The Real Estate Regulatory Authority Madhya Pradesh on May 15, 2024, notified regarding the imposition of a late fee for delay in submitting quarterly returns.
In case the quarterly return of the project is not uploaded on the portal on time, it issues orders to impose a late fee provided in the Table.
The time limit for submitting quarterly returns of the project by the promoter will remain the same, no change has been made.
The powers to impose penalties under sections 61 and 63 of the Real Estate (Regulation and Development) Act, 2016 will be exercised as before.
Suppose any quarterly progress report or annual return is not uploaded on time. In that case, the facility to upload the said records on the portal will be available for the next 30 days only after applying and paying the prescribed late fee.
If the quarterly progress report of the project or the annual return of the real estate agent is not uploaded within 30 days, then after 30 days, the amount of Rs 2500/- per month for the quarterly progress report and if the annual return of the real estate agent is not uploaded, the personal fine will be charged. The category Rs 250/- and other category Rs 500/- per month late fee will be payable.
This order will be effective after April 01, 2024. The late fee arising as of March 31, 2024, will remain the same. After April 01, 2024, the late fee will be calculated as per this order.
Kindly find the Table attached to the document below.
[Notification No. 2024/I-G/M-13/F-13(2)/611]
