The Maharashtra Real Estate Regulatory Authority (RERA) has issued its first show-cause notice to a property broker disrupting the prime provisions of the Real Estate (Regulation & Development) Act 2016 and the respective state norms set up under RERA.
Sai Estate Consultants- the guilt property broker has been advertising about several residential projects that have not been registered under the Maharashtra Real Estate Regulatory Authority (MahaRERA). Nevertheless, the broker has already registered itself with the RA. Yet, RERA orders that brokers to sell or further such activity in registered projects only.
Reportedly the broker cluttered the sections 9 and 10 of the Act and Rule 14 of the registration regulation. The MahaRERA authority declared that brokers have a 90-day window to advertise, sell under construction projects and to register under respective regulatory authorities (RA). If anyone fails to register within this period, he can only promote the projects which have been already registered.
The broker has already served a notice, following which he has already got across to the authority along with his explanation. As per the state’s declaration a total of 22 real estate projects and above 1,100 property brokers have registered under the recently implemented Real Estate Regulatory Authority (RERA) in Maharashtra. The Act suggests, all ongoing projects have to be registered within July 31.
Approx 100 projects proponents have filled their project details under RERA registration, without completing the concluding step of payment and submission. It’s expected bulk important projects to be registered within June 15. All the remaining projects need to be registered within this timeframe; else RERA has the full authority to seize the respective projects. After registering the projects builders will have to maintain 70% balance to the escrow account for the respective project development. Maharashtra Housing and Area Development Authority (MHADA), itself is projected to get more or less 20 of its projects registered with Maharashtra Real Estate Regulatory Authority (MahaRERA).
“All the realty builders, brokers and co-promoters will have to practice under the stringent frame of law. They all have to register within the buffer time to continue realty practice. RERA aims to enhance the transparency in the real estate sector and safeguard homebuyers’ interest. This Maharashtra incident will be an eye-opener to many of such builders and brokers who are yet to register themselves under RERA ambit,”-said Mr. Mahesh Somani West Bengal RERA expert.
Speaking about the buyers’ protection Mr. Somani also added, “Buyers are mostly seen buying properties through several professional property portal sites rather than seeking help from individual broker. They are provided free property investment solution by
post your property requirement in Kolkata segment of the very realty portal. Buyers equally have to be aware of their rights before coming to any agreement for better protection purpose.”
- Somani Realtors News Network