MahaRERA recovered Rs 22.20 lakh by imposing a fine of Rs 33 lakh, this includes 173 projects in Mumbai region, 162 in Pune region and 35 in Nagpur region.
MahaRERA has taken action against 370 projects in the state for printing advertisements of housing projects without MahaRERA registration number and QR code. A fine of around Rs 33 lakh has been imposed on these projects out of which Rs 22.2 lakh have been recovered.
It includes 173 projects in Mumbai area, 162 in Pune area and 35 in Nagpur area. For safe and protected investment, MahaRERA has urged not to invest in housing projects without having MahaRERA registration number.
This includes 89 projects printing advertisements without MahaRERA number and 84 projects printing advertisements without QR code, totaling 173 such projects in the Mumbai region comprising Mumbai, Mumbai suburbs, Thane and Konkan.
A fine of Rs 14.75 lakh has been imposed on those who did not print the MahaRERA registration number and Rs 5.6 lakh on those who do not have a QR code. Of these, Rs 11.75 lakh and Rs 2.1 lakh respectively have been recovered by MahaRERA.
Following Mumbai Metropolitan, action has been taken on 162 projects in Pune region which includes western Maharashtra and Khandesh region. A fine of Rs 6.3 lakh has been imposed on 101 projects for not printing the MahaRERA registration number. Out of this Rs 4.10 lakh have been recovered. A fine of Rs 3.25 lakh has been imposed on 61 projects for not printing QR code and Rs 1.25 lakh has been recovered. In the Nagpur area which includes Vidarbha, Marathwada, action has been taken against 35 projects and a fine of Rs 3 lakh has been imposed and the entire amount of the fine has been recovered.
In this advertisement, apart from newspaper advertisements, the amount of advertisements on social media such as Instagram, Facebook, website, YouTube is also significant. According to the Immovable Property Act, any project (including flats) of more than 500 square meters or 8 flats must be registered with the MahaRERA . And without MahaRERA registration number, no developer can do any kind of advertisement of the project, registration of houses in that project, sale.
Apart from this, MahaRERA has also made it mandatory for projects to print a QR code containing comprehensive details expected by consumers from August 1. However, MahaRERA observed that some developers are disregarding this rule and printing advertisements without MahaRERA registration number and QR code. It is taken seriously by MahaRERA and Suo Motu Show Cause Notices are issued to such projects.
In order to ensure that the home buyers and the investment in the real estate sector as a whole are safe and protected, the government has implemented the Real Estate Act and established the MahaRERA for proper regulation of this sector. MahaRERA takes care of many fundamentals on behalf of home buyers and other investors in the sector. But consumers should also be careful to invest only in MahaRERA registered projects, it has been appealed on behalf of MahaRERA.
Also Read: Commercial Real Estate Market in Mumbai
