Week left, only nine apply for registration with RERA

Tribune News Service

Mohali, July 22

Only six promoters of various projects and three real estate agents in Punjab have applied for registration with the office of Real Estate Regulatory Authority (RERA), last date for which is July 31. 

The registration is mandatory to carry out real estate business in the state. 

With the notification of the Real Estate (Development and Regulation) Rules 2017, the office of RERA has started receiving applications. The applications received along with required documents and fees are being processed before issuing registration certificate to the promoters and real estate agents.

“In view of the last date for registration approaching, RERA is expecting a large number of applications for registration. To date, only six promoters of various projects in the state and three real estate agents have applied to the registering authority (RERA) for registration,” Additional Chief Secretary, Housing and Urban Development, Vini Mahajan, said here today. In an appeal to the stakeholders of the real estate industry, RERA, while referring to the provisions of the Act, reminded promoters and estate agents of registration, which is mandatory for further execution of their projects. The last date for registration is July 31. All promoters and real estate agents in the state shall come forward and get themselves/their projects registered to avoid any kind of hindrance to their business. This will also help them escape penalty as provided under Section 60-62 of the Act.

Mahajan, who is also Real Estate Regulatory Authority in Punjab, while impressing upon the need for registering under the Act, revealed that Section 3 (1) of the Act mandated that no promoter could advertise, market, book, sell or offer for sale or invite intending buyers to purchase any plot/apartment/building in a real estate project without registering the project with the Real Estate Authority established under the new law.

Besides, Section 9 (1) of the Act provides that no real estate agent shall facilitate the sale or purchase of any plot, apartment or building, in a real estate project registered under Section 3, without obtaining registration from RERA. Also, the projects which are ongoing on the date of commencement of this Act and for which the completion certificate has not been obtained, are required to be registered with the Real Estate Regulatory Authority within a period of three months from the date of commencement of the Act, which is up to July 31.

The Act came into force on May 1, 2017, and the Real Estate (Regulation and Development) Rules, 2017, were notified by the Department of Housing and Urban Development, Punjab, on June 8, 2017. The Act, Rules and the application form for registration have been uploaded on website: http:// pbhousing.gov.in for public information.

Lack of awareness

While the authorities are expecting a large number of applications before the last date, most of those in business said they were unaware of several facts in this regard. “Most of us (real estate agents) do not know whether we have to register or not. The government should make the things clear,” said Shailendra Anand, former chairperson of the Mohali Property Consultants Association.