Ultimatum by Punjab real estate regulator

Ultimatum by Punjab real estate regulator
24/07/2017 , by , in News/Views

The builders and real estate agents who have not come forward yet to register themselves under the Punjab Real Estate Regulatory Authority (RERA) should better hurry.

The July-31 deadline for the mandatory registration is set to expire in eight days, but only six builders have applied for registration under the newly created real estate watchdog.

It is despite the fact that Zirakpur alone has over 80 projects in running stage, and over 100 real estate projects are in various stages of completion in Mohali and Kharar. Besides only realty agents have moved applications.

Vini Mahajan, additional chief secretary, department of housing and urban development, said the builders and agents should proactively start submitting applications for registration before the deadline to avoid any kind of hindrance to their business.

 “In case projects are left unregistered after the deadline, the department will be forced to invoke Sector 3 (1) of the Punjab Real Estate (Regulation & Development) Rules, which mandates that no promoter can advertise, market, book, sell or offer for sale or invite intending buyers to purchase any plot/apartment/building in a real estate project if they not registered under RERA,” she said.

Mahajan said no real estate agent can facilitate the sale or purchase of any plot, apartment or building, without obtaining the mandatory registration. She said the deadline will not be extended since registration is mandatory under the central act.

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