Maharashtra RERA gets cracking, fines realty agent for misleading ads

Maharashtra RERA gets cracking, fines realty agent for misleading ads
07/06/2017 , by , in News/Views

In the first case under the state’s new act to regulate real estate dealings, a city property broker was fined Rs1.20 lakh for advertising residential projects that were yet to be registered.

The Maharashtra Real Estate Regulatory Authority (MahaRERA), the state housing regulator, fined Sai Estate Consultants, and also asked it to withdraw the advertisement and apologise for issuing it.

It said it fined the broker Rs10,000 a day, for a violation period of 12 days.

The Centre’s Real Estate (Regulation & Development) Act, 2016, came into effect from May 1 this year and Maharashtra was one of the first states to notify its rules and establish MahaRERA.

In its order, MahaRERA said, “The Sai Estate Chembur Pvt. Ltd. is hereby restrained from advertising any project for marketing, booking and selling or offer for sale or inviting persons for purchase of any building/apartment which is not registered with Maha RERA, though required to be registered”.

While Sai Estate Consultant is registered under RERA, Maha RERA issued it the notice saying it was misleading the public by using this registration number as that of the project’s.

Currently, around 22 projects and 1,100 realty brokers have registered under the Maha RERA since it was enacted.

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