The Maharashtra Real Estate Regulatory Authority (MahaRERA) has registered only two housing projects and 100 property brokers under the new law RERA, which came into effect on May 1.
Mumbai-based Mayfair Housing and Thane developer Raunak Group, who were the first builders to apply for registration last week, confirmed that their applications have been approved. These are probably the first ones to be registered under RERA in the country.
“We received registration certificate of our project under RERA,” said Raunak Group head Rajan Bandelkar. Nayan Shah of Mayfair also confirmed that his project in Titwala received a registration number this week.
Gautam Chatterjee, holding interim charge as state regulatory real estate authority, said a third developer has applied for registration: Balsam Builders from Raigad for an ongoing studio apartments project in Karjat.
Interestingly, over the past two weeks since the new law came into force, no other builder has come forward to register his project. Chatterjee said he expects them to start applying by next week. Most of them are extra-cautious after Chatterjee warned that they would be taken to task if they are caught uploading wrong or misleading information about their projects.
Meanwhile, experts said that developers can advertise and sell their ongoing projects , till registration with the RERA authorities, during the interim period of 90 days, starting from May 1. But every builder has to register within these 90 days. RERA officials said advertisements issued after May 1 must carry the MahaRERA registration number of the project.
The state RERA rule says that if any promoter fails to register “he shall be liable to a penalty which may extend up to 10% of the estimated cost of the real estate project.”