MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has imposed fines amounting to Rs 5.8 lakh on 12 developers who advertised their projects in newspapers without mentioning their registration numbers.
MahaRERA has issued show cause notices to the promoters of 54 projects in the state after taking cognizance of the advertisements. The authority will now also monitor project advertisements on social media platforms and penalize developers who advertise without MahaRERA registration numbers.
The fines imposed on the 12 developers vary according to the size and cost of the advertisement issued in the newspapers. One developer was fined Rs10,000 for mentioning the registration number in a small font. Among the 12 developers, one is from Mumbai, while the others are from Pune, Nashik, and Aurangabad. Interestingly, 11 of these developers had MahaRERA registration numbers but did not mention them in their advertisements.
MahaRERA heard 15 of the 54 projects in the first phase and took action against 12 projects. According to the Real Estate Act, any project with a land area of more than 500 square meters or eight flats must be registered with MahaRERA, and the registration number must be mentioned in any advertisement of the project.
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