Jaipur: 450 applications received for RERA registration, only 94 certificates issued in 4 months
Jaipur: The Rajasthan government has received applications for the registration of 450 building projects under RERA (Real Estate Regulatory Authority), but has been able to issue certificates for only 95 projects.
The new real estate regulatory law came into force four months ago, but the government has not yet set up a dedicated authority and hired staff to complete the registration work, causing delays.
The government had asked developers to register their projects by August in case their projects were under construction. For new projects, the developers were required to get registration certificate from RERA even before laying foundation for the project. But delay in documentation processing has stalled several building projects in the city.
The government had recently extended the deadline for registering real estate projects under RERA to August 31 in Rajasthan.
The catch is that the developers were asked to deposit penalty. They will have to pay four times the registration fee in order to get their projects registered with the real estate regulatory authority. The previous deadline was July 31, but only a handful of projects were registered.
Developers have to pay Rs 10 per square meter as RERA registration fee. For a project measuring 5000 square meter, a developer pays a registration fee of Rs 50,000, but now for getting the project registered till the extended deadline of August 31, he will pay Rs 2 lakh.
Developers have been warned that they would have to pay 10 times the project cost if they don’t get their project registered with RERA by August 31.