As per the new law, registering the housing project and displaying it on the website of the Housing Regulatory Authority becomes mandatory for the promoter.
The promoter will have to pay fees not exceeding Rs 50,000 along with the application for registration.
However, registration and displaying of the project will not be required, if the area of land proposed to be developed into a project does not exceed 250 sq meter and the total number of flats proposed to be developed into a project inclusive of all phases is less than five.
No promoter shall start sale of prescribed percentage of flats, the area of which shall not exceed ten per cent of the total area of each building in every new project, which will be referred to as 'retained flats', till occupation certificate from the local authority in respect of that building is obtained by the promoter.
The details of such flats shall be displayed on the website of the Authority, before the start of any transaction, including marketing. The promoter shall be entitled to sell retained flats in each of the building only after the receipt of the occupation certificate or building completion certificate from the local authority for that building.
It will be the responsibility of the promoter to enter the record or details on the website of the housing regulatory authority. No order of cancellation of registration of the project shall be issued by the housing regulatory authority unless reasonable opportunity of being heard is given to the promoter.(More)
