K-RERA Penalty on Builders for Failure to Submit Updates

In a new measure that will ensure compliance of rules by real estate developers, the Karnataka Real Estate Regulatory Authority (K-RERA) has decided to levy penalty on builders for failure to submit quarterly and annual updates. In a new measure that will ensure compliance of rules by real estate developers, the Karnataka Real Estate Regulatory Authority (K-RERA) has decided to levy penalty on builders for failure to submit quarterly and annual updates. The Section 11 of the Real Estate (Regulation and Development) Act, 2016 and Rule 15(D) of Karnataka Real Estate (Regulation and Development) Rules, 2017 mandates the promoter to perform certain functions including submission of quarterly updates on the RERA website. In a circular issued on September 3, the K-RERA said any builder who fails to upload quarterly updates will be levied a penalty of up to Rs 10,000 up to one month of delay and Rs 20,000 per month beyond that. The delay fees shall be effective from the date of the circular and the promoters shall remit the fees through RERA E-Payment at the time of filing of the quarterly updates as enabled by the Authority on its website. The K-RERA has enabled the facility on its website for online filing of quarterly updates and annual audit for the registered projects.