The RERA Authority of Karnataka has recently issued a notice regarding penalties that will be imposed on all the promoters of ongoing projects for delayed registrations. Penalty for August, September and October has been provided by the Authority separately. Following are the dimensions of the penalty which will be in addition to the regular registration fees:
August – 100% of the registration fees
September – 200% of the registration fees
October – 300% of the registration fees
For more clarity, ongoing projects with a registration fee of Rs 10,000 registered in the month of August will have to pay Rs 10,000 extra as penalty, bringing the total fees to Rs 20,000. Similarly, the same promoter will have to pay a total fees of Rs [10,000 + Rs 20,000] in September and Rs [10,000 + 30,000] in October.
This will be a big blow to all the real estate developers in the state and will enforce all promoters of ongoing projects not registered to register at their earliest.