- Getting an Ongoing project registered under RERA is mandatory.
- An ongoing project is defined as one which has not received OC/CC from the local authority.
- Penalties for not registering an ongoing project is equivalent to 3 years of prison for the promoter or 10% of the project value.
- A new project unless it is registered under RERA cannot be advertised (marketed/sold).
- RERA adds credibility to the Promoter’s Project, it is a stamp of approval from the authority.
- RERA also allows builders to plan ahead of time and manage project finances with strong discipline and a clear outlook.
- RERA registration for Agents is mandatory before one sets out to sell any unit in a RERA registered project.
- RERA adds credibility to the Agent as it is a stamp of approval from the authority.
- Any agent without RERA registration if found guilty of selling any unit can be penalized 5% of the unit value in question.