The builders and real estate agents who have not come forward yet to register themselves under the Punjab Real Estate Regulatory Authority (RERA) should better hurry.
The July-31 deadline for the mandatory registration is set to expire in eight days, but only six builders have applied for registration under the newly created real estate watchdog.
It is despite the fact that Zirakpur alone has over 80 projects in running stage, and over 100 real estate projects are in various stages of completion in Mohali and Kharar. Besides only realty agents have moved applications.
Vini Mahajan, additional chief secretary, department of housing and urban development, said the builders and agents should proactively start submitting applications for registration before the deadline to avoid any kind of hindrance to their business.
“In case projects are left unregistered after the deadline, the department will be forced to invoke Sector 3 (1) of the Punjab Real Estate (Regulation & Development) Rules, which mandates that no promoter can advertise, market, book, sell or offer for sale or invite intending buyers to purchase any plot/apartment/building in a real estate project if they not registered under RERA,” she said.
Mahajan said no real estate agent can facilitate the sale or purchase of any plot, apartment or building, without obtaining the mandatory registration. She said the deadline will not be extended since registration is mandatory under the central act.
Only 6 builders have applied so far
Realtors not coming forward yet even as 80% projects in Mohali district are yet to get completion certificate
As per the rules notified by the state government, those projects that have not got the completion certificate will be considered under the bracket of ongoing projects. These all need to get registered under RERA. According to records, more than 80% of real estate projects in Mohali district are yet to get completion certificate, which is granted after the project is completed, strictly as per the sanctioned designs and layout plan.
What is the relevance of the process?
Any major change in the project will be done only after receiving the consent of two-thirds of homebuyers. To avoid diversion of funds, RERA mandates that developers should maintain 70% of the funds collected from the buyers in a separate bank account to ensure smooth development.