The fee structure of the real estate developers in Gujarat
The fees for registering the project
Gujarat has been developing with the new way. The real estate developers have found this land an ideal and unique place for the real estate projects. But to start the work of real estate, the developers have to fill the “Form A.” In this form, they have to register their projects with the Gujarat Real Estate Authority popularly known as the G-RERA. To do the registration they have to provide the fees by the use of the demand draft from the banks or from the financial organizations that are authorized. They can also take the help of the online payment system.
According to the new rules of housing developments, the developers have to pay some amount that is guided by the authorities of the RERA and the Government. We will now look at the new schemes.
A developer has to pay Rs 5 per square meter if the proposed land for the development does not exceed more than 1000 square meters.
If the developed land exceeds more than 1000 square meters, then the developer has to pay Rs 10 per square meter which in total (calculated) can be extended up to Rs. 5 lakhs.
These rates are not the same for the developers who want to do commercial and residential projects in the same land. Their rates are varied according to the rules.
A developer has to pay Rs 10 per square meter if the proposed land for the development does not exceed more than 1000 square meters.
If the developed land exceeds more than 1000 square meters, then the developer has to pay Rs 25 per square meter which in total can be extended up to Rs. 10 lakhs.
The commercial projects, on the other hand, has been having been made into a new way. The rates have been changed so that in the future no other developing companies have to face any sort of problem.
In the commercial project, the developer has to pay Rs 20 per square meter of the developed land exceeds not more than 1000 square meters.
If the proposed land exceeds more than 1000 square meters, then the developer has to pay Rs 25 per square meter which can be extended up to Rs. 10 lakhs.
The planned development project that has also been a part of this new reformation will also get a new value in this reformation. The developer in this category has to pay Rs 5 per square meter which in total they have to pay a fee of Rs. 2 lakhs.
The fee for the time extension
Many times it has been seen that the developer has not been able to finish the project due to many reasons. The developer at this time has to apply for the extension of time just by applying it on the “Form E.” The developer has to pay an amount of registration to the authority and has to show the reasons for delayed which came under the sub-rule (3) of rule 3. This payment can be paid through cheque or demand draft from the bank or authorized other financial instituition or can deposit it through the use of online payment system.
The fees for withdrawing the project
Many times the developers do not agree with the terms and the conditions of the G-RERA. For this, the development company has to pay a processing fee of Rs. 50,000 or 10% will be deducted from the amount of the registration which is stated under section (1) of section 5. The remaining amount will be provided to them within thirty days of the application.
The registration fees of the agent
By filling the “Form G” of registration, the individual agent has to pay Rs 5000 and a payment of Rs 25000 has to be paid by the developing company or organization for registration. These fees have to be provided by the individual or the company or organization at the time of renewal also.
The fee for filing the appeal of the Appellate Tribunal
By filling the “Form R” and having a demand draft or cheque of Rs. 5000 one can make the appeal by dropping it in the main branch where the office of the Appellate Tribunal is located.