MahaRERA to slap minimum penalty of Rs. 1 lakh for delay in registration of ongoing projects
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has decided to slap a minimum penalty of Rs. 1 lakh or an amount equivalent of its registration fees, whichever is higher, for ongoing projects registration applications to be received between August 3 and August 16.
Going tough on late registrations, the authority has decided that the applications made for registration of ongoing projects after August 16 will be heard on case-to-case basis and the penalty will be decided by the authority. According to an official, the builder then will have to explain as to why the application cannot be rejected.
The project registration fee ranges from minimum of Rs 50,000 to Rs 10 lakh depending on the size of the specific project. This quantum of penalty will be applicable for all applications received in the office of MahaRERA until 5pm of 16 August. The regulator had earlier decided to levy a fine of Rs 50,000 on applications received after the deadline of July 31 until August 2.
An official informed media, “We have received 500 applications for registration of ongoing projects until August 2 and have so far received additional 500 such applications after that. We have decided to keep the ongoing projects’ registration process open as this will lead to maximum projects getting registered and make more information available to homebuyers.”
Until the deadline of July 31, the regulator had received total 10,852 applications for registration of ongoing projects across Maharashtra.