MahaRERA Cracks Down on 628 Real Estate Developers for Non-Compliance
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken suo motu action against 628 real estate developers for not displaying RERA registration numbers and QR codes in their advertisements.
MahareraReraReal EstateMaharashtraDevelopersReal Estate MaharashtraJul 08, 2024
Of the 628 projects, 312 are from the Mumbai Metropolitan Region, 250 from Pune, and 66 from the Nagpur region. MahaRERA, with the assistance of the Advertising Standards Council of India, has taken this action to ensure that real estate developers comply with the RERA guidelines.
Homebuyers are advised not to invest in projects that do not have a RERA registration number. According to the RERA Act, any project over 500 square meters or with more than eight apartments must be registered with MahaRERA. Without the registration number, no developer can publicize, market, or sell any property.
The MahaRERA chairman, Ajoy Mehta, emphasized that having a MahaRERA registration number is synonymous with a secure investment in real estate, as it instills trust among flat purchasers. MahaRERA is always on the lookout for violators and regularly initiates action against them.
The authority has also collaborated with the Advertising Standards Council of India to identify developers who advertise projects without registration numbers and QR codes. ASCI is a voluntary self-regulatory organization working in the advertising space.
In a similar case last year, the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) had imposed a penalty of ₹1 lakh each on five real estate developers for promoting and advertising their projects without RERA registration numbers.
Information
The Maharashtra Real Estate Regulatory Authority (MahaRERA) was established in 2017 to regulate the real estate sector in Maharashtra. The authority aims to ensure transparency, accountability, and fair practices in the sector.
The Advertising Standards Council of India (ASCI) is a voluntary self-regulatory organization that works towards promoting responsible advertising practices in India. ASCI collaborates with regulatory authorities to ensure that advertisers comply with guidelines and regulations.
Frequently Asked Questions
What is the penalty imposed on real estate developers for not displaying RERA registration numbers and QR codes?
The penalty imposed is ₹88.90 lakh.
How many projects are from the Mumbai Metropolitan Region?
312 projects are from the Mumbai Metropolitan Region.
What is the significance of having a MahaRERA registration number?
Having a MahaRERA registration number instills trust among flat purchasers and ensures a secure investment in real estate.
What is the purpose of displaying QR codes in real estate advertisements?
Displaying QR codes enables homebuyers to access project-related information.
What is the responsibility of MahaRERA?
MahaRERA is responsible for ensuring compliance with RERA guidelines and protecting the interests of homebuyers.
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