Bihar Real Estate Regulatory Authority has amended key provisions under the Bihar RERA (General) Regulations, 2024 to rationalise and standardise additional and late charges related to project registration extensions. These amendments aim to bring uniformity, fairness, and clarity in financial disclosures and penalty structures.

Details of Changes

1. Change in Terminology and Fee Slabs under Regulation 10:
   The term “Application Charge” is replaced with “Additional Charge”. Revised slabs for additional charges based on the extension period are:
   • Up to 6 months: ₹2,00,000
   • More than 6 months but up to 12 months: ₹5,00,000
   • Beyond 12 months (in special cases): ₹10,00,000 (subject to Authority’s discretion for further levy on a case-to-case basis)
2. Revision of Late Charges under Regulation 11:
   • Within 3 months of lapse: ₹1,00,000
   • After 3 months but within 6 months: ₹2,50,000
   • Beyond 6 months: ₹5,00,000
3. Uniform Applicability to Pending Cases:
   The revised charges under Regulation 10 and 11 shall apply to all pending applications filed on or after August 01, 2024.
4. Amendment in Financial Disclosure Requirement (Regulation 13(a)):
   Promoters must show financial worth of at least 10% of the project’s estimated development cost. An affidavit detailing immovable properties and liabilities of both the promoter entity and its key persons (directors, partners, proprietor, etc.) is mandatory in the prescribed format.
5. Omission of Regulation 13(d):
   Sub-Regulation ‘d’ of Regulation 13 has been deleted.