Promoters and developers of more than
300 real estate projects across Gujarat have been penalized by the Gujarat Real
Estate Regulatory Authority (GujRERA) for failing to file the mandatory
quarterly progress reports over the last nine months.
The
regulatory authority has, in most cases, fined each errant developer Rs 50,000.
Under the
new realty law, all real estate developers must inform the authority every
quarter about construction and financial progress of their projects.
"The
process for submission of quarterly reports began in June 2018. Since then,
several developers have penalized for non-compliance, under Sections 11 and 63
of RERA," said senior officials in the regulatory body. Although
the penalty for violation of Section 63 of the Act can go up to 5% of the
project cost, in most cases the penalty was fixed at Rs 50,000, to ensure
compliance.
The level
of compliance in the state is quite high, given that there are 5,219 real
estate projects registered with the authority and only 300 or so have been
found to be non-compliant. "From the number of projects registered, more
than 20,000 quarterly returns need to be filed, but just 300-odd developers
have failed to comply. This means compliance is robust in Gujarat," the
officials added.
Most
promoters who did not comply with the quarterly filing norm submitted to the
authority that their violation was unintentional as the law is new and they
were not fully aware of various provisions. Source:
Economic Times, Ahmedabad
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