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Over 1,500 MahaRERA projects fined

While over 12,000 projects have been registered with MahaRERA, housing experts have said twice the number of aforementioned 1,716 fined projects are yet to be registered

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A list recently released by Maharashtra Real Estate Regulatory Authority (MahaRERA) has revealed that a total of 1,716 real estate projects have been penalised from 1 August, 2017 to February, 2018, with the amount ranging anywhere between Rs 50,000 to rupees ten lakh for delaying their project registration. The Real Estate (Regulation and Development) Act, 2016 mandates builders to register their projects with the housing authority, as a means to ensure that home buyers are aware of the details of the project.

While over 12,000 projects have been registered with MahaRERA, housing experts have said twice the number of aforementioned 1,716 fined projects are yet to be registered. Most of these unregistered projects are from the rural belts of the state. The list includes 410 projects that have paid a penalty of Rs 50,000 each while nearly more than 1,000 projects have paid a penalty of rupees one lakh each. Three projects were levied a penalty of rupees ten lakh each while the remainder have paid a fine between rupees two lakh to rupees ten lakh.

The last day for registration of ongoing projects was 31 July, 2017. During a project registration, a developer must disclose all details related to the project i.e. land details, ongoing cases so as to bring transparency for the home buyer in the dealings.

"The authority under the act has the right to penalise a developer with up to 10% of the project cost for delayed registration. It is the prerogative of the authority to decide the penalty. Double the number of the projects penalised are still unregistered, which will be around 3,500," said Ramesh Prabhu, housing expert and chairman of Maharashtra Societies and Welfare Association.

He further added, "The unregistered projects are from rural parts of the state, where still (sic) the seriousness of MahaRERA registration hasn't been understood. Also, to register with MahaRERA one needs to have all the documents in place. Someone carrying out an illegal development how will he register the project, so such projects aren't yet registered (sic)."

The figures are expected to rise in the coming days.

COUGHING UP

  • The list reveals that 410 projects have paid a penalty of Rs 50,000 each for delay in registration.
     
  • Nearly more than 1,000 projects have paid a penalty of one lakh each for the same. 
     
  • Remaining projects were levied a penalty ranging from two lakh rupees to above ten lakh. 
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