Mumbai: RERA earns Rs 90-cr through registrations in three months

At a time when the state government is looking at various sources to raise revenue, its newest entity the Real Estate Regulatory Authority (RERA) is doing just this

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At a time when the state government is looking at various sources to raise revenue, its newest entity is doing just this. The Real Estate Regulatory Authority (RERA) has earned around Rs 90-crore through registrations in the past three months. And now, the defaulters who came forward to register with RERA in the past two days (August 1 and 2), soon after the deadline ended, will have to dish out a penalty of Rs 50,000, apart from regular registration fees. 

Also read - Mumbai: Developers don't want to pay heavy RERA penalty for delay

There are around 500-odd projects that builders have come forward to register after the deadline, said RERA officials.

Also read - Mumbai: RERA registration deadline ends

mid-day had reported on Wednesday how developers demanded leniency regarding the penalty, and that total number of projects registered with RERA till July 31 was 11,120.

Also read: Only 10% projects have signed up with RERA

Vasant Prabhu, Secretary of RERA, said, "R50,000 penalty is only for the registration requests that have come from August 1 to August 2. If someone comes in from today, then we will decide the penalty after another review meeting."

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