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TS RERA To Extend Registration Deadline Again

Published on 21 Jan 2019 by Shivi

The Telangana Real Estate Regulatory Authority (RERA) will soon be extending the ‘deadline’ for accepting applications filed for mandatory registration by projects, including buildings and layouts, till the month-end but with a penalty of Rs 2 lakh.

This will be perhaps for the fifth time that the TS-RERA will be extending the timeline after issuing several advisories ever since it came into existence on Aug.31 last year. Projects such as apartment complexes of more than eight units or layouts and agents have to register themselves under the Real Estate (Regulation and Development) Act.

RERA Member Secretary K. Vidhaydhar said about 3,100 applications had come in for registration in the last few months.

“We are going to give more time for the applicants with the penalty fine of Rs 2 lakh. We expect at least 2,000 more applications in the next few days,” he said. The RERA estimates that there could be about 5,000 projects, buildings or layouts, which could come under the RERA ambit.

READ: Registration Of Property Under RERA

The authority had announced during the formation that registrations were done online and projects approved between January 1, 2017, and August 31, 2018, should take mandatory approvals or obtain registration from it before the month-end.

The Member-Secretary said a thorough verification of the applications made online for registration was taken up

“We have so far issued 136 show-cause notices to builders,” he said, but he does not rule out a further extension after January-end. The Maharashtra RERA, which the TS Government has been closely following, has hiked the penal amount to Rs 10 lakh for those who are yet to get their projects registered.

Therefore, he does not rule out periodic hike till compliance improves before taking the next penal step, which is to fine 10% of the property cost. Lack of clarity in calculating precise project costs by CAs, architects and others is being touted as one of the reasons for the ‘delay’ or ‘reluctance’ on the part of the real estate industry.

SOURCE

Tags: Property Registration 

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