Builders Issued Notice To Register Under RERA

Published on 05 Sep 2018 by Shivi

The Greater Hyderabad Municipal Corporation has sent SMS and e-mail alerts to builders who have already sought permission from civic body to register with Real Estate Regulation Authority (RERA). The builders whose plot area is above 500 sq. metres or having more than eight apartments approved on or after January 1, 2017, would under its ambit needing registration.

The corporation officials said that if the builders failed to register within 100 days from the alert, the corporation would levy fine on builders, three per cent on the total project would be the least.

Out of about 23,000 building permissions issued (from January 1, 2017), about 4,000 projects would fall under RERA.

Developers/builders have to host information of their projects and update quarterly progress in the website, Rs 750 for each registration of projects and Rs 500 for real estate agents (mandatory), promoters have to declare the original sanctioned plan, any changes made and timeline for completion. There are penalties for non-registration.

READ: Registration Of Property Under RERA

For group housing Rs 5 per sq.m up to 1000 sq.m and Rs 10 for more than 1,000 sq.m but within Rs 5 lakh; For residential-cum-commercial, the maximum amount will be not more than Rs 7 lakh; For commercial projects Rs 20 up to 1000 sq.m and Rs 25 for more than 1000 sq.mts but within Rs 10 lakh and for plotted development Rs 5 per sq.m within Rs 2 lakh. 

SOURCE


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