Rajasthan Real Estate Regulatory Authority (RERA) has announced significant revisions to the fee structure for various real estate categories in Jaipur. Effective from March 1, 2025, the changes include a reduction in standard fees for industrial and institutional projects, while imposing stricter penalties for late submissions of critical documentation. These updates aim to foster industrial growth and ensure compliance within the real estate sector.
- RERA has reduced standard fees for industrial and institutional projects to encourage growth.
- Stricter penalties have been introduced for late submissions of essential certificates.
Revised Fee Structure: What’s New?
Rajasthan RERA’s revised fee structure has raised eyebrows and sparked discussions among stakeholders in the real estate sector. The registration fee remains constant at Rs 5 per square meter for residential, institutional, industrial, and farmhouse categories. However, the standard fee for institutional and industrial plots has been halved from Rs 10 to Rs 5 per square meter. Advocate and RERA expert Mitesh Rathore emphasized that this reduction is expected to significantly boost industrial and institutional growth. He noted, “The cost-effective registration under these categories can encourage more developers to engage in these sectors.” Conversely, for commercial and mixed-use categories, while the registration fee stays at Rs 5 per square meter, the standard fee has increased from Rs 5 to Rs 10 per square meter. Moreover, the fee for exemption applications remains at Rs 10 per square meter for registration but sees a drop in the standard fee from Rs 5 to Rs 4. This new fee structure is intended to replace the earlier guidelines issued on July 28, 2023, which had faced criticism for their complexity.
Stricter Penalties: Compliance Under Scrutiny
In a bid to enhance compliance, Rajasthan RERA has introduced stricter penalties for delays in submitting essential documents such as Quarterly Progress Reports (QPRs), Completion Certificates (CCs), and Occupancy Certificates (OCs). Previously, a flat penalty of Rs 5,000 was imposed regardless of the delay duration. Under the revised rules, a delay of one quarter will still incur a Rs 5,000 penalty, but an additional Rs 5,000 will be charged for each subsequent quarter until compliance is achieved. Furthermore, promoters must now upload essential documentation, including Partial CCs and Mortgage-Free Letters, within 45 days of issuance by the relevant authority. Any delays beyond this period will result in a daily penalty of Rs 1,000, applicable to all certificates issued on or after March 1, 2025. This rigorous approach aims to address past inconsistencies in compliance and ensure that projects move forward without unnecessary delays. RERA’s commitment to enforcing these stricter penalties is seen as a necessary step in promoting accountability among developers. Industry experts believe that these changes will not only streamline project processes but also enhance transparency in the real estate market. As compliance becomes a priority, stakeholders are urged to adapt swiftly to these new regulations to avoid financial repercussions.
Future Impact of RERA’s Revisions
The revisions introduced by Rajasthan RERA could have profound implications for the real estate landscape in Jaipur. By reducing fees for industrial and institutional projects, the authority aims to create a more conducive environment for development and investment. This strategic move is expected to attract more players into the market, potentially leading to a surge in job creation and economic growth in the region. Moreover, the introduction of stricter penalties for non-compliance could foster a culture of accountability among developers, ultimately leading to enhanced project delivery timelines and quality. As these changes take effect, industry stakeholders will be closely monitoring their impact on the real estate sector’s dynamics in Jaipur and beyond.
