The newly created Jammu and Kashmir Real Estate Regulatory Authority (JKRERA) has imposed a penalty of Rs 10 lakh on a group of Real Estate developers for failing to register their ongoing housing project located at Sang Talab, Raipur Domana in the Jammu region, reports appearing in the media said.
The penalty, announced on Monday, was levied for a violation of Section 3(1) of the Real Estate (Regulation and Development) Act, 2016, which mandates registration of all real estate projects with the appropriate authority before any sale or advertisement can take place. A spokesperson for the Authority said that JKRERA took suo motu cognisance of the unregistered project and initiated legal proceedings under the relevant provisions of the Act. Following a detailed inquiry, it was established that the developers had neither applied for registration nor claimed any exemption or provided reasons for the lapse.
“It was an ongoing project and the promoter should have applied for the RERA registration well on time to avoid penalties,” said Satish Chandra, Chairperson of JKRERA. “Registering with RERA is mandatory for all ongoing real estate projects where completion certificates have not been issued.”
Chandra further clarified that the imposition of a penalty does not absolve the developers of their legal obligation to register the project. “Continued non-compliance with Section 3 of the Act will attract harsher penalties,” he warned.
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