While the fine amount for projects registered on August 1-2 started with Rs 50,000, the amount was increased to Rs 1,00,000 for projects registered between August 3 and August 31 and was further increased to Rs 2 lakh for projects registered between September 1 and September 30.
SINCE the first deadline of July 31, the Maharashtra Real Estate Regulatory Authority (RERA) has imposed penalties on projects registered after the last date. The amount has been periodically increased and currently stands at Rs 2 lakh or double the registration fee, whichever is higher. RERA members said the amount collected as fine would initially be used for setting up permanent infrastructure for the body and for other awareness activities at a later stage.
As per the Real Estate (Regulation and Development) Act, said RERA member Vijay Satbir Singh, the fines collected would be put to use. “This office is a temporary one and we will look for a building to set up the permanent office. We are working in consultation with the state government and we are setting up offices in Pune and Nagpur,” said Singh. He added that RERA would either buy or rent out properties depending on the more cost effective option. It currently works out of the Slum Rehabilitation Authority (SRA) building in Bandra (East).
After the infrastructural expenditures, the remaining funds will be used on conducting training courses. “We are planning to conduct courses with the stakeholders, government officials and consumers as well. We will also host workshops and conferences to spread awareness about the act which can help consumers in the long run,” said Singh. While the fine amount for projects registered on August 1-2 started with Rs 50,000, the amount was increased to Rs 1,00,000 for projects registered between August 3 and August 31 and was further increased to Rs 2 lakh for projects registered between September 1 and September 30. Till the July 31 deadline, RERA received 10,852 applications for registration. Between September 1 and September 8, 54 applications were received, which alone would generate a minimum of Rs 1.08 crore, officials said.
As on September 12, the Maharashtra Real Estate Regulatory Authority had received 148 complaints from consumers on registered projects, of which 41 have been scheduled for a hearing. While the deadline has been extended till September 30, as many as 13,302 projects had been registered as on September 12.
Source from: http://indianexpress.com/article/cities/mumbai/rera-to-use-fine-collection-to-set-up-infrastructure/