Karnataka RERA imposes hefty penalty for late registration of ongoing projects

Karnataka RERA imposes hefty penalty for late registration of ongoing projects

The Karnataka Real Estate Regulatory Authority has cleared the confusion over the penalty for late registration of ongoing projects by issuing a notification on 1st December 2017. In the notification the regulatory has mentioned, as per section 3 and section 59(1) of the Karnataka Real Estate (Regulation & Development) Act (RERA), the developers who will apply for the registration of their existing ongoing project from November 2017 and in the later days, have to pay up to 10% of the total project cost as a penalty. If they fail to do so, it will be considered as the breaching of RERA Karnataka rules and the project will be termed as ‘Inactive Project’. Consequently, RERA will bar the promoter from advertising or selling his real estate project.


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