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RERA to impose 10% of project cost on builders

Jaipur: The Real Estate Regulatory Authority (RERA) will now impose 10% of the project cost on developers who have not registered their ongoing projects with the regulatory authority till September 30.

The authority had given September 30 as the deadline to register ongoing projects after paying 2% of project cost as penalty. “As the extended deadline is now over, the regulatory authority will impose 10% of the project cost and registration fee on developers to register their ongoing projects with RERA,” said a senior RERA official.

Under section 3 of RERA Act, 2016 developers were provided 90 days to register after the Act came into effect on May 1 in the state. After RERA Act came into force, chief minister Vasundhara Raje launched the RERA website on June 1. It became mandatory for all the builders and real estate agents to register on the website till July 31. However, on the request of developers an extension of one month was provided (till August 31) to register with regulatory authority after depositing Rs 50 per square metre.

As majority of developers have registered their ongoing projects in the state with (RERA), the residents can heave a sigh of relief. Now, the builders will be under the radar of the regulatory authority.

The consumers wishing to register their complaints with the regulatory authority can go ahead after seeing the registered project profile on the RERA online portal, in case they feel duped. Those who have booked their flats in a residential complex and their developer has not registered on portal can also inform the authority.

Developers also believe, the transparency in the system would benefit the consumers. “Majority of genuine and serious builders have registered their ongoing projects with RERA. The new system will eradicate non-serious developers from the market,” said a member of CREDAI.

It was also said that in the past few months new project launches have come down by 80% in the state. “The launches of new projects are been stalled due to various factors such as demonetisation, GST and RERA. The market will gain momentum once the existing inventory will be sold,” said a source.

Source : timesofindia

This post first appeared on Daily Kiran, please read the originial post: here

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RERA to impose 10% of project cost on builders


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