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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken action against several realty developers who have advertised housing projects without a registration number from the regulator. It issued show-cause notices to 14 projects after taking note of advertisements published by these developers without a registration number.
The regulator has asked all these projects to present their case within 7 days from the date of notice, and the errors are expected to be rectified within the prescribed period. Penal action will be taken against the developers who fail to respond appropriately. The advertisers without registration numbers include 5 developers from areas near Mumbai, 3 each from Pune, Nagpur area, 2 from Nashik, and 1 from Aurangabad.
According to the Real Estate (Regulation and Development) Act, 2016, any project with more than 500 sq meters or 8 flats is required to be registered with MahaRERA. It is necessary for home buyers to take note of this to ensure that their investment remains safe and protected. Therefore, the regulator has appealed to homebuyers and similar investors in the real estate sector to avoid investing in projects without MahaRERA registration number.
The project registration with the regulator ensures that the developers have complied and fulfilled several conditions under the RERA Act for the benefit of the homebuyer. In this, the money received due to the investment in that project can be withdrawn only after certifying the work of the project by keeping the money in a separate account. Moreover, the developer is required to update the project status on MahaRERA's website every three months.
The government's implementation of the Real Estate (Regulation and Development) Act, 2016, has brought transparency and accountability in the real estate sector, which was earlier notorious for its opaqueness and lack of accountability. It has empowered the homebuyers and ensured that their investment remains safe and protected. The state-wise regulators, such as MahaRERA, are playing a crucial role in the proper regulation of this sector and ensuring that the developers comply with the rules and regulations.
The action taken by MahaRERA against developers who advertise housing projects without a registration number is a step in the right direction and will go a long way in protecting the interests of homebuyers. The homebuyers must take note of this and avoid investing in projects that do not have a MahaRERA registration number.
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