2,100 developers, 4,682 projects registered with RERA till July 31

Mumbai: Till Monday – the deadline for registration of ongoing real estate projects with Maharashtra Real Estate Regulatory Authority (RERA) – around 2,100 developers and over 4,682 real estate projects managed to get registered.

The state RERA had said that the deadline would not be extended and builders who missed it might have to pay a fine. CM Devendra Fadnavis confirmed via Twitter that RERA received applications for 6,748 projects.

Maharashtra was the first state to notify its rules under the RERA Act and establish Maha RERA. The Real Estate Regulatory Authority website accepted registrations from May 1, 2017 to July 31, 2017.

For ongoing projects related to real estate, promoters were expected to apply for registration under respective state authorities within three months from the date of commencement of the Act.

The chief minister  Devendra Fadnavis  tweeted, “Approximately 2,100 developers and 4,682 projects have enrolled so far on Maha RERA. Applications have been received for 6,748 projects.”

A Real Estate Regulatory Authority official said, “The July 31 deadline for registration of ongoing projects will not be extended if builders fail to register. They should be ready to pay the fine.”

The state government passed the Real Estate (Regulation & Development) Act 2016 and all sections of the Act came into force with effect from May 1 this year.  Real estate brokerages and agents were not allowed to practice until they got registered.

In June, Maharashtra RERA, in its first ruling act, imposed a fine against a property broker for advertising multiple unregistered residential projects.

Real Estate Regulatory Authority directed the property broker to stop advertisements of unregistered projects with immediate effect and rectify all hoardings by putting the Maharashtra RERA registration number on the same.