The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken suo moto cognizance of 14 projects that do not have or have not displayed MahaRERA registration numbers in promotional advertisements in newspapers and has sent them show cause notices.
The authority has sought replies from the project developers within 7 days. A notification from the state real estate regulator said that the project developers have to give suitable replies within the prescribed time period or face penal action.
Due diligience
A spokesman for MahaRERA said that its due diligence had revealed that the 14 projects have not been registered with RERA. Among these are five developers from near Mumbai, three each from Pune, Nagpur, two from Nashik, and one from Aurangabad. The names of the developers were not disclosed.
MahaRERA has held real estate developers accountable by making it mandatory to register their projects and taking action against them for flouting this. It has made it clear that without quoting the MahaRERA registration number, no developer can advertise or market their projects.
Spreading awareness
Under the Immovable Property Act, any project of more than 500 square meters or eight apartments requires to be registered with the state real estate authority. To spread awareness among customers, it has also been putting out advertisements and appealing to them to invest in projects that have a valid registration number.
Developers also must give a proper schedule for the completion of their projects and adhere to the timelines. In addition, they also have to update the project status every three months, so that home buyers can see the progress of the work.
MahaRERA also has a model purchase agreement that the home buyer can use while entering into a contract with the developer. Any changes made to it by the developer require the buyer’s consent.