BENGALURU: Tightening the screws on real estate developers who are yet to register their projects with the state’s Real Estate Regulatory Authority following the expiry of the July 31 deadline, the body has issued 130 notices on Saturday to defaulting builders across the state. The Bangalore Development Authority and the Karnataka Housing Board too need to register their projects on the RERA portal created for the purpose but are yet to do so.
The Centre’s RERA Act 2016, which aims to bring about transparency in the real estate sector and protect home buyers, came into force on May 1. Karnataka issued a gazette notification on the rules on July 11. It mandates registration of all projects built on 5,000 sqft or above. Developers had been given time till July 31 to register their projects.
Karnataka’s RERA chairman Kapil Mohan said, “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.
Refusing to disclose individual names, Mohan said they were major property developers in the city. The penalty is quite stringent for defaulters. “It involves payment of a fine of 10 per cent of the project cost or three years imprisonment for the developer,” he said.
KRERA Secretary R Vinothpriya said, “The notices were issued by e-mail on Saturday. Physical mails will be despatched by post on Monday. The defaulters will be given three days to complete the registration. We have informed them that penalty will be levied against them for non-compliance. So, we will be giving them a deadline of Friday to register with us,” she said.
Though notices have not been sent, letters have been sent from RERA to the BDA and KHB asking them to register all their properties. “We have received the letter and will be registering our properties on Monday,” BDA Commissioner Rakesh Singh told Express.
Conceding that there has been some delay in formulating the rules in the state, Mohan said, “The registration process is not complicated and can be done online. One needs just 42 minutes to do it online and transfer the registration payment. Those unable to do it can visit our office in person and our staff will assist them.” The registration fee is `5 lakh.
Stating that the Authority was quite flexible, the chairman said the absence of land documents, building plans, etc., cannot be cited as reasons for non-registration. “Let the projects be registered first. We are giving developers a little more time to provide the documents.”