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Maharira also appealed to consumers to be careful and to invest only in registered projects. (file for representation)
Of the total fine amount, the Maharashtra Real Estate Regulatory Authority (MahaRERA) 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 in progress
After issuing notices to more than 500 developers of residential projects for not complying with the new rules for filing quarterly returns, the Maharashtra Real Estate Regulatory Authority (MahaRERA) imposed a total fine of Rs 18.3 on 197 developers who failed to print their registration number assigned to their project.
MahaRERA recently required all developers to post the project’s registration number in every advertisement. MahaRERA first issued Show Notices and subsequently conducted hearings for the 82 developers from Mumbai, 86 from Pune and 29 from Nagpur, where the fine was imposed.
Read also | MahaRERA gives you the “real deal” with the state’s rating system for residential projects
In its investigation prior to sending the notifications, the Authority found that the developers, despite having the MahaRERA project registration number, had not printed it on advertisements on Facebook, online or on similar social media platforms. In some cases, it was written in a font too fine to read.
According to 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 in progress.
Quick process
To expedite the process and clear outstanding cases, Maharera has now started holding hearings at its regional offices in Pune and Nagpur. Earlier, the sessions were held only at the Maharira headquarters in Mumbai.
According to the Immovable Property Law, any project (including plots) of more than 500 square meters or eight flats must be registered with Mahara. Without the MahaRERA registration number, no developer is allowed to advertise the project or undertake the registration or sale of homes.
To ensure the safety of home buyers and investment in the real estate sector, the government has implemented the Real Estate Act and established Mahara for proper regulation of this sector. MahaRERA takes care of the fundamentals on behalf of homebuyers and other investors.
Maharira also appealed to consumers to be careful and to invest only in registered projects.
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