The Karnataka RERA has decided to impose stiff penalties on the developers failing to register their projects with the RERA by 31st August 2017. Earlier, 31st July was the last date for RERA registration but the state government provided an extension of one month citing the difficulties faced by the developers in understanding the RERA rules and registering their projects with the authority.
After 31st August, the developers cannot advertise, book or sell their ongoing projects without registering the same with the RERA Karnataka . Further, the authority will penalize the developer who will violate the rules with a fine of 10% of the project cost, imprisonment up to three years or both.
No real estate agents can carry out the real estate business without registering themselves with the RERA. If any agent breaches the rules he will face a penalty of Rs. 10,000 per day till he comply the rules. We have already issued notices to defaulting developers across the state”, said Kapil Mohan, Chairman of RERA Karnataka.
“The authority has also collected the list of projects that come under the purview of the RERA in the state . We hope that the developers and agents will register within the stipulated date”, he added.
The Karnataka state government implemented the RERA Karnataka rules on 10th July 2017. As of now, about 1,000 projects are listed as RERA registered projects and 273 intermediaries as RERA registered agents with the authority.