Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has recently made headlines with its proactive stance against unregistered plotted development projects in the state, signaling a pivotal move towards ensuring transparency and accountability in the real estate sector.
In response to complaints from homebuyers regarding project delays in rural areas, MahaRERA officials conducted thorough inspections and discovered that numerous developers had marketed plotted areas without the mandatory MahaRERA registration. This violation prompted MahaRERA to take suo motu action, issuing notices to 41 unregistered plotted development projects across the state.
Under Section 3 of the RERA Act, no promoter is permitted to advertise, market, sell, or offer for sale any plot, apartment, or building without registering the project with MahaRERA. This stringent regulation aims to protect the interests of homebuyers and ensure compliance with statutory requirements.
Shirish Deshpande, chairman of the Mumbai Grahak Panchayat, lauded MahaRERA's initiative, emphasizing the need for caution when investing in plotted projects. He highlighted the prevalence of unregistered developers, particularly in rural areas, who advertise without registration and exploit unsuspecting consumers.
Revenue officials revealed that developers often entice consumers by offering plotted projects as non-agricultural (NA) units without providing essential infrastructure or registering with MahaRERA. However, MahaRERA's recent provisions, which recognize NA plot certificates as Commencement Certificates (CC) and acknowledge tehsildar acknowledgment as Occupancy Certificates (OC), aim to streamline the registration process and expedite rural real estate projects.
Despite these regulatory measures, leading developers have been reluctant to register plotted projects exceeding 500 square meters, citing challenges in compliance. In 2021, MahaRERA chairman Ajoy Mehta took decisive action against a developer for advertising unregistered projects, underscoring the authority's commitment to enforcement and consumer protection.
The action taken by MahaRERA against unregistered plotted development projects sends a strong message to developers and stakeholders regarding the importance of regulatory compliance and adherence to prescribed norms. It underscores the authority's proactive approach towards addressing regulatory violations and protecting the interests of homebuyers and investors.
Moving forward, it is imperative for developers and real estate professionals to prioritize compliance with MahaRERA regulations and ensure timely registration of plotted development projects. This not only fosters trust and credibility among homebuyers but also contributes to the overall stability and transparency of the real estate ecosystem in Maharashtra.
MahaRERA's recent crackdown on unregistered plotted development projects in Maharashtra underscores the authority's unwavering commitment to upholding transparency and safeguarding consumer interests in the real estate sector. By taking decisive action against violators and implementing stringent regulations, MahaRERA aims to instill confidence among homebuyers and foster a fair and accountable real estate ecosystem in the state. Moving forward, continued vigilance and enforcement will be essential to ensure compliance with regulatory norms and promote ethical practices across the industry.
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