Answer By law4u team
Non-compliance with the Real Estate (Regulation and Development) Act (RERA) can result in penalties for the promoter of the real estate project. The penalties for non-compliance with RERA include: Penalty for non-registration: If a promoter fails to register the project with the respective state RERA authority, he/she may be liable to pay a penalty of up to 10% of the project cost. Penalty for providing false information: If a promoter provides false information in the project registration application, he/she may be liable to pay a penalty of up to 5% of the project cost. Penalty for delay in project completion: If the promoter fails to complete the project within the stipulated timeline, he/she may be liable to pay a penalty of up to 10% of the project cost. Penalty for other violations: The RERA authority may impose penalties for other violations, such as failure to obtain necessary approvals or changes to the project plan without prior approval. In addition to the above penalties, non-compliance with RERA can also lead to imprisonment for up to three years for the promoter. It is important for promoters to comply with the provisions of RERA to avoid penalties and ensure transparency and accountability in real estate transactions.
