Pune: Maharera Fines Builders For Advertising Unregistered Housing Projects
Mumbai, 20th April 2023: The Maharashtra Real Estate Regulatory Authority (Maharera) has imposed fines on 12 builders for advertising their housing projects without the Maharera registration number. The total fine amounts to Rs 5.85 lakhs and includes developers from Mumbai, Pune, Aurangabad, and Nashik.
According to the Immovable Property Act, all projects that cover an area of more than 500 square meters or have eight or more flats must be registered with Maharera. Any advertising or sale of such projects without the Maharera registration number is prohibited. However, some developers were found to be flouting this rule, which led to Maharera taking punitive action against them.
Maharera has already sent show cause notices to 54 such projects in the state, and 15 of them were heard in the first phase. After the hearing, Maharera fined 11 developers for not displaying the registration number in their advertisements, one developer was fined Rs 1.5 lakhs, and three developers were fined Rs. 25,000 each. One developer was also fined Rs. 10,000 for displaying the registration number in fine print.
The developers have been given 15 days to pay the fines, and if they fail to do so, they will be charged an additional Rs. 1,000 per day as a late fee. Moreover, they will not be able to avail the services of Maharera until they pay the penalty. Three of these developers have requested a change in the hearing date, and their requests have been accepted. The hearings for the remaining developers will take place soon.
Maharera has also announced that it will monitor social media platforms for any advertisements of unregistered projects. Any developer found violating the rules will be penalized. This step has been taken to ensure that homebuyers and investors in the real estate sector are safe and that they invest only in Maharera-registered projects.
Maharera was established by the government to regulate the real estate sector and protect the interests of homebuyers and investors. The government has implemented the Real Estate Act to ensure transparency in the sector. Maharera takes care of several aspects on behalf of homebuyers and investors, but it is also the responsibility of the consumers to invest only in Maharera-registered projects.
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