Mumbai: Poor show for real estate registration worries RERA
With just a fortnight left to register with the Real Estate Regulatory Authority (RE-RA), it's only the real estate agents and brokers who are queuing up to complete the procedure, and not the developers
With just a fortnight left to register with the Real Estate Regulatory Authority (RE-RA), it's only the real estate agents and brokers who are queuing up to complete the procedure, and not the developers. By Wednesday, around 3,400 real estate agents across the state had registered. While hardly 600-odd projects have been put up on record, officials said that as per their estimates, there are, in fact, about 20,000 ongoing projects, which are yet to be registered with the RERA.
The clock is ticking
The RERA came into effect on May 1, giving 90 days to developers to register their ongoing projects, and to brokers to register themselves; the deadline ends on July 31. The RERA Act penalises developers for not registering ongoing projects, and also, disallows agents from marketing any project that doesn't have a RERA certificate.
Penalty from Aug 1
Officials also said that if everyone decides to register their projects at the last minute, it would cause serious trouble for the authority, which has a staff of just 20-odd people, who will have a tough time uploading the projects.
An official from RERA said, "If developers don't register now, penalties will be levied from August 1."
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