Since Real Estate Regulation and development Act (RERA) came into force i.e. 01/05/2017, it was made mandatory for real estate builders and agents to register under the said act. Though in the beginning the registration process was sleepy headed, but now RERA Registration has picked up around 1,100 real estate projects and agents in Gujarat.
The registration include 800 projects, including the ongoing ones, and 300 agents. The compliance process has become smoother and more projects are expected to be registered in next 2 or 3 months.
November 30, i.e. today being the last date for RERA Filing has increased the number of registrations.
As per Gujarat RERA Authority, developers who did not register their ongoing projects before October 1 2017, are liable to pay registration fee and a penalty equivalent to the fee for enrolling their projects till October 30.
The RERA penalty fee is twice the registration fee in case ongoing projects are registered during November 1 to 30, 2017.
Source: Times of India