[ad_1]
maharashtra real estate regulator Right (Maharera) has initiated suo moto action against realty developers who are advertising housing projects without registration numbers from the regulator.
In the past few days, MahaRERA has issued show cause notices to 14 projects after noticing advertisements published by these developers without registration numbers.
The regulator has asked all these projects to submit their stand within 7 days from the date of notice. The errors are expected to be rectified within the stipulated period and penal action will be taken against the developers who fail to respond appropriately.
Further, it has also been pointed out by the regulator that despite receiving the registration number, many projects are still not mentioning this number during advertisement and such projects are advised to exercise caution in this regard.
Advertisers without registration numbers include 5 developers from surrounding areas Mumbai3 each PuneNagpur region, 2 from Nashik and 1 from Aurangabad,
As per the rules, no developer can advertise or sell homes in a project without seeking a registration number from the regulator. However, MahaRERA has observed that some developers are flouting this rule and are advertising without registration number or simply writing ‘Maharera Registered’.
The regulator has initiated suo moto action on all such projects.
As per the Real Estate (Regulation and Development) Act, 2016, any project of more than 500 square meters or more than 8 flats is required to be registered with MahaRERA.
It is essential for home buyers to pay attention to this to ensure that their investment remains safe and secure. Hence, the regulator has appealed to home buyers and real estate sector investors alike to avoid investing in projects without MahaRERA registration numbers.
To ensure that home buyers and investments in the real estate sector are protected, the government has enacted the Real Estate (Regulation and Development) Act, 2016 and established state-wise regulators such as MAHARERA for proper regulation of the sector. is of.
Project registration with the regulator ensures that the developers have complied and fulfilled several conditions under the RERA Act for the benefit of homebuyers.
In this, the money received on account of investment in that project can be withdrawn only after certifying the work of the project by keeping the money in a separate account. In addition, the developer is required to update the project status on MahaRERA’s website every three months.
Among the key factors, a natural calamity, carpet area, defect liability period and project transfer agreement are required to be mentioned in the homebuyers’ contract and cannot be changed by the developer.
Any amendment to the model purchase agreement can be made by the developer only with the consent of the buyer. However, it is also imperative to outline the change so that the buyer can understand it clearly.
[ad_2]
Source link