New Delhi (Agency): The Delhi Real Estate Regulatory Authority (D-RERA) has issued a stern warning to builders, urging them to promptly register their residential or commercial projects under the regulatory framework or face significant consequences. A directive, released on September 4th, emphasized the importance of compliance and outlined the potential penalties for rule violations.
Failure to adhere to the registration requirements set by D-RERA could result in severe consequences for builders. The directive highlighted that builders who fail to comply may face fines of up to 10% of the estimated cost of the project. Additionally, individuals found in violation of registration rules could face imprisonment for up to three years, further underlining the seriousness of non-compliance.
Speaking to PTI, Anand Kumar, Chairman of Delhi-RERA, underscored the need for builders to register their projects and adhere to regulatory guidelines. He mentioned that several cases have arisen in which builders have not registered their residential and commercial projects, despite falling within the purview of RERA.
Kumar clarified that specific types of projects are mandated to be registered under RERA. He categorized these projects into four groups:
1. Real estate projects developed for lease or sale on plot sizes exceeding 500 square meters.
2. Projects involving the construction of more than 8 flats, apartments, floors, shops, commercial units, or office units for the purpose of sale or lease.
3. Projects in which plots are sold or leased on land areas exceeding 500 square meters.
4. Ongoing projects without completion certificates as of May 1, 2017, regardless of their launch date.
Kumar emphasized the necessity of registration, even for projects that were initiated before the implementation of RERA. He provided an example wherein a project owner who sold units without obtaining a completion certificate before May 1, 2017, is still required to register the project with D-RERA.
Kumar highlighted the significance of obtaining a completion certificate from civic authorities. This certificate ensures that buildings adhere to sanctioned plans and maintain structural stability. He emphasized that allowing occupation without a completion certificate not only encourages illegal modifications but also jeopardizes the safety of occupants.
In an effort to enforce compliance, D-RERA has called upon the public to report non-registered real estate projects. Individuals can inform the authority via email or written complaint. Additionally, D-RERA is working with municipal bodies to identify projects that require registration, aiming to penalize violators accordingly.
This move by D-RERA underscores the importance of adhering to regulatory guidelines and maintaining transparency within the real estate sector to protect the interests of both builders and consumers.