Tuesday, June 6, 2017

Project Proponents and Agents stunned as Maharera Penalize Estate Agency

The project proponent and Real estate agents who are adverting Real Estate Projects on social media Without registering projects with Real Estate Regulatory Authority are stunned, as in First of its kind action , The Maharashtra Real Estate Regulatory Authority ( MahaRERA) has penalized Sai Estate Consultant of Mumbai . It has fined the agency with Rs 1,20,000 for breaking MahaRERA regulations.It is mandatory for the builders, agents and housing projects to be registered with MahaRERA. Their registration numbers need to be mentioned in the advertising articles.

In exercise of powers conferred by Section 36 of the Act MahaRERA has directed the to withhold the advertisements with immediate effect and rectify all the hoardings by putting MahaRERA registration number on the said hoardings.

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Sai Estate Consultant Chembur Pvt. Ltd. is has been  restrained from advertising any project for marketing, booking and selling or offer for sale or inviting persons for purchase of any building / apartment which has  not registered with MahaRERA, though required to be registered.

MahaRERA has also directed the agency to put stickers on the future advertisement of the project which has not been registered is being advertisements that as per the directions of MahaRERA, the advertisement of the project which has not been been registered is being withdrawn and directed to mention apologize for the same.

The agency has been  asked deposit the amount of a penalty at the rate of Rs. 10.000/ per day in the office of MahaRERA for the violation period of 12 days .

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