The Maharashtra Real Estate Regulatory Authority (MahaRERA) has fined 90 builders for advertising their projects without a valid registration number. This move comes as part of the authority's ongoing efforts to regulate the real estate sector and protect homebuyers from fraudulent practices.
Under the Real Estate (Regulation and Development) Act, 2016, all real estate projects must be registered with MahaRERA before they can be advertised or sold to the public. The registration number serves as a guarantee that the project has been approved by the authority and meets all the necessary legal requirements.
However, despite the clear guidelines, many builders continue to flout the rules and advertise their projects without a valid registration number. This not only puts homebuyers at risk but also undermines the authority's efforts to regulate the sector.
To tackle this issue, MahaRERA has been conducting regular inspections of real estate advertisements across the state. During these inspections, the authority has identified several builders who have been advertising their projects without a valid registration number.
As a result, MahaRERA has imposed fines on these builders ranging from Rs 1 lakh to Rs 5 lakh, depending on the severity of the violation. The authority has also issued show-cause notices to these builders, asking them to explain why further action should not be taken against them.
This move by MahaRERA is a welcome step towards ensuring transparency and accountability in the real estate sector. By cracking down on builders who flout the rules, the authority is sending a clear message that it will not tolerate any fraudulent practices.
Homebuyers can also play their part in ensuring that they are not taken for a ride by unscrupulous builders. Before investing in any real estate project, they should always check whether it has been registered with MahaRERA and whether it has a valid registration number.
In conclusion, MahaRERA's action against builders who advertise their projects without a valid registration number is a positive step towards regulating the real estate sector. It is important that all stakeholders work together to ensure that homebuyers are protected from fraudulent practices and that the sector operates in a transparent and accountable manner.
By LNN (Liyaans News Network)