Even after repeated reminders to get themselves registered with Punjab Real Estate Regulatory Authority(P-RERA), less than half of the total builders and real estate agents have turned up in past six months.
Sources said nearly 900 registrations have been done by the authority including 390 registrations made by the builders of small and big projects. Though there has not been a registered data as how many builders are operating in the state but it is estimated that the number could be close to 2,000.

“We are in continues process for the registration under RERA. There is no mechanism to ascertain the total number of builders or agents presently. We are estimating that there must be around 2,000 builders in the state. We are issuing notices to those who fails to get the registrations with RERA”, said a senior official with RERA requesting anonymity.

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A RERA consultant Vipul Monga told The Statesman that provisions under the new law makes it mandatory for the builders to get them registered under the new law unless they have to face the heat. He said, RERA recommends imprisonment or fine which may extend up to 10 per cent of the estimated cost of the real estate project, or both, in case of non-compliance with the Act.

“In case of any structural defects arising within five years of handing over the possession of project to buyers, developers will be liable to rectify such defects without further charge”, he said. Another RERA consultant, Rajat Sharma said RERA is a good sign for prospective homebuyers. “In a bid to protect the interest of homebuyers, the Real Estate (Regulation and Development) Act, 2016 or RERA has proposed heavy penalties on builders who will henceforth either delay their projects or will not comply with RERA norms”, he said.

RERA guidelines mentioned that in case of not adhering to the rules,the builder stands not only to lose the registration of the project too but may also be punishable by imprisonment for a term which may extend up to three years or with fine which may extend up to a further ten per cent of the estimated cost of the real estate project, orboth.

Some states have, however, compounded the offence to avoid imprisonment of the developers.RERA a central act, which aims at bringing transparency in the realty sector defining the rights and obligations of the buyers and developers came into effect across the country in May, 2017. However, the Punjab government had notified the rules for the new act only on 8 June, 2017.