The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a stern warning to developers in the state, urging them to strictly comply with registration requirements under the Real Estate Regulation and Development Act (RERA), 2016. The regulatory body emphasized its commitment to taking stringent action against any project owners found to be negligent in registering their projects under RERA.
MahaRERA's directive comes amidst concerns raised by homebuyers regarding delays and non-registration of various real estate projects in the state. The regulatory body has asserted that the timely registration of projects is crucial for ensuring transparency and accountability in the real estate sector. It protects homebuyers' interests by bringing developers under the ambit of RERA, establishing a grievance redressal mechanism, and ensuring the flow of information about projects.
According to MahaRERA, the registration process serves as a safeguard for homebuyers as it necessitates developers to disclose crucial project details, including project plans, approvals, carpet areas, and stage-wise completion schedules. This transparency empowers homebuyers to make informed decisions and mitigates the risk of fraudulent practices.
MahaRERA has outlined the potential consequences for developers who fail to comply with registration mandates. These include a potential one-year imprisonment sentence, a monetary penalty of up to 10% of the project's estimated cost, and a halt in construction activities until registration is completed. The regulatory body has urged homebuyers to remain vigilant and verify the registration status of their projects on the MahaRERA website before entering into any agreements with developers.
In its statement, MahaRERA has reiterated its commitment to fostering a fair and regulated real estate environment in Maharashtra. The regulatory body has assured homebuyers of its dedication to protecting their rights and interests and has urged them to report any instances of non-compliance to MahaRERA for swift action.