MahaRERA Cracks Down on Fraudulent Housing Projects in Maharashtra
MahaRERA takes suo motu action against 628 housing projects for violating advertising guidelines, imposing penalties of Rs 88.90 lakh.
MahareraReal EstateHousing ProjectsRera RegistrationQr CodeAdvertising GuidelinesReal Estate MaharashtraJul 08, 2024
The 628 projects in question have been penalized a total of Rs 88.90 lakh, with Rs 72.35 lakh already recovered. Of these, 312 projects are from the Mumbai region, 250 from the Pune region, and 66 from the Nagpur region.
MahaRERA has appealed to homebuyers to only engage in transactions with housing projects that have the mandatory RERA registration number. To aid in monitoring violators, MahaRERA has collaborated with the Advertising Standards Council of India (ASCI), which has helped identify violators in newspapers, websites, online video streaming channels, and social media.
As per the Real Estate (Regulation and Development) Act, it is mandatory for projects in Maharashtra exceeding 500 square meters or involving more than eight apartments to be registered with MahaRERA. From August 1, 2023, developers are also required to provide detailed project information, including the project's name, developer's name, and expected date of completion, among others.
MahaRERA Chairman Ajoy Mehta emphasized that promoters of housing projects are not permitted to advertise their projects without a MahaRERA registration number and QR code. He added that MahaRERA is committed to maintaining trust in the real estate sector and will continue to take punitive action against violators.
Information
MahaRERA is a regulatory authority established to ensure transparency and accountability in the real estate sector in Maharashtra. Its primary objective is to protect the interests of homebuyers and promote fair play among developers.
Advertising Standards Council of India (ASCI) is a self-regulatory voluntary organization that aims to promote responsible advertising in India.
Frequently Asked Questions
What is MahaRERA?
MahaRERA is the Maharashtra Real Estate Regulatory Authority, a regulatory body established to ensure transparency and accountability in the real estate sector in Maharashtra.
What is the purpose of RERA registration?
The purpose of RERA registration is to ensure that housing projects are transparent and accountable, and to protect the interests of homebuyers.
What is the penalty for not displaying RERA registration number and QR code?
The penalty for not displaying RERA registration number and QR code is Rs 88.90 lakh, with Rs 72.35 lakh already recovered.
How many projects have been penalized by MahaRERA?
MahaRERA has penalized 628 housing projects across the state for violating advertising guidelines.
What is the importance of MahaRERA registration for homebuyers?
MahaRERA registration is synonymous with secure investment in real estate, as it instills a sense of trust among flat purchasers.
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