In a significant move, the Gujarat Real Estate Regulatory Authority (GujRERA) has introduced a cutting-edge portal aligned with the RERA Act and GujRERA rules. This initiative aims to curb misleading practices observed in the past.
The newly unveiled portal tackles a loophole where developers previously submitted outdated photos in quarterly progress reports (QPR) to manipulate profit tax liability. With the implementation of RERA 2.0, developers are now mandated to provide real-time project site images, eliminating the possibility of concealing crucial information from tax authorities.
The revamped portal aligns with the RERA Act and GujRERA rules, streamlining real estate operations. RERA 2.0 facilitates paperless, faceless processes for registration, alteration, and extension, addressing concerns raised by stakeholders over the previous five-year-old portal.
Unlike the old system, the new RERA portal conducts town planning, finance, and legal aspects online concurrently, expediting the registration process. Notably, data filling replaces PDF uploads, enabling immediate error correction, and online accessibility for project alteration and extension applications eliminates the need for physical submissions, benefitting developers outside Gandhinagar, as per sources.
A flaw in the previous version (RERA 1.0), was, “Backdating of photographs during QPR filings led to inaccurate project completion reporting, impacting income tax and GST filings. RERA 2.0 addresses this by enforcing real-time updates, preventing such misleading practices.”
RERA 2.0, initiated on November 24, follows numerous representations from stakeholders advocating essential changes to the older RERA 1.0, which served for over five years. The revamped portal introduces simultaneous due diligence processes for town planning, finance, and legal aspects, streamlining registrations for a faster turnaround, enhancing efficiency in the real estate sector.
The Gujarat RERA portal, formerly in operation until November 16, 2023, has been closed.
As per media reports, the previous portal utilized both online and offline details. Due to the sequential nature of the processes, the due diligence took considerable time. However, with the introduction of the RERA 2.0 portal, which is exclusively online, due diligence can now be conducted concurrently, resulting in a faster registration process.
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