In India, the payment of penalties to the State Regulatory Authority (SRA) is typically governed by specific guidelines and circulars issued by the respective state governments or regulatory bodies. While I do not have access to the most recent General Resolutions (GR) or circulars, I can guide you on how to obtain this information.
1. **Official Websites**: It is advisable to visit the official website of the SRA in your state, as they often publish circulars and notifications regarding penalties and compliance procedures.
2. **RTI Act**: If the information is not readily available online, you may consider filing a Right to Information (RTI) request with the concerned authority to obtain specific details about penalties and related guidelines.
3. **Legal Consultation**: Consulting with a legal expert who specializes in regulatory compliance can also provide clarity on any specific GR or circular that pertains to your situation.
4. **Industry Associations**: Engaging with industry associations or forums can also be beneficial, as they may have access to shared resources and updates regarding regulatory changes.
It is important to ensure compliance with all relevant regulations and guidelines when addressing penalties to avoid further complications.
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Madam, can you share any GR or circular regarding paying the penalty to SRA ?Plz guide
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If you sell an SRA property before the 10-year lock-in period, you will be liable to pay a penalty. The penalty amount is equivalent to the stamp duty or Rs 1 lakh, whichever is higher. According to the housing department records, 13,000 SRA flat owners in Mumbai flouted the lock-in period and resold their property between 2011 and 2017. Irrespective of the new decision to halve the lock-in period, these owners will have to pay the state government 10 percent of the current ready reckoner rate as penalty.
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What will happen if we sell SRA property before 10 years lock-in period?
saiyam_1766
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2023-12-06T11:09:08+00:00 2023-12-06T12:42:02+00:00Comment
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