MAHARERA (Maharashtra Real Estate Regulatory Authority) is a regulatory body that was established to regulate the real estate sector in Maharashtra. The authority was set up to ensure transparency and accountability in the real estate sector, which had been plagued with malpractices for many years. The MAHARERA Act, 2016, mandates the registration of all real estate projects and agents with the authority. Non-registration under MAHARERA can have severe consequences, which we will discuss in this article.
Consequences of Non-Registration under MAHARERA:
Penalties for Builders and Developers:
The MAHARERA Act, 2016, mandates that all real estate projects must be registered with the authority. If a builder or developer fails to register a project, they may face penalties, which can be up to 10% of the project’s total cost. Additionally, the authority can also revoke the registration of a project, which can lead to the cancellation of the project altogether.
Legal Actions:
Non-registration under MAHARERA can also lead to legal actions against the builders and developers. The aggrieved parties, such as buyers or sellers, can approach the authority and file a complaint against the builder or developer. The authority can then take legal action against the builder or developer, which can include fines, imprisonment, or both.
Implications for Buyers and Sellers:
Non-registration under MAHARERA can also have implications for buyers and sellers. If a buyer purchases a property that is not registered under MAHARERA, they may not have the legal right to seek redressal in case of any disputes. Similarly, if a seller sells a property that is not registered under MAHARERA, they may face legal action and penalties.
Other Implications:
Non-registration under MAHARERA can also have other implications, such as the inability to advertise the project, difficulty in obtaining financing, and negative impact on the reputation of the builder or developer.
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Frequently Asked Questions :
What is MAHARERA?
MAHARERA is the regulatory body that was established to regulate the real estate sector in Maharashtra.
Who needs to register under MAHARERA?
All real estate projects and agents need to register under MAHARERA.
What are the penalties for non-registration under MAHARERA?
Non-registration under MAHARERA can lead to penalties, which can be up to 10% of the project’s total cost.
Can legal action be taken against builders and developers for non-registration under MAHARERA?
Yes, legal action can be taken against builders and developers for non-registration under MAHARERA.
What are the implications of non-registration under MAHARERA for buyers and sellers?
Non-registration under MAHARERA can have implications for buyers and sellers, such as the inability to seek legal redressal in case of disputes.
Can non-registration under MAHARERA affect the reputation of builders and developers?
Yes, non-registration under MAHARERA can have a negative impact on the reputation of builders and developers.
Explore the list of new RERA approved projects in Maharashtra.
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