RERA notice to 95 builders over pending projects in Rajasthan

JAIPUR, 24th Dec 2020 The Real Estate Regulatory Authority (Rajasthan-RERA) has issued show-cause notices to 95 builders and promoters in the state over pending projects. After developer failed to adhere to self-set deadlines, the notices were slapped under the Real Estate (Regulation and Development) Act, 2016 at this massive scale, for the first time. RERA registrar Ramesh Chandra Sharma said, “As per the rule, the builder and promoters are required to submit a completion report with RERA before the final date of project completion declared by them during registration. In case of any delay in project completion, they are required to apply with the regulatory authority for an extension to complete the remaining work. Total of 95 builders and promoters have not fulfilled any of the two conditions. Notices have been issued to them seeking a response in one month. Penalty will also be imposed on them if they fail to respond.” The notices talk of imposing penalties on the guilty builders and for the RERA to arrange completion of remaining works with assistance from third parties. An official said, “Directions were also issued to lapsed projects to stop further booking or sale of any apartment, plot or building in the project. Also, the promoter could be penalised under Section 61 of the Act if this requirement is not met. Under this section, the promoter shall be liable to a penalty which may extend up to 5% of the estimated cost of the real estate project,” said the official. This year in May, on the ground of force majeure, extension of 12 months was granted to the real estate projects expiring on or after March 19. As lockdown in the state was imposed two days before the Centre announced such a lockdown, the state RERA fixed the above date. Those projects that had lapsed before March 19 were also allowed the benefit of extension if the promoter first applies for usual extension and pay the extension fee, standard fee and penalty. Read this news at: https://economictimes.indiatimes.com/wealth/real-estate/rera-notice-to-95-builders-over-pending-projects-in-rajasthan/articleshow/79936328.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst