However, rural developers will have it easy as officials say online registration may be an issue
After the Maharashtra Real Estate Regulatory Authority (MahaRERA) announced a fine of Rs 1 lakh on applications from developers who register their project up to August 16, sources have confirmed that MahaRERA will be strict on developers approaching them for registration from Mumbai, Thane, Pune and metro cities, but won't be too harsh towards developers from rural Maharashtra.
The reason for this move, according to officials, is that developers in metro cities have easier access to the Internet, whereas the same cannot be said for developers from the state's hinterland.
On Thursday, the authority in a meeting decided that it will levy a fine of Rs 1 lakh or an amount equivalent to the registration fee, whichever is higher. "The decision will be on an individual basis, there will be a fine for every developer registering late. But every application will be heard before the penalty can be decided," said the source.
According to the source, a proper hearing will be given to the applicant so that the builder can state the reasons for the delay. Dr Vijay Satbir Singh, member, MahaRERA when asked about the same said, "The meeting on August 10 was held to decide the penalty for applications that will be registered up to August 16. If we disclose the penalty and say that we won't be strict or lenient, then builders will wait further. Any decision taken will be by the chairman and the two members. Officially we have set the date for August 16."
The authority has the right to charge a penalty up to 10 per cent to developers for applying post the deadline. Dr Sanjay Chaturvedi, an expert on RERA said, "Let the authority decide the penalty depending on the case, but they should also see to it that there shouldn't be any discrimination."
Time is money
The authority has the right to charge a penalty up to 10 per cent to developers for applying post the deadline.
RERA will be strict on builders registering late from Mumbai, Thane, Pune and other metros.
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