હવે બિલ્ડર્સને પ્રોજેકટ કમ્પલિશનમાં બેદરકારી મોંઘી પડી શકે! અરજીમાં વિલંબ થશે તો રૈરા લેટ સબમિશન ફી વસુલશે

Now negligence in project completion can cost builders dearly!

Late submission fee will be levied by RAIRA if extension and alteration application of iEstate project registration is delayed.

The real estate sector is still reeling from the current uncertainty in the market conditions as well as inflationary challenges. A surprise consumer interest decision by RERA, then, is a wake-up call for builders and promoters across Gujarat, and suggests that compliance with applications must now be done within the stipulated time frame, otherwise delays in project completion could prove costly.

Registration of every real estate project in Gujrera is mandatory, and after registration, an application for amendments to the project has to be made within the stipulated time frame. In many cases, the application for extension and alteration of estate project registration was delayed, creating a feeling of injustice among consumers. Therefore, the law has been amended regarding the delay of applications presented at Gujrera for extension and alteration of project registration by the authority.

As per this new law now if there is delay by the builders or promoters in making such extension and alteration application then late submission fee will have to be paid as per different norms as per the project cost for the delay beyond the stipulated period. This decision appears to have been taken to sensitize the project allottees i.e., the builders to ensure project completion in the interest of the customers.

- It is worth mentioning here that there are more affordable housing projects worth up to 50 crores in Saurashtra including Rajkot, which builders and promoters have to wake up now, apply within the stipulated time frame to avoid having to pay a late fee of up to 30 thousand rupees for any such negligence.

A late fee ranging from Rs.5,000 to Rs.75,000 has been fixed for extension and alteration of project registration, divided into three categories, up to and including project cost of Rs.100 crore and above Rs.100 crore.