Bihar’s Real Estate Regulatory Authority [RERA] again extended the deadline for getting all realty projects registration under the Act. Earlier, the date of registration for the developers in the state was July 31, 2018, however, the state authority also reminded the developers to get the project details updates with them by August 10.
But with few developers registration, the Bihar RERA authority decided to extend the registration process till October 31 although those registering now will have to deposit the registration fee along with the fee.
According to the source, the developers are required to get their residential projects of an area covering 1000 Sq.mtrs. registered under RERA with inclusion of Rs 4 lakh or 4 times the registration amount, whichever is greater.
This is also the 7th deadline extension given to the realtors under Section 59(1) of the Real Estate (Regulation and Development) Act 2016. Apart from the late fee on residential structures, the same is applicable on mixed and commercial projects although in this case the realtor has to pay Rs 5 lakh or 5 times the registration fees, whichever is greater.
This decision was taken in view of the State Government’s notification that states amending of the Registration Act 1908 which makes registration of property mandatory in Bihar in order to carry out the transfer of property along with accurate and complete documents. Also, the developers of all including residential, commercial and mix-land projects are required to register themselves with the RERA authority under Section 3 of the RERA Act, 2016 to complete sale, purchase and booking of an apartment, plot or a building.
One of the RERA Bihar members said that any property purchased from an unregistered realtor will be the owner’s risk as he/she can’t mortgage or sell the same property. He also said that any property covering more than 500 sq. mtr. of an area or having more than eight apartments is required to get registered under the RERA Act.