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Penalty under RERA rules
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Penalty under RERA rules
Publish on : 2017-05-22 05:59:36
Penalties on account of delays under the new real estate rules are applicable to ongoing as well as new projects, a homebuyer body claimed on Sunday. Fight for RERA, the homebuyer forum, made the claims amid reports that the Real Estate (Regulation and Development) Act, 2016, does not penalise project completion delays before the Act came into force. The RERA came into effect from May 1. The body said "it is pertinent to clarify that the Real Estate Act, 2016, does not differentiate with regard to an ongoing project or a future project, whether it is relating to disclosures, violations, penalty, interest or compensation". In a statement, it said the Act implies that all the penal provisions apply as much to an ongoing project as to a new one. According to Fight for RERA, it is mandatory for all projects, from the date of commencement of the Act, to first register with the regulatory authority and only then, promoters can book, sell, advertise or market these real estate projects.

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