Delhi Real Estate Regulatory Authority (RERA) has asked all builders to register their residential or commercial projects. Delhi RERA has also warned to register immediately or face the consequences. In an order issued on September 4, the authority said that non-compliance with these directions could attract a fine of up to 10 per cent of the estimated cost of the project or imprisonment of up to three years or both.
Delhi RERA Chairman Anand Kumar said that many such cases have come to light in which builders in Delhi have not registered their residential and commercial projects falling under the purview of RERA. He said that RERA registration is mandatory for four types of projects. The first category includes such real estate projects, which are being developed for lease or sale on plots of more than 500 square meters.
Kumar said that in the second category are those projects, regardless of plot size, but more than eight plots, apartments, floors, shops, commercial or office units are being built for the purpose of sale in all phases.
The third category is of such projects, where plots of more than 500 square meters are sold or leased. The fourth category holds projects which do not have a completion certificate as on 1 May 2017 and are still in progress.