Real estate companies asked to get register under RERA

DAINIK NATION BUREAU

The real estate companies which are yet to get  registered under real estate regulation act (RERA) due to some reasons has been given another chance to get registered with reduced penalty for the next 60 days.

Interacting with media person here in Dehradun on Tuesday  the state urban development minister Madan Kaushik said that as per    RERA, the  real estate companies were supposed to get registered by July 31 failing which they were made to cough up a  hefty penalty of 10 percent calculated on the  total project cost.

“But  now, the state government has decided to show some leniency by having    reduced the penalty percentage for a certain period of time. If they get registered by the end of September the penalty to be charged would be one percent of the total cost,” he said. He further said that if they get registered between October 1 and 15 the penalty would be fixed at   two percent and thereafter till   October 31, the amount of the penalty would be  five percent. “Those who fail to get registered by the end of October would be made  to pay 10 percent as penalty,” he said. He reiterated that the government’s move would help both the realtors and the buyers. He also asked the   district magistrates  to meet the realtors to make them aware of the norms under  RERA.