Sai Estate Consultants Chembur Broker of Maharashtra has been booked under the violation of the sections 9 and 10 of the Act and Rule 14 of the registration regulation of Real Estate (Regulation and Development) Act, 2016 and respective state RERA rules formed under the act. Under fresh RERA rule it’s the first broker agency which has been enforced Rs. 1.2 lac penalty for advertising multiple residential projects without registration. A violation period of 12 days has been charged against the broker.
The local RERA authority (RA) has directed the broker to stop advertising unregistered projects with immediate effect and fix all hoardings and banners and putting MahaRERA registration number on the same. MahaRERA first issued a show-cause notice to the property broker. RERA mandates all the brokers to promote their respective projects after completion of the registration, which is overlooked by the brokerage agency.
As per the Act, broker from advertising any project for marketing, booking, and selling apartments in any project that needs to be registered with the authority. Any kind of violation to RERA is subject to penalty and imprisonment. Advertisement issued after May 1, 2017 should carry the MahaRERA registration number on the project. Any non registered project under this act shall be punishable with imprisonment for a term which extend up to a further ten per cent estimated cost of the realty project or with both.
“It’s an exemplary step of the Maharashtra state RERA authority. It’s already mentioned in the rule that violating provisions and principles of RERA would be punishable. Ongoing projects have already got a window of 90-day to advertise, sell and get registered with the respective RA. As soon as the project gets register the builder will have to maintain a different account containing 70% of the received money from the consumers for the purpose of existing project development. West Bengal is expected to submit their respective rules within this month. People willing to buy property in Kolkata are eagerly waiting for RERA implementation and the throughout protection of their rights by this legal statue,’’-said Mr. Mahesh Somani West Bengal RERA expert.