All commercial and residential real estate projects must be registered, leaving the mentioned projects below
- The area which is proposed for development is not more than 500 square meters.
- The number of proposed tents to be developed is not more than 8. (A project with phase-building)
- Before the implementation of this law, the promoters have got the certificate of construction completion.
- Under this law whose renewal, repair or redevelopment, in which the marketing, marketing or sale of apartments, plots or buildings should not be allotted new
Without the registration of the Real Estate Regulatory Authority, no promoter will be able to invite their real estate project or advertisement of its part, the sale of the market, the registration of the beneficiary, the sale or sale of the beneficiary, or invite to buy a plot, tenement or building. In the ongoing projects, promoters who have not received the full certificate or occupation certificates according to the approved plan, must submit their real estate to the real estate regulator.
According to the law, if the promoter does not register the project, penal action will be taken against it, according to which the estimated cost of the project / penalty up to 10% of the cost can be levied. If the above promoter has violated the law, he will be punished with imprisonment of up to three years or more than 10% of the cost of the project, or both.
Without the registration of the project, the progress of the project and current status is conveyed to every quarterly authority.