JAMMU, Jun 2: The Jammu and Kashmir Real Estate Regulatory Authority has imposed a penalty of Rs 10,00,000 on real estate developers for failing to register their ongoing real estate project located at Sang Talab, Raipur Domana, with the Authority.
The penalty of Rs. 10 lakh has been imposed for violation of Section 3 (1) of the Real Estate (Regulation and Development) Act 2016.
The Authority took suo-motu cognizance of the violation and initiated proceedings under the applicable provisions of the Act.
RERA registration is mandatory for all ongoing real estate projects where competition certificates were not issued,” said Satish Chandra, Chairperson JKRERA.
He emphasized 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 ten percent of the estimated project cost, or both,” added the Chairperson JKRERA.
He urged all promoters to register their projects without delay to avoid further legal action.
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