Maha builders can advertise ongoing projects till July 31 without RERA registration
[According to the Maharashtra regulator, the rules framed by the state prohibit the ongoing projects from advertising and sales after the end of 90 days from the date of notification of the Act]
Real estate developers in Maharashtra can continue to advertise and market their ongoing projects till July-end, but they will not be permitted to do so thereafter without registering themselves with the state's Real Estate Regulatory Authority (RERA).
Although the central government has said that no real estate projects can be advertised or marketed without registration with the RERA concerned, officials said that developers in Maharashtra will get the stipulated 90-day window starting from May 1.
According to the Maharashtra regulator, the rules framed by the state prohibit the ongoing projects from advertising and sales after the end of 90 days from the date of notification of the Act.
“Maharashtra Real Estate Regulatory Authority follows the rules framed by the Maharashtra government. Registration Rules 4 (3) second proviso bans the promoter of ongoing projects to advertise and sell at the end of 90 days from the date of notification of section 3 of the Act,“ MahaRERA chairperson Gautam Chatterjee told ET.
Additionally, the regulator has suggested the state government to seek law and judiciary's opinion on this matter.
For new projects, developers are banned from advertising unless they are registered. But projects that have already received occupation certificate have been exempted from registration under RERA, Chatterjee said.
The government enacted the Real Estate (Regulation & Development) Act 2016 and all the sections of the Act have come into force with effect from May 1, this year.Maharashtra was one of the first to notify its rules under the Act and establish MahaRERA.
So far, a total 91 projects have applied for registration under MahaRERA. Of these applications, 72 projects have been approved. In all, 2,200 applications have been received from property brokers across the state for registration under MahaRERA and of these 2,100 have already been approved.
For ongoing projects, the promoter is expected to make an application for registration under the respective state authorities within a period of three months from the date of commencement of the Act. Real estate brokerages and agents are also not allowed to practice until they get registered with the autho rity. More than 1,100 property brokers have registered under MahaRERA so far. Earlier this month, MahaRERA, in its first ruling, imposed a fine against a property broker for advertising multiple unregistered residential projects.
The authority directed the property broker to stop the advertisements of unregistered projects with immediate effect and rectify all the hoardings by putting MahaRERA registration number on the same.
According to RERA, which aims to improve transparency in real estate sector and protect homebuyers' interest, builders are expected to disclose project-related information, including project plan, layout and government approvals-related information to customers. Any change in the project will be done only after receiving the consent of two-thirds of homebuyers in that project.
To avoid diversion of funds, RERA mandates that developers should maintain 70% of the funds collected from buyers in a separate bank account in case of new projects.
Credit: ET
Real estate developers in Maharashtra can continue to advertise and market their ongoing projects till July-end, but they will not be permitted to do so thereafter without registering themselves with the state's Real Estate Regulatory Authority (RERA).
Although the central government has said that no real estate projects can be advertised or marketed without registration with the RERA concerned, officials said that developers in Maharashtra will get the stipulated 90-day window starting from May 1.
According to the Maharashtra regulator, the rules framed by the state prohibit the ongoing projects from advertising and sales after the end of 90 days from the date of notification of the Act.
“Maharashtra Real Estate Regulatory Authority follows the rules framed by the Maharashtra government. Registration Rules 4 (3) second proviso bans the promoter of ongoing projects to advertise and sell at the end of 90 days from the date of notification of section 3 of the Act,“ MahaRERA chairperson Gautam Chatterjee told ET.
Additionally, the regulator has suggested the state government to seek law and judiciary's opinion on this matter.
For new projects, developers are banned from advertising unless they are registered. But projects that have already received occupation certificate have been exempted from registration under RERA, Chatterjee said.
The government enacted the Real Estate (Regulation & Development) Act 2016 and all the sections of the Act have come into force with effect from May 1, this year.Maharashtra was one of the first to notify its rules under the Act and establish MahaRERA.
So far, a total 91 projects have applied for registration under MahaRERA. Of these applications, 72 projects have been approved. In all, 2,200 applications have been received from property brokers across the state for registration under MahaRERA and of these 2,100 have already been approved.
For ongoing projects, the promoter is expected to make an application for registration under the respective state authorities within a period of three months from the date of commencement of the Act. Real estate brokerages and agents are also not allowed to practice until they get registered with the autho rity. More than 1,100 property brokers have registered under MahaRERA so far. Earlier this month, MahaRERA, in its first ruling, imposed a fine against a property broker for advertising multiple unregistered residential projects.
The authority directed the property broker to stop the advertisements of unregistered projects with immediate effect and rectify all the hoardings by putting MahaRERA registration number on the same.
According to RERA, which aims to improve transparency in real estate sector and protect homebuyers' interest, builders are expected to disclose project-related information, including project plan, layout and government approvals-related information to customers. Any change in the project will be done only after receiving the consent of two-thirds of homebuyers in that project.
To avoid diversion of funds, RERA mandates that developers should maintain 70% of the funds collected from buyers in a separate bank account in case of new projects.
Credit: ET
Comments
Post a Comment