By Rohit Sharma
The MahaRERA recently released a list of penalised projects in which the fine varied from Rs 50,000 to Rs 10 Lakh. The Real Estate Regulatory Authority Act, 2016 directs the promoter and real agents to register with the authority and it also makes sure that homebuyer is aware of details of the projects.
According to the list revealed by the authority, the projects which were fined are now registered with the regulator. The list includes three projects which are with the maximum amount of the penalty of Rs10 lakh, whereas over 1000 projects have been levied fine of Rs 1 lakh and over 409 projects are penalized for 50,000 and rest for 1-9 lakh.
The authority has the power to penalise the developer up to 10% of the estimated cost of the real estate project.
As per the RERA Act, 2016, “If any promoter fails to register as per Act, he shall be liable to a penalty which may extend up to ten percent of the estimated cost of the real estate project. On continued violation, he shall be punishable with imprisonment for a term which may extend up to three years or with fine which may extend up to a further ten percent of the estimated cost of the real estate project, or with both. Apart from Registration, the promoters shall be required to provide quarterly updates on the status of the project to the authority.”
Recently, MahaRERA has also appointed two Adjudicating Officer on the panel.
The government enacted the Real Estate (Regulation and Development) Act 2016 and all the sections of the Act have come into force with effect from May 1, 2017. Under this Act, Government of Maharashtra established Maharashtra Real Estate Regulatory Authority (MahaRERA).