What are the penalties under rera

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What are the Penalties under RERA? real estate bill 2016, Real Estate Regulatory Authority, real estate regulatory bill, What are the Penalties under RERA Srishti Chandola May 16, 2018

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All the builders, brokers and developers and ongoing real estate projects were mandated to register with real estate regulatory authority until 31st July as per the Real Estate Regulation and Development Act 2016 rules.

Though, while various developers rushed to register within the stipulated time, numerous failed to meet the deadline. Some states like West Bengal haven’t notified Real Estate Regulation and Development Act rules till date. Some of the developers are delayed in launching the websites for registration of projects.

Taking the cognizance of the situation, various states including Gujarat, Uttar Pradesh, and Maharashtra have decided to tighten the noose on the defaulters as well as announced plenty clause for late registration. Although the penalties aren’t too high initially, the government will take strict action in future if the builders or developers fail to register within the extension provided.

Here is the list of penalties that are imposed by various statesGoa Goa Real Estate Regulatory Authority has begun imposing a penalty on developers registering the ongoing projects with Authority under Real Estate Regulation and Development Act. All the developers have to Pay Rs 1 lakh as a penalty while registering the projects on Real Estate Regulation and Development Act portal until April 2018. The penalty amount will double from May 1st, 2018 onwards.

It needs to be noted that Authority has set a deadline for project registration until March 2018 without any penalties. It was found that many of the developers have not registered themselves as well as their respective projects with regulatory authority within the specified time period.

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Considering this, the authority had prime imposed a fine of Rs 50,000 for errant developers till March 2018.

Gujarat Gujarat Real Estate Regulatory Authority has revised the penalty charges for the builders or developers registering the ongoing real estate projects under Real Estate Regulation and Development Act post December 2017. Also, the penalty has been raised to 2.5 times registration fee for registration of property under the Act. Previously, the state regulatory had raised the penalty to twice the registration fee for properties registering the ongoing projects under Act from November till December 2017.

Gujarat Real Estate Regulatory and Development Act impose the penalty charges for builders registering the ongoing projects under the Act 1st to 31st October. Though, no penalty was charged for the builders registering the projects till 30th September.

Rajasthan Rajasthan Real Estate Regulatory Authority has actually raised penalty on the non-registration of realty projects with RERA from 2-10%. New penalty norm is applicable from 1st October onwards.

Previously, Authority was imposed 2% of the cost of project or 10 times the registration fee whichever is higher, as the penalty for the builders or developers registering the projects post 31st August till 30th September.

Maharashtra Maharashtra Real Estate Regulatory Authority has decided to double penalty charges for builders or developers registering ongoing projects under Real Estate Regulation and Development Act

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between 1st to 30th September. Penalty amounting to Rs 2 lakh or the amount that is equivalent to double the registration fee, whichever is higher which would be levied on the application received during this time period.

Previously, MahaRERA has basically announced a penalty of 1 lakh or the amount that is equivalent to registration fee whichever is actually higher, for the applications of the projects that are received from 16th – 31st August.

State regulator has registered over 13,000 ongoing projects till now. Apart from the projects, more than 10,000 agents have been granted with the RERA certificates.

Uttar Pradesh Uttar Pradesh government had already extended the deadline for the project registration till 15th August. Now, the state government has decided to impose fine on the builders registering the projects from 1st August onwards.

If the developer or builder fails to register with Uttar Pradesh RERA after 31st August, then he was charged 5% of the project cost as the penalty till 15th September The developers registering the project till 31st August were liable to pay the penalty of 1% of the complete cost of the project The higher fine of 10% was imposed on developers registering with authority between 16th to 30th September Karnataka Karnataka government has imposed the penalty of Ra 10,000/day for the agents or up to 10% of project cost or 3 years of imprisonment for agents or builders or advertising the project without RERA registration. It should certainly be noted that Goa government has provided an extension of 3 months to developers to register the ongoing projects under RERA. Following this, Telangana government is considering to extend registration deadline for next 2-3 months.

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