Cracking Down on Unregistered Housing Projects: MahaRERA's Strong Stance
MahaRERA penalizes 628 housing projects for failing to display registration numbers and QR codes, ensuring transparency in the real estate sector.
MahareraReraReal EstateHousing ProjectsQr CodeHomebuyersReal Estate MaharashtraJul 08, 2024
This move highlights MahaRERA's commitment to protecting homebuyer interests and ensuring transparency in the real estate sector. A RERA registration number signifies that a project complies with regulations and provides crucial consumer safeguards. The QR code, introduced in August 2023, grants homebuyers easy access to vital project details with a simple scan.
A total penalty of INR 88.90 lakh was imposed on the 628 violating projects. Of this amount, INR 72.35 lakh has already been recovered. The Mumbai region saw the highest number of violations (312 projects) with penalties totaling INR 54.25 lakh. Pune followed with 250 projects penalized for INR 28.30 lakh and Nagpur with 66 projects facing penalties of INR 6.35 lakh.
To keep one's investment secured, MahaRERA appeals to homebuyers not to engage in transactions with housing projects without the mandatory RERA registration number. For effective implementation of guidelines and to identify violators, MahaRERA takes assistance from the Advertising Standards Council of India (ASCI).
MahaRERA Chairman Mr. Ajoy Mehta said that, 'Promoters of housing projects are not permitted to advertise their projects without a MahaRERA registration number. Starting August 1, 2023, it is also mandatory to display QR code with every advertisement. This enables homebuyers to access project-related important information.'
By taking a firm stance against unregistered projects, MahaRERA empowers homebuyers to make informed decisions and safeguard their investments in the real estate market.
Frequently Asked Questions
What is the purpose of the RERA registration number?
The RERA registration number signifies that a project complies with regulations and provides crucial consumer safeguards.
What is the QR code introduced by MahaRERA?
The QR code grants homebuyers easy access to vital project details with a simple scan.
How many projects were penalized by MahaRERA for violating RERA guidelines?
MahaRERA penalized 628 projects for failing to display their mandatory RERA registration number and QR code.
What is the penalty amount imposed on the violating projects?
A total penalty of INR 88.90 lakh was imposed on the 628 violating projects.
What is MahaRERA's advice to homebuyers?
MahaRERA appeals to homebuyers not to engage in transactions with housing projects without the mandatory RERA registration number.
Related News Articles
Unlocking Opportunities in the Real Estate Insurance Market: Trends, Insights, and Projections
Discover the latest trends, challenges, and opportunities in the real estate insurance market, featuring key players, regional analysis, and market segmentation.
Pune Real Estate Market Sees 50% Jump in Registered Transactions, Average Home Price Reaches Record High
The number of real estate transactions in Pune has increased significantly, with registered transactions surging by 50% in the April-June 2024 quarter.
Haryana and Jammu & Kashmir Assembly Election Dates Announced by EC; Results to be Declared on October 4
The Election Commission of India has announced the dates for the Haryana and Jammu & Kashmir assembly elections. The polls will be held in a single phase on October 21, and the results will be declared on October 4.
Century Textiles Acquires 10-Acre Land in Mumbai for ₹1100 Crore, Expects ₹14,000 Crore in Revenue
Century Textiles plans to develop the land through its real estate subsidiary Birla Estates, expecting ₹14,000 crore in revenue from the project.
Virgo Daily Horoscope for September 14, 2024: A Temporary Setback in Assets and Real Estate Deals
Be cautious with real estate deals today, as a temporary decline in assets may occur. However, this setback will be short-lived.
DLF Q2 Earnings Skyrocket: Net Profit Surges to ₹1381 Crore
DLF, India's leading real estate firm in terms of market capitalization, has reported a remarkable surge in its Q2 net profit, jumping over twofold to ₹1381 crore. The company, primarily engaged in the development and sale of residential and commercial pr