The Government of India aims to implement the RERA Act nationwide, including in northeastern states like Manipur. Although some states under RERA lack individual web portals, they adhere to the Act’s regulations. The Act covers real estate developers, builders, promoters and agents across India, with 22 states and 6 union territories already enforcing its guidelines. While most states offer online portals for accessing benefits and updates, Manipur is addressing the absence of an online portal. Explore the details of Manipur RERA.
RERA Act: Objective
The enactment of the Real Estate Regulatory Authority Act (RERA Act) in 2016 revolutionised the real estate industry and stimulated property transactions. This boost in property purchases benefited buyers, investors, builders and developers, contributing significantly to the overall growth of the nation’s economy.
Manipur RERA: Benefits
Key benefits under the Manipur RERA Act include:
- Limited advance: Builders are restricted to accepting a 10% advance from buyers.
- Carpet area consideration: The calculation considers only the carpet area, instead of the super area.
- Refund provision: Investors can receive a full refund if they decide to change their investment choice.
- Buyer’s approval: Developers require explicit approval from buyers or investors to proceed with a project.
- Document submission: Builders must submit original copies of essential documents to the authority, returning them intact to the buyer.
- Timely issue resolution: Builders must resolve investor issues within 5 years. In case of complaints, resolution must occur within 30 days.
- Builder liability: Builders or developers are accountable for compensating buyers or investors for any losses incurred during the project.
See also: Meghalaya RERA: About the Real Estate Regulatory Authority
Manipur RERA: Registration fee
The Manipur RERA registration fees are as follows:
- Residential projects up to 2000 sqm: Rs 10 per sqm
- Residential projects between 2000-5,000 sqm: Rs 20 per sqm
- Residential projects exceeding 5,000 sqm: Rs. 30 per sqm
- Non-residential properties (commercial): Rs. 30 per sqm
Manipur RERA: Documents for registration
For the Manipur RERA registration process, builders or developers must submit the necessary documents along with the hard copy of the application form. The required documents include:
- PAN card
- Income tax filing for the last three years
- Property details, including the carpet area, plot size and relevant facilities
- Declaration of Right of the builder
- The exact location of the property
- Essential plot details, including relevant documentation
- Land/plot’s owner’s approval or consent letter
- Comprehensive project details, including the plans
- Information about individuals working under or with the builder
Manipur RERA: Penalties
The Manipur RERA Act establishes consequences for non-compliance by builders, agents and buyers.
Penalties for promoters
- Unregistered properties face a penalty of 10% of the total project cost
- Law violations may result in imprisonment of up to 3 years, with or without a fine, and a penalty of 10% of the total project cost
- Providing misleading information incurs a penalty of 5% of the total project cost
- Other violations may lead to a penalty of 5% of the total project cost
Penalties for agents
- Unregistered properties may face an extended penalty of 5% of the total project cost.
- Failure to comply with authorities incurs a penalty of 5% of the total project cost.
- Failure to comply with tribunals results in a penalty of 5% of the total project cost.
Penalties for buyers/investors
- Failure to comply with authorities incurs a daily penalty of 5% of the total property cost.
- Failure to comply with tribunals may lead to imprisonment for a year or more and a fine of 10% of the total property cost.
FAQs
What is the objective of the RERA Act?
The RERA Act, implemented in 2016, has significantly stimulated property transactions, benefiting buyers, investors, builders and developers while contributing to the overall growth of India’s economy.
What are the key benefits offered by the Manipur RERA?
Key benefits include restricted advances for builders (10% from buyers), consideration of only carpet area for calculations, a refund provision for investors, explicit buyer approval for projects and timely issue resolution with builder liability for any losses incurred.
What are the registration fees for different types of projects under the Manipur RERA?
Registration fees vary for residential projects, from Rs 10 per sqm for up to 2000 sqm to Rs 30 per sqm for projects exceeding 5000 sqm. Non-residential properties (commercial) are charged Rs 30 per sqm.
What documents are required for the registration process under Manipur RERA?
Necessary documents include the builder’s PAN card, income tax filings for the last three years, detailed property information, a declaration of property rights, location disclosure, plot details, owner’s approval letter, comprehensive project information and personnel details.
What penalties are imposed by the Manipur RERA for non-compliance?
Penalties include a 10% project cost penalty for unregistered properties, imprisonment and fines for law violations, penalties for misleading information and daily penalties for non-compliance with authorities or tribunals. The Act ensures accountability, transparency and fair practices within the real estate sector.
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