Maharashtra Real Estate Regulatory Authority (RERA) has issued the first show-cause notice in the matter of violating the provisions of Real Estate (Regulation and Development) Act 2016 and the rules made by it. This notice has been issued to a property broker of Mumbai, Sai Estate Consultants because of the advertisement for several residential projects which are not registered under the Maharashtra Real Estate Regulatory Authority (Maharashtra-REA). The broker authority is already registered but according to the act, brokers are allowed to do the same in sell or ad activity only in registered projects.
According to the Gautam Chatterjee, chairperson of Maharashtra-RERA, “There is a 90-day ad and a sell window for the current projects, as well as it has to be registered with the respective authorities. If the broker is registered in this period then he can sell in the same projects according to the rules which will be registered. The broker has violated Section 9, 10 of the relevant law and Rule 14 of Registration Regulation.
The broker has confirmed the matter of getting the notice. He has already sent an answer to the notice to the authority. After the implementation of the Real Estate Regulatory Authority (RERA) Act in Maharashtra, a total of 22 real estate projects and over 1100 property brokers have registered under it. The Central Government has implemented Real Estate (Regulation and Development) Act 2016 and all its sections have been effective from 1st May this year. Immediately under the Maharashtra Act, there was one of the states issuing notification of its rules. He has implemented Maharashtra-RERA.
Approx 100 proposers have given their projects for their registration, but they have not completed the last phase of payment and submission. Regulators hope that the registration process will catch up soon and till June 15, a large number of projects will be registered.
Chatterjee said, “They have no choice inspite of complete the registration. The issue is not of confusion. They are waiting for the right time for correct registration. As soon as the registration of the project will be done, they will have to maintain a new account for 70% of the project. The state’s housing body Maharashtra Housing and Area Development Authority (MHADA) itself is about to register approximately 20 projects with the Maharashtra Real Estate Regulatory Authority. Realty developers are not allowed to launch any project without registering with the authority. Apart from this, for the current project or under construction projects within three months i.e. July 2017, registration with the authority is necessary.