Time Frame of property Registeration?

I have recently purchased a flat in bangalore. There has been some delay from my side in registering the property. I was reading somewhere on internet that I could be penalized for delaying the registration.
Can someone please confirm if there is a time frame within which I need to register the flat (in Bangalore) to avoid a penalty? If yes then whats the timeframe and approx penalty?

What is the utility of Rent Control Act in today’s time when every thing is available in open market.?

Rent Control act was probabely brought into force long back when people did not have enough to reside. Why should a tenant have a legal protection as Rent Control Act in current times when inflations are so high and there is no law to protect the elderly whose only source of income is rent. Even today tenants are using rented properties at less than one hundreth of the current prevailing rent and are protected by law??