh through detailed and targeted rules and regulations. These are specially designed to facilitate smooth real estate transactions and ensure they are conducted transparently and justly. Keep reading to learn more.
The functions of RERA Chandigarh include:
Registration of Real Estate Projects: RERA Chandigarh mandates that all real estate projects within the union territory must be registered under the Punjab RERA Act to maintain accurate records of real estate projects and promote accountability and transparency.
Resolution of Disputes: RERA Chandigarh offers developers and purchasers of real estate a streamlined mechanism to address their disputes.
Here are the rules and regulations of RERA in Chandigarh:
Escrow Account Compliance: Under RERA Chandigarh, developers must deposit 70% of the funds that they receive from real estate buyers into an escrow account. This is required to ensure that the funds are only used for the intended purpose of constructing the property.
Transaction Transparency: The provisions of RERA Chandigarh require developers to disclose correct details about the real estate in question. This is done to ensure that the buyers make a well-informed decision.
Penalties: Any developers found flouting the RERA Chandigarh regulations will face severe penalties. This includes fines as well as potential imprisonment.
As mentioned before, RERA in Chandigarh is implemented and governed by the Punjab Real Estate Regulatory Authority (Punjab RERA). This authority has laid down the following fees and charges for the same.
| Type of Property | Area of the Project | Fee (Rs per square metre) |
|---|---|---|
| Residential property | Up to 100 square metres | Rs 5 |
| Residential property | Beyond 1000 square metres | Rs 10 |
| Commercial property | Up to 1000 square metres | Rs 10 |
Here are the features and benefits of Chandigarh RERA:
Project Registration: RERA requires all real estate projects exceeding 8 units or an area of 500 square metres to be registered with the relevant RERA authority.
Accountability and Transparency: RERA Chandigarh requires real estate developers to share complete and accurate details for every project.
Escrow Account: RERA Chandigarh requires developers to open a dedicated escrow account for every project to ensure funds collected from buyers are used solely for the project’s construction.
Here are the documents you need to furnish in order to register your real estate project in Chandigarh:
Duly filled declaration form-B
Your PAN card
The Allotment Letter
The Sale Agreement
The duly approved layout plan for the real estate project in question
Any other documents that might be required.
The Chandigarh RERA guidelines require the following documents to be submitted:
The real estate agent’s proof of address
The duly completed RERA registration form
A copy of the registering agent’s PAN card
The details of the organisation (in case of an entity and not an individual)
Memorandum of Association (MoA)
Articles of Association (AoA)
The name, address, and contact details of the real estate project’s agent
The name, address and contact details of all directors (in case of an entity and not an individual)
Promoters can register for RERA in Chandigarh by following the steps below:
Step 1: Visit the official Chandigarh RERA website.
Step 2: Next, navigate to the ‘Project Registration’ tab on the home page.
Step 3: Complete the registration form with accurate details.
Step 4: Next pay the registration fees.
Step 5: Once the registration process begins, you will be allotted a registration number. Make note of this for future reference.
If you’re an agent and want to register for RERA in Chandigarh, all you need to do is follow the steps below:
Step 1: Visit the official Chandigarh RERA website.
Step 2: Next, navigate to the ‘Agent Registration’ tab on the home page.
Step 3: Now, complete the registration form on your screen. Be sure to share the correct details here.
Step 4: Next pay the registration fees.
Step 5: Once your registration form is submitted and your fees are paid, the registration process will begin.
You will be informed of rejection or approval in a few days.
The enactment of RERA in Chandigarh has been a significant step towards the streamlining and regulation of real estate projects within the union territory. Its strict rules and regulations have facilitated a safer environment for home buyers, investors and developers. If you’re looking to buy your dream home in Chandigarh but want to keep your savings for a rainy day, apply for a home loan online with Tata Capital. We offer attractive housing loan rates of interest and flexible tenures to help you move into your perfect home without any financial burden.
Yes, RERA is very much applicable in Chandigarh. It is governed by the Punjab Real Estate Regulatory Authority (Punjab RERA). The Real Estate Regulation and Development Act, 2016 requires all states and union territories to establish an authoritative body to oversee real estate affairs within their territories.
Since the processing time for the registration of your real estate project in Chandigarh depends on the complexity of the project, it can take between 30 to 60 days for the RERA authority to grant approvals.
A promoter can start advertising his real estate project for sale in Chandigarh only after it has been successfully registered under the Chandigarh RERA Act.
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