Chandigarh: The Real Estate Regulation Authority (RERA) has floated a strict warning against any new unregistered new construction to establish transparency and accountability of the developers and their projects. This is done under the Real Estate Regulation and Development Act, 2016. The restriction applies to all those projects of apartments with eight-storey or a building with land over 500 square metres. There is mercy either for commercial centres or residential and hence, has to be registered.
The basic phenomenon behind the notice is creating a protective shield for the home purchasers against any futuristic uncertainties. As per Anand Kumar, Chairman of Chandigarh RERA, “the developers who have constructed retail shops, units on a plot, more than eight apartments, and chambers of commerce have to register the property under the Regulatory Authority. This does not counter the fact of the plot or building’s size.” He also added that” promoters craving a plot more than the size of 500 square metres are also mandated to register under RERA.
After the latest announcement of the Chandigarh RERA update, if the promoters still underestimate the seriousness of constructing unregistered real estate development projects, they will be penalised at 10% of the project budget. Therefore, any such acknowledgement of violation of real estate discipline will fall under Section 59 Act. For in-depth information, Chandigarh RERA flats, with disobedience of the law, will initiate the action for constructing agricultural land in Union Territories. As per the authorities, a notice will be released for all the developers regarding RERA registration news soon to create complete awareness and quick processing from their sides before it’s too late.
see also – Chandigarh: Actions Against Building Violations Rule to Protect Buyers’ Interest
As aforementioned, the Chandigarh RERA update is considering private and public sector developers who deal in properties to the commoners. As the Chandigarh Housing Board (CHB) is the only functional body to operate and monitor such instances, it will help in the investigation by providing valid information.
After the Chandigarh RERA news spread throughout the city, the Chandigarh Housing Board is determined to grant 38acres of 8 plots to private sector developers on freehold at the IT Park site. In this regard, they have 5 acres of land for the auction for residential purposes.
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What is Real Estate Act 2016 All About?
Under Act 2016, all the buildings with eight floors or plots with 500 sq. meters must be registered with Chandigarh RERA flats and lands. This dismisses any corruption or unethical construction in UT and in the eyes of the government regulatory bodies. It is applied for commercial and personal-used construction and needs to be fulfilled, or it will be a legal offence.
