Rs 10L fine imposed for failing to register real estate project

The Jammu and Kashmir Real Estate Regulatory Authority (JKRERA) has imposed a penalty of Rs 10 lakh on real estate developers for failing to register their ongoing project at Sang Talab, Raipur Domana in Jammu region, with the authority.

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A spokesperson said on Monday that the penalty was imposed for violation of Section 3 (1) of the Real Estate (Regulation and Development) Act-2016.

Officials said the authority took suo-motu cognisance of the violation and initiated proceedings under the applicable provisions of the Act. After thorough examination, it was established that the promoters have not obtained the requisite registration from the JKRERA nor have they sought any exemption or provided a justifiable reason for the omission.

“It was an ongoing project and the promoter should have applied for the RERA registration well on time to avoid penalties. Registering with RERA is mandatory for all ongoing real estate projects, where competition certificates were not issued,” said Satish Chandra, Chairperson, JKRERA.

“Mere imposition of a penalty does not exempt a promoter from registering their real estate project,” reiterated the JKRERA chairperson. He emphasised that continued non-compliance with Section 3 of the Real Estate (Regulation and Development) Act, which mandates project registration, will attract severe penalties.

“As per Section 59(2) of the Act, promoters who fail to comply with orders or continue to violate registration requirements face imprisonment for up to three years or an additional fine of up to 10 percent of the estimated project cost, or both,” added Chandra. He urged all promoters to register their projects without delay to avoid further legal action.

The JKRERA reiterated that the registration of real estate projects, particularly ongoing projects, is a key step to ensure transparency, promote fair practices and protect the interests of allottees and home buyers. It also enables the authority to monitor project progress and enforce accountability in the real estate sector.