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real estate regulatory bill

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real estate regulatory bill

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  1.     PropertySimplified Home AboutUs OurTeam WhatarethePenaltiesunder RERA? May 16,2018RealEstatereal estate bill 2016, Real Estate RegulatoryAuthority, real estate regulatory bill, What are the PenaltiesunderRERASrishtiChandola Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

  2. Like0 All the builders, brokers and developers and ongoing real estate projects were mandated to register with real estate regulatory authority until 31st July as per the Real Estate Regulation and Development Act 2016rules. Though, while various developers rushed to register within the stipulated time, numerous failed to meet the deadline. Some states like West Bengal haven’t notified Real Estate Regulation and Development Act rules till date. Some of the developers are delayed in launching the websites for registration ofprojects. Taking the cognizance of the situation, various states including Gujarat, Uttar Pradesh, and Maharashtra have decided to tighten the noose on the defaulters as well as announced plenty clause for late registration. Although the penalties aren’t too high initially, the government will take strict action in future if the builders or developers fail to register within the extensionprovided. Here is the list of penalties that are imposed by variousstates- Goa Goa Real Estate Regulatory Authority has begun imposing a penalty on developers registering the ongoing projects with Authority under Real Estate Regulation and Development Act. All the developers have to Pay Rs 1 lakh as a penalty while registering the projects on Real Estate Regulation and Development Act portal until April 2018. The penalty amount will double from May 1st, 2018onwards. It needs to be noted that Authority has set a deadline for project registration until March 2018 without any penalties. It was found that many of the developers have not registered themselves aswellastheirrespectiveprojectswithregulatoryauthoritywithinthespecifiedtimeperiod. Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

  3. Considering this, the authority had prime imposed a fine of Rs 50,000 for errant developers till March2018. Gujarat Gujarat Real Estate Regulatory Authority has revised the penalty charges for the builders or developers registering the ongoing real estate projects under Real Estate Regulation and Development Act post December 2017. Also, the penalty has been raised to 2.5 times registration fee for registration of property under theAct. Previously, the state regulatory had raised the penalty to twice the registration fee for properties registering the ongoing projects under Act from November till December2017. Gujarat Real Estate Regulatory and Development Act impose the penalty charges for builders registering the ongoing projects under the Act 1st to 31st October. Though, no penalty was charged for the builders registering the projects till 30th September. Rajasthan Rajasthan Real Estate Regulatory Authority has actually raised penalty on the non-registration of realty projects with RERA from 2-10%. New penalty norm is applicable from 1st October onwards. Previously, Authority was imposed 2% of the cost of project or 10 times the registration fee whichever is higher, as the penalty for the builders or developers registering the projects post 31st August till 30th September. Maharashtra Maharashtra Real Estate Regulatory Authority has decided to double penalty charges for builders ordevelopersregisteringongoingprojectsunderRealEstateRegulationandDevelopmentAct Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

  4. between 1st to 30th September. Penalty amounting to Rs 2 lakh or the amount that is equivalent to double the registration fee, whichever is higher which would be levied on the application received during this timeperiod. Previously, MahaRERA has basically announced a penalty of 1 lakh or the amount thatis equivalent to registration fee whichever is actually higher, for the applications of the projects that are received from 16th – 31stAugust. State regulator has registered over 13,000 ongoing projects till now. Apart from the projects, more than 10,000 agents have been granted with the RERAcertificates. UttarPradesh Uttar Pradesh government had already extended the deadline for the project registration till 15th August. Now, the state government has decided to impose fine on the builders registering the projects from 1st Augustonwards. If the developer or builder fails to register with Uttar Pradesh RERA after 31st August, then he was charged 5% of the project cost as the penalty till 15thSeptember The developers registering the project till 31st August were liable to pay the penalty of 1% of the complete cost of theproject The higher fine of 10% was imposed on developers registering with authority between 16th to 30thSeptember Karnataka Karnataka government has imposed the penalty of Ra 10,000/day for the agents or up to 10% of project cost or 3 years of imprisonment for agents or builders or advertising the project without RERA registration. It should certainly be noted that Goa government has provided an extension of 3 months to developers to register the ongoing projects under RERA. Following this, Telangana government is considering to extend registration deadline for next 2-3months. Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

  5. ← List of PMAY Projects inDelhi Leave aReply Your email address will not be published. Required fields are marked* Comment Name* Email * Website PostComment Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

  6. Subscribe to ournewsletter Want to be notified when our article is published? Enter your email address and name below to be the first toknow. Send Name Email Facebook Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

  7. Favista RealEstate PvtLtd about an hourago Don’t be the one regrettingit later. Invest in Indian realty markettoday! 2 Comment Share TwitterTimeline Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

  8. Tweets by @FavistaRealty Favista RealEstate @FavistaRealty !! Don’t be the one regretting it later. Invest in Indian realtymarket today!#InvestinIndianrealty Embed View onTwitter Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

  9. RecentBlogs What are the Penalties under RERA? May 16,2018 List of PMAY Projects in Delhi May 14,2018 Things to Know About Property Auction May 11,2018 Working of Land Banking in Indian Real Estate Market May 8, 2018 Can Residential Property be used for Commercial Use? May 2,2018 Favista is a Real Estate Advisory Firm based in Gurgaon, India. Favista believes in making every property transaction experience simple and successful. The aim is to bring transparency, professionalism and simplicity to the complex world of real estate. Favista takes pride in keeping the needs and concerns of the customers in highest regards. Favista Real Estate has been founded by IIT + IIM/INSEAD alumni with experience in strategy consulting, internet marketing, venture capital having been part of companies such as McKinsey, Capital One, PartyGaming and SSGCapital. Favista is a full service brokerage helping buyers/investors buy, sell, rent or lease property in India. Favista offers best realty advice for Apartments and Flats for sale in India, land/plots for sale, New Residential & Commercial Projects in India and also assists selling properties at best rates. Favista.com is the only Property Site in India that lists 100% verified properties. Favista currently operates in Gurgaon, Delhi-NCR, Noida, Mumbai and Bangalore.Those intending to sell property in India will also find this website very useful owing to the extensive reach, high brand recall and trustworthiness in the real estatespace. In order to make our customers happy and for us to reach our goals, we follow the key tenets of transparency and consistently maintain integrity in everything that we do. With this professional attitude, we are set to become your preferred choice for all real estate services inIndia. ABOUT AboutUs QUICKLINKS Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

  10. OurTeam Career Contact Us Terms PrivacyPolicy Disclaimer SiteMap Post PropertyFREE EMICalculator Blogs Compare Projects Download MobileAPP SaleProperty RentProperty CONTACTFAVISTA Toll Free - 1800 2121 000 (ALLINDIA) Gurgaon -+91-124-3378700 Noida -+91-120-4117463  Unit 235 to 240 2nd Floor, Vipul Trade Center,Sohna Road Sector 48, Gurgaon, Haryana122002. Mumbai -+91-22-40142051 Email Sales -sales@favista.com Email Enquiry -info@favista.com 1 Square meter = 10.764 Squarefeet HaveMoreQuestions?Donothesitatetocontactus! ReadourFAQ'sorLeaveafeedbackforustocontactyoushortly. © 2015 Favista Real Estate Pvt. Ltd., All RightsReserved. Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

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