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No more deadlines for registering projects says regulatory authority

THE ASIAN AGE.
Published : Oct 13, 2017, 2:02 am IST
Updated : Oct 13, 2017, 2:03 am IST

The regulatory body came into force on May 1, 2017 and had given time till July 31 to register their projects.

(Representational image)
 (Representational image)

Mumbai: After providing two extensions, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has decided that it will no longer set any deadline for registering the ongoing projects. Instead, the regulatory body will start hearings for those who are yet to register their ongoing projects with RERA. As of now, more than 13,000 projects have been registered.

“In total, 13,931 projects and 10,200 agents have been registered so far. The last deadline was September 30, but now we are not giving any deadline. Instead, a hearing will be held for late registrations and penalty will be decided depending upon the clarification given by the developer. Thus, the penalty will vary from case to case,” said Vasant Prabhu, secretary, MahaRERA.

The regulatory body came into force on May 1, 2017 and had given time till July 31 to register their projects, however many realtors failed to register on the stipulated time and claimed difficulties in online procedure. Till July, it had received around 10,000 registrations. It had slapped a fine of Rs 50,000 on 480 ongoing housing projects, which were registered between July 31 and August 2.  The fine was further increased to Rs 1 lakh for projects registered till August 16. 

Tags: maharera, rera