The Karnataka Real Estate Regulatory Authority has issued notices to 130 real estate developers in the state who have failed to register their ongoing projects with the Karnataka RERA, by the given deadline of 31st July 2017.
Kapil Mohan , Chairman RERA Karnataka, stated that, “We are getting harsh on property developers who are yet to register on our portal. Nearly 100 of the 130 properties we have identified as defaulting ones presently are in Bengaluru,” he said.
R. Vinothpriya Secretary, Karnataka RERA added that notices were issued by e-mail on Saturday and the defaulting developers will have 3 days to complete the registration process before Friday. Non-compliance will evoke fine of 10 per cent of the project cost or three years imprisonment for the developer.
Regarding the problems highlighted by developers, Karnataka RERA official comments that the registration process can be completed online within 42 minutes. The registration fee payment which is set at Rs 5 lakhs can also be made online, which simplifies the entire process. Developers have the alternative option of approaching the RERA office, in case they are unable to complete the process online.
Karnataka RERA senior official points out that Bangalore Development Authority and Karnataka Housing Board will also too need to register their projects with the Karnataka RERA and therefore letters have been sent asking them to register all their properties.
The RERA Chairman has stated that registering of the project was the primary requirement. Absence of land documents, building plans, etc., cannot be cited as reasons for non-registration. The authority intends to be flexible and allow developers extra time to provide the incomplete documents.
The Central government notified the Real Estate (Regulation & Development) Act on 1st May 2016. The Act aims to infuse transparency in the real estate sector and protect home buyers from the misdeeds of developers.