Finally, the Real Estate regulation and Development Authority of Punjab has woken up to the plights of homebuyers. The authority became functional in August last year but due to the lack of infrastructure and information there were tremendous delays in getting the projects registered with the RERA authority.
Armed with full knowledge the Punjab RERA authority has issued ultimatum to 190 odd builders. Under the RERA act authority is empowered to impose cost equivalent to 10 % of the project cost and further non-compliance can attract imprisonment and a further cost of 10%. Almost 191 notices remain unanswered and such attitude of the builders is not welcomed as stated by the authority.
Though there are more than 1,500 realty projects running in the state, only 584 have been registered. However, 80 project registration applications are pending, sources have claimed.