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REAL ESTATE BUSINESS UNDER GOOD GOVERNANCE....UNBELIEVABLE MOOVE FIRST TIME IN INDIAN HISTORY


RERA....THE AUTHORITY     REAL ESTATE BUSINESS UNDER GOOD GOVERNANCE....UNBELIEVABLE MOOVE FIRST TIME IN INDIAN HISTORY
Year 2016-17 witnessed the year of Reforms in India and one of the biggest reform is implementation of RERA in whole India. For the first time Good Governance implemented by Law in the field of Real Estate.
Why RERA should be taken care by the Team of Expert??? Because a small mistake, a small negligency or little delay in compliance results into heavy penalty and a loss of reputation of project. Some of the recent developments will show how the expert advise in compliance of RERA for the project matters a lot?
The Maharashtra Real Estate Regulatory Authority has imposed a Rs 50 lakh-fine on Piramal Realty for violating the Real Estate (Regulation & Development) Act, 2016. The real estate developer failed to add MahaRERA’s website address in an advertisement published in a national daily. It also carried the project's registration number on the second page of the ad instead of the first that too in "very small" font size.
As per  “Section 11 (2) of RERA “ the advertisement or prospectus issued or published by the promoter shall mention prominently the website address of the Authority, wherein  all details of the registered project have been entered and include the registration number obtained from the Authority and such other matters incidental thereto,” .
 “[The developer] accepted the alleged violations of the provisions of the Act but stated that the same are totally inadvertent and they did not have any intention to show non-compliance towards the provisions of the Act or rules or regulations made there under. They offered unconditional apology and requested of not imposing any penalty for the alleged violation. They have further provided an undertaking that no such violation of the Act would happen in the future and the promoter will strictly comply with the provisions of the said Act, rules, regulations and orders/circulars issued there under,”
MahaRERA accepted the contention of the promoter that the violations of the provisions of the Act happened unintentionally. Therefore, under the provisions of Section 61 of the Act, the promoter was directed to pay Rs 50 lakh as penalty and was warned to ensure that such violations are not repeated.
In the month of March,2018  MahaRERA had levied fines of Rs 2 lakh to Rs 10 lakh on 8 developers in Mumbai for advertising their real estate projects without mentioning the authority’s website address.
One of the builders, Tridhatu Morya, was fined Rs 10 lakh for advertising a non-registered project. Other developers  such as Sumit Group, The Wadhwa Group, Ipsit Project, Jyoti Builders, Parinee Building Properties, Haware Properties and Karrm Infrastructure were fined Rs 2 lakh for advertising real estate projects without mentioning the authority’s website address.

It shows that in the field of Real Estate, the guidance  and consultation of  RERA Experts is must and only the good governance brings success of any business...............  

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