my offers

How about checking some pre-approved offers you might be eligible for?

my offers

How about checking some pre-approved offers you might be eligible for?

  • Mobile No.
  • Date of birth

You have a pre approved offer

  • Sum Assured
    Premium
    Persons Covered
  • Rate
    5%

Currently, we do not have a personalized offer for you but don’t be disheartened. Check out our oven fresh deals of the day here!

We have 02 personalised offers for you

Currently, we do not have a personalized offer for you but don’t be disheartened. Check out our oven fresh deals of the day here!

my offers
RERA MP

RERA Madhya Pradesh

Check RERA Act MP

✓ Home Loan from ₹5 Lakhs To ₹5 Cr ✓ Multiple Lending Partners ✓ Attractive Interest Rates

RERA MP: MP Real Estate Regulatory Authority

People who are looking to become proud homeowners are now closer to living the dream. Although the efforts of the government towards making affordable homes available to everyone via the PMAY scheme are laudable, initiatives such as the likes of RERA have unarguably heralded a new age of transparency and accountability for the real estate sector. Now, one can be assured of the fact that if they purchase a property that is RERA-registered, it will have all of the requisite licenses and clearances. One can educate themselves on the subject even further on Finserv Markets.

 

In order to ensure that the RERA MP act is implemented smoothly, the government has set up localised offices in each state of the same. One such body is the Madhya Pradesh Real Estate Regulatory Authority (MPRERA). It also goes by the name of RERA Madhya Pradesh (RERA MP). This article will take its reader through everything they will need to know with regards to the authorities that are incharge of putting the MPRERA Act into effect.

MP RERA: History and Some Basic Prerequisites

It is common knowledge now that the RERA MP Act was greenlit by the Upper House of the Indian Parliament with the purpose of safeguarding the property buyers’ interests. The MP RERA act requires the concerned parties to furnish details pertaining to the current ownership of the property and the clearances that the property still needs to acquire mandatorily.

MP RERA Act: The Vision

Madhya Pradesh’s RERA act intends on turning the state into a prime destination for Real Estate investments in the eyes of Indians and the world at large. In order to achieve this, the RERA MP authorities of Madhya Pradesh have put into place imaginative customer-centric solutions, noteworthy communication practices with stakeholders and service delivery tactics by hiring skilled and educated professionals.

RERA MP Fees and Charges

To register oneself as a promoter or agent, and subsequently get their projects vetted by the authorised bodies in order to ensure the smooth functioning of the operations related to RERA Madhya Pradesh (MP RERA), a particular amount will have to be paid by the way of a fee. Below are some of its several variations:

For the New Projects:

MP RERA Project Type

Registration Fee

Plotted Residential Projects

₹10 per square metre x Floor Area Ratio

Constructed Residential Projects

₹10 per square metre x the carpet area of the residential units + ₹20 per square metres x the carpet area of the commercial units

Plotted Commercial Projects

₹20 per square metres x FAR x the area of the total plotted land

Constructed Commercial Projects

₹20 per square metres x the carpet area of all of the constructed commercial and/or non residential constructions

Mixed Projects

Fee is calculated in proportion to the proposed residential and non residential area

For the Ongoing Projects:

MP RERA Project Type

Registration Fee

Plotted Residential Projects

₹40 per square metre multiplied by the FAR

Constructed Residential Projects

₹40 per square metre x carpet area of the residential units + ₹40 per square metre x the carpet area of the commercial units

Plotted Commercial Projects

₹80 per square metre x FAR x area of total plotted land

Constructed Commercial Projects

₹80 for a square metre + the carpet area of all of the constructed commercial and/or non residential constructions

Mixed Projects

Fee is calculated in proportion to the residential and/or non residential area that has been proposed

How to Register Projects under RERA Madhya Pradesh

One can register their property under the RERA Madhya Pradesh (MP RERA) act if they follow these steps:

 

  • Step 1: Visit the official RERA Madhya Pradesh (RERA MP) website at http://www.rera.mp.gov.in/

  • Step 2: Post the same, click on the button that reads ‘Project Registration’ which will only show itself after you have clicked on the ‘Registration’ drop-down menu.

  • Step 3: Thirdly, one must read the instructions that they can on the screen which will follow carefully in order to add a project to the RERA MP online portal. After that, click on ‘Proceed’.

  • Step 4: You will then be redirected to a brand new page. Here, the user will have to fill in their details on the registration form.

  • Step 5: Once the details have been keyed in, they must click on ‘Save’.

  • Step 6: You will then be redirected to the payment gateway page. Here, you will have to pay the applicable registration fee. You must then click on the ‘Confirm’ button in order to complete the process.

Documents Required for Registering a Project at RERA Madhya Pradesh

In order to get your property registered with the MP RERA act, you will need:

 

  • 2 or more passport size photographs of the promoter ( in case promoter is an individual)

  • 2 or more passport size photographs of the chairman, director, etc. (if the promoter is a firm/company)

  • Relevant details of the registration process, including the likes of documents such as the applicable bye-laws and the MOA, among others.

  • A copy of the PAN Card of the promoter (in the event that the promoter is an individual)

  • A copy of the PAN Card of the chairman and director, among others (if the event that the promoter is a firm/company)

  • The balance sheet and audited P/Loss Statements, along with the Auditors’ Report covering last three financial years

  • The Income Tax Returns of the promoter/entity of the last three financial years

  • A copy of the legal title deed and other documents, which will show the promoter’s ownership of the concerned property

  • If the promoter and the legal owner of the concerned property are two different entities, they must furnish the consent of the rightful owner, which should be accompanied by the agreement for collaboration, development agreement or joint agreement, among others

  • The copies of commencement and consent certificates which have been issued by a competent authority

  • The approved plan of layout and project specifications

  • Address of the project

  • Balcony and carpet area of the project in question

  • The total number and area of garage for sale in the concerned project

  • The total number of open parking spaces in the concerned project

  • Form B – Declaration along with an affidavit

RERA MP Rules for Real Estate Development Projects

To protect the homebuyer in terms of finances and avoid any mishaps that could be attributable to lack of information simultaneously, one can learn more about the rules of the RERA MP act that have been laid out by the concerned authorities operating within the bounds of the state. You can visit their Official Online Portal.

If you would like to know more about the rules and regulations that have been put in place with regards to the RERA act by the several state governments of the country, you can do so on Finserv Markets.

 

Conclusion

When you apply for a home loan, one of the first things a lender will ask out of you regarding the property is its RERA registration. If the builder has availed the same for the project in which you are buying a house in, your future lender will be assured of the fact that your interests, and their money is protected. Which is why it is important for you to check the same. Once you have ascertained that the construction is RERA-certified, you can apply for a home loan from right here. All you will have to do is meet the basic home loan eligibility criteria and have all the home loan documents in your possession. If you have done the needful on your end, you can comfortably go ahead and apply for home loan!