In a bid to make the builders discpline, the Maharashtra Real Estate Regulatory Authority(MahaRERA) has decided to penalise those who make repeated mistakes while registering their projects. It has issued a notification about guidelines in the matter of application submitted for registration of real estate projects and real estate agents, proiect extensions. Builders who fail to submit proper documents while registering their projects for fourth time, will be fined 25 per cent of the registration fees in the first instance.
Similarly, in the fourth instance if the developer fails to provide necessary details, will have to pay a fine of 40 per cent of the registration fees.
MahaRERA said that the penalty shall be applicable for applications submitted for registration of real estate projects, real estate agents and project extensions that fail to comply with the guidelines. In case of project corrections, a penalty of Rs 5,000 will be levied for every instance.
Furthermore, if it is noticed that even after paying 40 of penalty, applications are resubmitted without adhering to scrutiny remarks, it will be referred to the authorities for orders.
According to the real estate experts, the new directives will prevent wastage of time in scrutiny of the same project registration documents.
The officials stated that despite giving all guidelines and necessary information it has been noted that several developers continue to make same mistakes. By imposing fines, it will set things in order, an official said.
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