The deadline for registration under the central RERA Act was July 31, but the state government had provided a month-long amnesty considering the inordinate delay in notifying the final rules of Karnataka RERA Act.
“This opportunity is being given as a last recourse to all ongoing project promoters and agents. After this, the defaulters will be identified and they’ll be liable to heavy penalty, which can be up to 10% of the project cost,“ said Kapil Mohan, housing secretary and Karnataka RERA chairman.
After the August 31 deadline, all projects will be registered with 100% penalty (of the applicable registration amount) under section 3 of the RERA Act. Also, if an unregistered agent sells a property, he will face a penalty of Rs 10,000 per day till he complies with the rules.
If the builder continues to violate the order, he could even face imprisonment of up to three years or a fine which could be up to another 10% of the estimated cost of the real estate project, or both.
Mohan said RERA has already collected the list of ongoing and new projects in the state. “We expect promoters and agents to utilize the next two days to register with RERA without inviting drastic penal action,“ Mohan added.
Karnataka notified RERA Act on July 10 and launched a portal on July 24 for builders to register themselves and their projects. “Anyone who hasn’t registered can do so now as the portal is open and functional,“ said Mohan.
As on August 29, the state has seen about 1,500 registration requests on its portal from brokers and builders; about 1,000 projects and 273 agents have been registered.According to officials, there are about 5,000 ongoing projects across the state. Industry estimates put the number of real estate brokers at more than 25,000. Karnataka RERA has already issued 50 notices till August 24 to defaulting builders across the state.
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