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Real estate promoters in Kerala issued a final warning
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Delayed realty projects to get extension in Kerala
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Ongoing realty projects must register with State regulator before Dec. 31 Real estate developers may have to pay heftier penalties if they fail to keep the December 31 deadline for compulsory registration of ongoing real estate projects in the State.
With many developers yet to register their projects with the Kerala Real Estate Regulatory Authority (K-RERA), the authority has warned that the hefty penalty could turn even heavier if they failed to meet the deadline. After December 31, the penalty will be determined by K-RERA on a case-to-case basis following a hearing, the State regulator said.
10% of cost
“The promoters may take notice that the penalty for non-registration of projects may be extended up to 10% of the estimated cost of the project, as laid down under Section 59 of the Real Estate (Regulation & Development) Act, 2016,” K-RERA said in a final notice in this regard issued on December 17.