The penalties imposed by the Real Estate Regulatory Authority (RERA) for failing to meet building code requirements can be severe. Failure to register a new home, build an extension or comply with an existing condition may result in fines or even jail time. Failure to do this can also result in losing your heritage property rights. Registering under RERA is important to build property values in India if your property or project falls under the parameters set by RERA.

Every real estate transaction has a set of rules and regulations to follow. Either as an investor or a seller, you will need to follow these rules if you wish to profit from your real estate investment. Failure to do so could lead to fines, court cases, even jail time. Following are some rules that you will need to know when buying or selling real estate in India under RERA. You should also be aware of how to register your projects under RERA so that your profits from selling or buying real estate do not go unfixed.

For Buyers:

Offence – Non-compliance with RERA
Penalty – Daily penalty of up to 5% of the approximate cost of the project
Offence – Non-compliance with the Appellate Tribunal
Penalty – Imprisonment up to 1 year or 10% of the approximate cost of the project, or both
For Promoters:

Offence – Non-registration
Penalty – 10% of the project’s estimated cost
Offence – Giving false information
Penalty – 5% of the project’s estimated cost
Offence – Violation of laws
Penalty – Up to 3 years imprisonment or a fine of 10% of the estimated cost of the property, or both
For Agents:

Offence – Non-registration of projects
Penalty – Rs.10 000 per day up to 5% of the approximate cost of the project
Offence – Non-compliance with RERA
Penalty -Daily penalty up to 5% of the projects estimated value
Offence – Non-compliance with the Appellate Tribunal
Penalty – Imprisonment up to 1 year estimated cost or both.

For information, contact our team of best lawyers who are well versed in matters of RERA to deal with the kind of issue you are facing, either you are a builder or investor. Do tell us in the comment section below; what more do you want to know about RERA for us to cover?

Actual Content Source:- https://www.kanoon-e.com/blog/penalties-imposed-under-rera/