The Rajasthan Real Estate Regulatory Authority (RAJ-RERA) had issued the deadline of three months for registering ongoing projects in the rural area and it has found that less than five developers have registered their projects till date, although the period of three months is going to end.
The RERA Act was executed in urban areas, and after that, it decided to take real estate projects in rural areas under the ambit of RERA.
“There are more than 50 projects in the state capital, and whereas less than five developers have registered their projects in Jaipur.” Official sources said. However, the penalty will be imposed if the developers fail to register their ongoing projects.
RERA will now impose the penalty of 10% of the project cost on developers who will not register their ongoing projects with the state RERA, a source said.
The official said we are hoping developers will come forward as the deadline is nearby. In last week, the number of registration in urban areas has also increased. To protect the interest of consumers and safeguard their interest, the RERA chairman had issued the permission after that this decision was taken to take these projects under ambit.