Less than 800 real estate projects were registered with the Real Estate Regulatory Authority (RERA) on Monday, the deadline for builders to do so. This against an estimate of over 4,000 projects to be registered with RERA in the state, implying a compliance rate of a mere 20%.
As per law, the projects that have missed the deadline are liable to a penalty amounting to ₹10,000 every day till they register with RERA. However, Kapil Mohan, Principal Secretary, Housing Department, said that the focus was on getting all projects registered, rather than penalising them. “We will conduct outreach projects at the district level to get realty projects registered with us,” he said.
However, starting Tuesday, no unregistered project can advertise in any media or carry out sale of any flats till the project is registered with RERA.
Source: The Hindu
