AP Real Estate Regulatory Authority is going to penalise the real estate developers who fail to register their ventures sanctioned between January 2017 and April 15 this year as per the Real Estate (Regulation and Development) Act, 2016, before May 31, according to its chairman V. Ramnath.
Realtors, who register their ventures by uploading the required documents in June, have to pay 25% of the registration fee as a penalty and those doing it in July have to pay 50% penalty while applicants in August have to shed 100% extra fee as a penalty, Mr. Ramnath said. Addressing a press conference here on Thursday Mr. Ramnath said that applications of only 470 out of 2,597 ventures sanctioned since 2017 have been uploaded for registration with RERA so far, that is, 18%.
He said 331 applications have already been cleared. The Act was aimed at bringing in transparency and protecting rights of the buyers but most of the realty promoters have remained non-compliant by not registering their ventures, he said.
Mandatory
According to the Act, it is mandatory for all the projects to be registered. He called upon the realtors to upload the documents and file applications before May 31 to avoid the penalty. Delay beyond August 31 will draw a penalty of 20% of the estimated cost of the project, he added. Applications related to any venture have to be filed within 45 days as per the Act. Publicity of ventures without recognition of RERA would attract legal action.
