MahaRERA Slaps Fines on 90 Developers Across Maharashtra for Advertisements without Registration Numbers
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has cracked down on developers who advertised their projects without proper registration numbers, resulting in fines totaling Rs 18.30 lakh for 90 developers in the state. Among the penalised developers, 34 were from Pune, 52 from Mumbai, and 4 from Nagpur. In total, 197 developers were issued notices for violating the Real Estate (Regulation and Development) Act, 2016. The fines were imposed on those who failed to clearly display the registration number in their advertisements, as required by RERA, which is crucial for informing potential homebuyers about the legality and authenticity of projects.
MahaRERA officials have already collected Rs 11.85 lakh from the fined developers, and the remaining amount is expected to be paid promptly. Initially, developers were given a 15-day grace period to pay the penalty. Failure to comply within this timeframe results in an additional penalty of Rs 1,000 per day until the fine is settled. Moreover, developers who do not pay the fine within the given time frame are restricted from availing any MahaRERA services. The fines levied varied between Rs 10,000 to Rs 1.5 lakh, depending on the size of the advertisement in newspapers and social media. It is crucial to adhere to RERA's registration requirements, as projects larger than 500 sqm or comprising more than eight flats must be registered with MahaRERA. Non-compliance with this regulation results in developers being barred from issuing advertisements or taking bookings for the project. To further promote transparency, consumer groups have called for the public disclosure of the final list of developers violating RERA rules on the MahaRERA website. The strict actions taken by MahaRERA serve as a strong deterrent to developers, ensuring greater accountability and transparency in the real estate sector across Maharashtra.
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