Real Estate Regulatory Authority-Karnataka (K-RERA) has decided to levy delay filing fees on developers who fail to provide quarterly updates and annual audit reports on the website of the Authority.
According to a recent circular by K-RERA, promoters who do not upload quarterly updates which is “15 days from the end of the quarter” will be levied a fine of ₹10,000 up to one month from the due date. For delay above one month, an amount of ₹20,000 per month of delay would be levied.
“The delay fees shall be effective commencing from the date of this circular and the promoters shall remit the fees through RERA E-Payment at the time filing of the Quarterly Updates as enabled by the authority on the website,” the circular dated 3 September read.
This move comes after the Authority observed that many promoters failed to post quarterly updates and annual audit on the website of the Authority within the prescribed time in accordance with Rule 15 (D) and section 4 (2)(1)(D).
