RERA warns builders for late registration

RERA warns builders for late registration
18/07/2017 , by , in News/Views

Maharashtra Real Estate Regulatory Authority (RERA) clarified that it can take suo motu action against builders who don’t register their projects with the authority by the deadline of July 31.

While complainants needs to pay a fee of Rs 5,000 to register a complaint against builders; according to the law, the regulatory authority has said that post July 31, even if an individual brings into its notice non-registered projects, Maha RERA can initiate suo motu action against the particular builder.

“It is not necessary that every complaint we act on, has to be a formal complaint by a concerned buyer via paying the complaint fees. We can even take suo motu action against builders who fail to register their projects after the deadline of July 31, on mere intimation about the same,” said Vasant Prabhu, secretary, Maha RERA. “However, we are expecting all the builders to register their projects within the deadline or else we will fine the concerned builders according to the provisions of the RERA Act,” he added.

According to RERA, if any builder fails to register their project as per the RERA Act, he shall be liable to a penalty, which may extend up to 10 per cent of the estimated cost of the real estate project. On continued violation, he shall be punishable with imprisonment for a term, which may extend up to three years.

Builders and brokers were given three months, starting May 1 up to July 31, to register all ongoing projects with RERA. As of July 14, 500 projects stood to be registered with RERA along with 3,500 brokers having registered with Maha RERA.

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