After issuing notices to over 500 developers of residential projects for not complying with the new rules to file quarterly returns, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has imposed a total fine of Rs 18.3 lakh on 197 developers who have not printed in their advertisements the registration number allotted to their project.
The MahaRERA recently made it mandatory for all developers to publish the project registration number in every advertisement. The MahaRERA first issued show-cause notices and later conducted hearings for the 82 developers from Mumbai, 86 from Pune and 29 from Nagpur, wherein the fine was imposed.
In the investigation prior to sending notices, the authority found that the developers, despite having the MahaRERA project registration number, haven’t printed it on the advertisements on Facebook, online and similar social media platforms. In some cases, it was in such fine print that it could not be read.
According to the MahaRERA’s statement, of the total fine amount, the authority has recovered Rs 11.85 lakh from 52 developers in Mumbai, 34 in Pune and 4 in Nagpur. The hearing process for the remaining 107 developers is on.
QUICKER PROCESS
To expedite the process and clear the pending cases, the MahaRERA has now started conducting hearings in its regional offices in Pune and Nagpur. Earlier, the hearings were held only at the MahaRERA headquarters in Mumbai.
According to the Immovable Property Act, any project (including plots) of more than 500 square meters or eight flats must be registered with the MahaRERA. Without the MahaRERA registration number, no developer is allowed to advertise the project, or carry out the registration or sale of houses.
To ensure the safety of home buyers and investment in the real estate sector, the government has implemented the Real Estate Act and established the MahaRERA for proper regulation of this sector. The MahaRERA takes care of the fundamentals on behalf of the homebuyers and other investors.
The MahaRERA has also appealed to the consumers that they should be careful and invest only in registered projects.
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