Real Estate Regulatory Authority warns public to keep off 780 building projects in state

The RERA authorities in state of Karnataka placed in the capital city of Bengaluru have come to the rescue of home when on Wednesday they released a detail list of 780 real estate projects which have failed to comply with the repeated demands of RERA for registration. The authorities have made the list public on their website and have marked it in bold red letters to make the home buyers aware about these projects. These projects have been on constant radar of the authorities and a last notice has been issued in lieu of the same. The warning has only come as a safeguard measure from the concerned authorities because they still believe in the fact that there may be genuine reasons for not registering but then these project holders need to come forth and give an explanation with regard to the same for which a 3 week time period has been allotted in the final notice. Project holders who will fail to comply with the notice will be awarded penalty of 10 percent of the project cost and further failure will bring home imprisonment of 3 years for these real estate projects as per the rules and regulations of RERA.

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