Maharashtra Real Estate Regulatory Authority (Maharera) has taken strict action against Unregistered Housing Projects that have been advertising without the Maharera registration number and QR code. The regulatory body has imposed fines on 628 projects in the state, recovering over 72 lakh rupees.
Maharera’s Action against Violators:
Maharera has imposed fines on 312 projects in Mumbai Metropolis, 250 projects in Pune region, and 66 projects in Nagpur region. The fines imposed amount to 88 lakh 90 thousand rupees, out of which 72 lakh 35 thousand rupees have been recovered. This action was taken against projects that violated the advertising rules set by Maharera.
Advertising Rules set by Maharera:
According to the Immovable Property Act, any project (including flats) of more than 500 square meters or 8 flats is required to be registered with Maharera. It is mandatory for developers to mention the Maharera registration number and QR code in all advertisements. However, some developers have been found to be advertising without these details, which is a violation of the rules set by Maharera.
Maharera’s Collaboration with Advertising Standards Council of India:
Maharera is collaborating with the Advertising Standards Council of India to detect advertisements that violate the rules. The regulatory body is using artificial intelligence technology to detect such advertisements in various media, including newspapers, social media, websites, and YouTube.
Maharera’s Efforts to Curb Unregistered Housing Projects:
Maharera’s efforts to regulate the real estate sector in Maharashtra are aimed at protecting home buyers and other investors. The regulatory body ensures that all registered projects provide comprehensive details such as project name, developer name, expected completion date, and any complaints against the project. Maharera has also made it mandatory to print the existing QR code in all advertisements.
Appeal to Home Buyers:
Maharera has appealed to home buyers to invest only in Maharera registered projects to ensure that their investments are safe and protected. The regulatory body has urged consumers to be cautious and verify the Maharera registration number and QR code before investing in any housing project.
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Conclusion:
Maharera’s action against violators is a step in the right direction to regulate the real estate sector in Maharashtra. The regulatory body’s efforts to protect home buyers and other investors are commendable. Home buyers should also exercise caution and invest only in Maharera registered projects to avoid any fraud or scams.