By Accommodation Times Bureau
Hunting for exact data of ongoing building construction projects, the Real Estate Regulatory Authority (RERA) of Bihar will approach Housing Department, State Urban Development and DMs for assistance in carrying out a survey for the data.
RERA-Bihar chairman Afzal Amanullah said in a press conference that, “The purpose is to identify the builders who have not applied for registration of their projects with the Authority.”
The deadline for registration of new and ongoing projects with the regulator was April 30, 2018, and it is compulsory to register under the Real Estate (Regulation & Development) Act, 2016.
Chairman said, “Though there’s no mechanism to know the number of construction projects underway in Bihar, it is estimated there are more than a thousand of them, but so far only 345 builders had applied for registration.
Almost 90% of the applications received till April 30 were from Patna, he said.
The hard copies of required documents were received only 181 out of 345 applications.
According to RERA Act 2016, if any promoter fails to register as per Act, he shall be liable to a penalty which may extend up to ten percent of the estimated cost of the real estate project. On continued violation, he shall be punishable with imprisonment for a term which may extend up to three years or with fine which may extend up to a further ten percent of the estimated cost of the real estate project, or with both.
Apart from Registration, the promoters shall be required to provide quarterly updates on the status of the project to the authority.