Over 300 developers fined under Gujarat RERA
Promoters and developers of more than 300 real estate projects across Gujarat have been penalized by the Gujarat Real Estate Regulatory Authority (GujRERA) for failing to file the mandatory quarterly progress reports over the last nine months.
The regulatory authority has, in most cases, fined each errant developer Rs 50,000.
Under the new realty law, all real estate developers must inform the authority every quarter about construction and financial progress of their projects.
“The process for submission of quarterly reports began in June 2018. Since then, several developers have penalized for non-compliance, under Sections 11 and 63 of RERA,” said senior officials in the regulatory body.
Although the penalty for violation of Section 63 of the Act can go up to 5% of the project cost, in most cases the penalty was fixed at Rs 50,000, to ensure compliance.
The level of compliance in the state is quite high, given that there are 5,219 real estate projects registered with the authority and only 300 or so have been found to be non-compliant. “From the number of projects registered, more than 20,000 quarterly returns need to be filed, but just 300-odd developers have failed to comply. This means compliance is robust in Gujarat,” the officials added.