Authority imposes penalty of ₹1 crore on real estate promoters for failure to register with it

Register or face the music: K-RERA tells real estate promoters

The Kerala Real Estate Regulatory Authority (K-RERA) has imposed a penalty of around ₹1 crore on real estate promoters for not registering their projects with the authority.

Registration with K-RERA is mandatory as per rules, and non-compliance could invite fine up to 10% of the project cost.

“The public should visit before buying a property to confirm whether it is registered under the authority. Real estate agents who are dealing with projects should also register with the authority,” K-RERA chairman P.H. Kurian said here on Saturday.

Maintaining that the sale of land above 12 cents in plots will also come under the purview of the authority, Mr. Kurian urged buyers of units in commercial real estate to approach the authority and verify whether the promoters had received all necessary clearances.

With the real estate sector in the State showing signs of revival in the post-pandemic scenario, Mr. Kurian said the authority had initiated steps to ensure that buyers received interest from promoters for the delay in delivering property in time.

However, projects that received occupancy certificates before May 1, 2017 will not come under the ambit of the authority.

Around 650 of the total 1,147 cases against lapses in real estate projects registered by buyers have been resolved, according to official estimates.