Fine under RERA hiked to Rs 3 lakh

NT NETWORK

 

PANAJI

The state RERA authority has increased the fine for not registering an ongoing housing project from Rs 2 lakh to Rs 3 lakh.

The new penalty rate has been made effective for the period from July 2 to October 1, 2018.

An extension of the deadline for the registration of ongoing projects by three months was given only recently by the authority.

But the rate of penalty had been kept unchanged at Rs 2 lakh.  With the current increase in fine, builders have been granted a window for delaying registration, but at higher cost.

It is likely that the window for the registration of the ongoing projects will be kept open for some more time but with higher penalty at every extension.

The real estate authority is keen on getting more developers under regulation.  There are several builders in interior regions who are unaware of the compulsory registration of the ongoing projects under the RERA rules.

The rules were notified on November 24, 2017. As per the notification, all housing projects without completion certificate are classified as ‘ongoing projects’ and need to be registered with the authority.

The registration requires builders to disclose project details as regards the plan, layout, approval, etc., with supporting documents loaded on a website.

The registration of projects is for the benefit of homebuyers who can be saved from getting duped by promoters.

Any major change in the project can be done only after receiving the consent of two-thirds of homebuyers in that particular project.

Meanwhile, the pace of applications from builders and housing agents wanting to register has increased with 314 registrations till date. Goa’s track record in registrations has been good considering the small size of the state.

The implementation of RERA rules has been slow, as there has been no a permanent authority with members and tribunal to address grievances from homebuyers.