The Maharashtra Real Estate Regulatory Authority (MahaRERA) has decided to impose a penalty of Rs 50,000 each on the 480 real estate projects that were registered post the July 31 deadline.
Vasant Prabhu, Secretary, MahaRERA, stated that the window for project registration with the regulator is still open, but with penalty. Officials have stated that penalty for those who register with MahaRERA on and after August 3 would be decided soon by the authority.
Experts have demanded to issue a circular or notice to stop project registration with MahaRERA without any penalty imposed.
As per Section 3 of the Real Estate (Regulation and Development) Act (RERA), no extension for project registration will be allowed and developers or builders registering their projects post set deadline will be penalised. Since the Act mandates registration of projects in order for them to be sold or even advertised, developers will have to come forward and register their ongoing projects with the state regulator.
Nearly 11,000 applications for registration had been received by MahaRERA till July 31. Out of all the applications received, approximately 2,100 developers and 4,682 projects have been registered in the state.