ALSO READNow that RERA is a reality, should you buy an under-construction property? Real estate buyers set to become king as RERA comes into force today RERA to roll out from today: No new housing project without registration Buying a home? Does it really help to wait till May 1 for Rera? RERA: How a realty regulator will ease the burden on innocent home buyers
Penalties on account of delays under the new real estate rules are applicable to ongoing as well as new projects, a homebuyer body claimed on Sunday.
Fight for RERA, the homebuyer forum, made the claims amid reports that the Real Estate (Regulation and Development) Act, 2016, does not penalise project completion delays before the Act came into force.
The RERA came into effect from May 1.
The body said "it is pertinent to clarify that the Real Estate Act 2016, does not differentiate with regard to an ongoing project or a future project, whether it is relating to disclosures, violations, penalty, interest or compensation".
In a statement, it said the Act implies that all the penal provisions apply as much to an ongoing project as to a new one.
According to Fight for RERA, it is mandatory for all projects, from the date of commencement of the Act, to first register with the regulatory authority and only then, promoters can book, sell, advertise or market these real estate projects.