In a recent move to enforce compliance with the Real Estate (Regulation and Development) Act, 2016, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken strict actions against Developers who published advertisements without proper registration numbers. The regulatory body has levied a substantial fine of Rs 18.30 lakh on 90 developers across the state, including 34 from Pune, 52 from Mumbai, and four from Nagpur.
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Violation of RERA Guidelines
Under the provisions of RERA, developers are required to adhere to certain guidelines while advertising their real estate projects. One of the key requirements is to prominently display the registration number in the advertisements. This ensures transparency and enables potential homebuyers to make informed decisions when considering investing in a particular project. Unfortunately, some developers neglected this vital requirement, leading to the issuance of notices by MahaRERA for violation of the Act.
Fines and Penalties
As a consequence of their non-compliance, these 90 builders have been penalized with fines. The regulatory authority has already collected Rs 11.85 lakh from some of the developers, and the remaining have been instructed to settle their fines promptly. Failure to pay the penalty within the specified time period incurs an additional charge of Rs 1,000 per day until the fine is cleared. Furthermore, developers who fail to comply with the fine will be restricted from availing MahaRERA services.
Hearing Process and Regional Offices
MahaRERA is committed to conducting a fair and thorough hearing process for the developers involved. The hearings are being held not only at the Mumbai head office but also at the Pune and Nagpur regional offices to ensure comprehensive coverage and accessibility for all parties concerned.
Importance of RERA Registration
RERA mandates that any real estate project exceeding 500 sqm or consisting of more than eight flats must be registered with MahaRERA. Without the valid MahaRERA registration number, developers are prohibited from advertising or accepting bookings for such projects. This measure is put in place to safeguard the interests of consumers and create a transparent real estate market.
Consumer Advocacy
Various consumer groups have actively advocated for greater transparency and stricter enforcement of RERA guidelines. They have demanded that the list of developers found to be in violation of RERA rules should be publicly available on the MahaRERA website. This transparency initiative aims to empower potential buyers with critical information and promote accountability among developers.
Conclusion
Adherence to RERA regulations is crucial for fostering trust between developers and homebuyers and creating a thriving real estate market in Maharashtra. Homebuyers are encouraged to check for valid MahaRERA registration numbers before making any investment decisions, and developers must prioritize compliance with the Act to avoid penalties and maintain a positive reputation in the industry.
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