Maharashtra RERA gets cracking, fines realty agent ₹1.2 lakh for misleading ad, marketing

Mumbai city news: 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 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.

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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.

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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.

While Sai Estate Consultant is registered under RERA, MahaRERA 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 MahaRERA since it was enacted.

Read: 100 realty brokers register with RERA in just 9 days

Read: RERA effect: Maharashtra govt to ‘name and shame’ officials who don’t clear builders’ files on time, delay construction