The Telangana State Real Estate Regulatory Authority (TS-RERA) announced that the last date for registration of real estate developers and others for projects taken up between July 1, 2017 and August 30, 2018 has been extended till July-end with a penalty of ₹3 lakh.
This was decided after a meeting of the Authority a few days ago where it was reiterated that all the applications received after May 31 for registration of a project have violated the provision of the Real Estate (Regulation and Development) Act-2016.
Therefore, their applications are liable for rejection. Yet, the TS-RERA authorities led by its Chairman Rajeshwar Tiwari felt it may not be appropriate to out-rightly reject the applications, but give another opportunity to them by taking in applications by charging the penal fee.
Hence, the process of registration of the ongoing projects is being kept open for which permission has been taken between January 2, 2017 and August 31, 2018 from the competent municipal or urban development authority.
As per the RERA Act, it was mandatory on part of the real estate developers to submit applications for the registration of ongoing projects within a period of three months of the Act that came into force in 2016.
Since the TS-RERA came into force in 2017, the projects approved on or after January 1, 2017 have to be registered. The time-line is being increased as from August 31, 2018 till date, the process is on to increase the penal fee too.
