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Telangana’s Real Estate Regulatory Authority (RERA) has decided to give one more chance to developers to register their properties by paying a penalty of ₹2 lakh and has extended the last date to February 15.
Following a recent review meeting chaired by Rajeshwar Tiwari, Chairman of TS RERA, it was decided to provide another opportunity for the developers for registration by levying a penalty.
Penalty for delay
All applications received after January 31 have violated provisions of Section 3 (1) of Real Estate (Regulation and Development) Act 2016.
The Authority has decided that it may not be appropriate to reject the applications outright. Therefore, the Authority has decided to give one more opportunity by charging ₹2 lakh as penalty, provided registration is done before February 15.
Warning to promoters
As per the RERA Act, it is mandatory for a promoter to apply for registration of ongoing projects within a period of three months from the date of commencement of the Act. As per the Telangana State Real Estate (Regulation and Development) Rules, 2017, the projects approved on or after January 1, 2017 by the competent authorities are to be registered with the Authority.
The Authority has warned that if a promoter does not agree to pay the penalty, his application will be processed as per the provisions of the Act.
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