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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has imposed fines totalling INR 18.30 lakh on 90 property developers across the state for not adhering to advertising regulations, particularly the omission of registration numbers in their promotions. The violation has been found rampant among 34 builders from Pune, 52 from Mumbai, and four from Nagpur.
These developers were part of a larger group of 197 issued notices for breaching the Real Estate (Regulation and Development) Act, 2016. The remaining parties are currently under adjudication, according to a senior MahaRERA official.
Regulatory stipulations mandate that any advertisement by property developers must clearly feature the MahaRERA registration number. This essential information empowers prospective buyers to make well-informed decisions. However, officials have found that some advertisements either do not specify the registration number distinctly or use inadequate font sizes.
The Authority has recovered INR 11.85 lakh from these developers so far, and has urged the rest to clear their dues promptly. The hearings are conducted not just at the Mumbai headquarters but also in Pune and Nagpur offices to expedite the process.
Previously, MahaRERA had set a timeline of 15 days for payment of penalties. Failing to comply within this period would attract an additional fine of INR 1,000 per day until the full penalty is paid. Moreover, developers will be barred from using MahaRERA services until the fines are cleared. Depending on the extent of the violation, which includes the size of the advertisement in print or social media, the fines range from INR 10,000 to INR 1.5 lakh.
In conclusion, the Maharashtra Real Estate Regulatory Authority's stringent action against developers flouting RERA rules marks a significant step towards transparency and accountability in the real estate sector. These efforts are set to enhance consumer confidence and ensure adherence to regulations that protect their interests.
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