RERA fee structure for promoters in Chandigarh !

Chandigarh was one of the first cities to properly adopt the RERA rules in October, the previous year when it was introduced by the Ministry of Urban Development. The city also had governed the Real Estate (Regulatory and Development) Act on a pilot basis at the same time.
But since then, there was no sign of any progress on the Central’s Act and in turn, the real estate developers have struggled to get registered with the mandatory Act and the rules existed only on papers.
The Fee structure for the promoters, as stated in the rules notified is as follows :
The promoter shall pay a registration fee at the time of application for registration by way of a demand draft or a bankers cheque drawn on any scheduled bank or through online payment mode, as the case may be, for a sum calculated at the rate of,
(a) In case of group housing project – Rs 5 per square meter for projects where the area of land proposed to be developed does not exceed 1,000 square meters or Rs 10 per square meter for projects where the area of land proposed to be developed exceeds 1,000 square meters, but shall not be more than Rs 5 lacs.
(b) In case of mixed development (residential and commercial) project – Rs 10 per square meter for projects where the area of land proposed to be developed does not exceed 1,000 square meters or Rs 15 per square meter for projects where the area of land proposed to be developed exceeds 1,000 square meters, but shall not be more than Rs 7 lacs.
(c) In case of commercial projects – Rs 20 per square meter for projects where the area of land proposed to be developed does not exceed 1,000 square meters or Rs 25 per square meter for projects where the area of land proposed to be developed exceeds 1,000 square meters, but shall not be more than Rs 10 lacs.
(d) In case of plotted development projects – Rs 5 per square meter, but shall not be more than Rs 2 lacs.

The Chandigarh Housing Board (CHB), has recently launched the website for real estate developers of the city to register themselves with the Real Estate (Regulatory and Development), Act. This comes amid real estate developers of the city regularly complained to the Housing Board of the city to plant a proper portal for registration.

This will be a big relief to all the realtors as they have been striving to register with the Act. This will also help them to market their respective projects after registering, which had been restricted according to the Act’s norms.

TAGS: Real Estate (Regulatory and Development),  Chandigarh Housing Board (CHB)