With RERA coming into effect, promoters queue up to get registered

With RERA coming into effect, promoters queue up to get registered
24/07/2017 , by , in News/Views

With the notification of Real Estate (Development & Regulation) Rules 2017, the Real Estate Regulatory Authority (RERA) office has started receiving applications from promoters and estate agents for registration under the new law.

A statement on Saturday said that the applications received alongwith required documents and fees are being processed before issuing a registration certificate to the applicant promoters and estate agents. “With the last date approaching, RERA is expecting a large number of applications for registration. Till date, 6 promoters of various projects in the state and 3 real estate agents have applied to RERA for registration,” it said.

The last date for registration is July 31. “All promoters and estate agents in the state will come forward and get themselves and their projects registered to avoid any kind of hindrance in their business. This will also help them escape the penalty,” the statement said.

Vini Mahajan, additional chief secretary, Department of Housing & Urban Development-cum-Real Estate Regulatory Authority Punjab said in a statement on Saturday, “The need to register under the Act revealed that Section 3 (1) of the aforesaid act mandates that no promoter can advertise, market, book, sell or offer for sale or invite intending buyers to purchase any plot, apartment or building in a real estate project without registering the project with the Real Estate Authority established under the new law,” she said.

“Also, the projects which are currently ongoing on the date of commencement of this Act and for which the completion certificate has not been obtained, are required to get registered with RERA within 3 months from the date of commencement of the Act, i.e. upto July 31.”

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