The Bihar Real Estate Regulatory Authority on September 10, 2024, issued an SOP for the revocation of a project on the Request of the Promoter under Section 7(1)(a) Real Estate (Regulation and Development) Act, 2016.
The following has been stated namely: -
• It provides preconditions for project cancellation which include a clean RERA account statement, a certificate from a Chartered Accountant, evidence of cancellation of the Development Agreement, and, if applicable, additional documents like the cancellation of project maps and various NOCs, along with evidence of penalty payments.
• It states that promoters shall pay an additional administrative charge based on the project's registration duration: Rs. 1.5 lakh if within one year, Rs. 3 lakh if between one and two years, and Rs. 6 lakh if after two years.
• It states that applications shall be processed within 30 days of submission, with a requirement for applicants to address any deficiencies within 15 days of notification to ensure timely approval.
[Office Order no. – 129]
