Builders disregard advisories to register repeatedly despite the threat of hefty penalties by TS RERA
Reflecting the obvious reluctance to be regulated, real estate developers and other players in the real estate sector, has shown a lukewarm response to the call by the Telangana Real Estate Regulatory Authority (RERA), to get registered with the Authority.
To date applications from only 3100 of the estimated 5000 plus projects in the Telangana state have been received.
As a result, the TS RERA has been forced to yet again extend the deadline for accepting applications, reports The Hindu newspaper.
Earlier the Authority had said it will accept applications only till the end of month that too at a hefty penalty of Rs 2 lakh per application which obviously appears to be no deterrent for the project promoters.
This is the fifth time that the TS RERA will be extending the timeline after issuing several advisories ever since it came into existence on August 31 last year, the newspaper reported.
“We are going to give more time for the applicants with the penalty fine of ₹2 lakh. We expect at least 2,000 more applications in the next few days,” it quoted RERA Member Secretary K. Vidhaydhar.
The RERA estimates that there could be about 5,000 projects, buildings or layouts, which could come under the RERA ambit.
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 further extension after January-end. The Maharashtra RERA, which the TS Government has been closely following, has hiked the penal amount to ₹10 lakh for those who are yet to get their projects registered.
The Telengana RERA has announced yet another extension in the deadline up to February 15, 2019 allowing builds and developers to register with a fine of Rs 2 lakh. Read Report here: