The Karnataka RERA Authority has issued notices to more than 300 promoters of the state for not registering with the Real Estate (Regulation and Development) Act. The Authority will provide the builders with a limit of seven days to mention the valid reasons for their delay in registering.
The penalties then imposed can be as high as 10% of the project cost.
Around 1,100 project registrations have been applied, out of which the Authority has only approved mere 12 projects.
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