The Maharashtra Real Estate Regulatory Authority (MahaRERA) has slapped penalty of Rs 2 lakh to Rs 10 lakh on 8 builders in Mumbai for advertising real estate project without mentioning the authority’s website address and advertising a nonregistered project. MahaRERA has taken this action on Suo-Motu basis.
Of the 8 realty developers, builder Tridhatu Morya has been fined Rs 10 lakh for advertising a non-registered project. Rest of the 7 builders including Sumit Group, The Wadhwa Group, Ipsit project, Jyoti Builders, Parinee Building Properties, Haware Properties and Karrm Infrastructure have been fined Rs 2 lakh for advertising real estate project without mentioning the authority’s website address.
MahaRERA Chairperson Gautam Chatterjee, while levying the penalty, has warned the builders to ensure that such violation is not repeated in future.
According to section 11(2) of the Real Estate (Regulation and Development) Act, 2016, the advertisement or prospectus issued or published by the promoter is expected to mention the website address of the authority wherein all details of the registered project are entered and include the project’s MahaRERA registration number.
Section 3(1) of the Real Estate (Regulation and Development) Act, 2016 states that no builder is allowed to advertise, market, book, sell or offer for sale, or invite persons to purchase in any manner any plot, apartment or building, as the case may be, in any real estate project or part of it, in any planning area, without registering the project with the authority.
Source: Economic Times
As indicated by segment 11(2) of the Real Estate (Regulation and Development) Act, 2016, the ad or outline issued or distributed by the promoter is required to say the site address of the expert wherein all points of interest of the enrolled venture are entered and incorporate the undertaking's MahaRERA enlistment number.