After ruling out the extension for the registration of on-going projects with the RERA, the Maharashtra Real Estate Regulatory Authority is going to be stricter for realty developers in big cities such as Mumbai, Pune, Thane etc.
As per the sources, Maha RERA will levy a late fine of an amount equivalent to the registration fee or Rs. 1 lakh, whichever is higher on developers from the big cities from today. The fine will be imposed on the individual basis after entertaining the reasons for the delay in registration from developers. According to a source, this rule is applicable only for developers having their projects in urban areas. The RERA will not impose any fine on developers having projects in the rural areas of Maharashtra due to the lack of internet and other resources.
Recently, Maharashtra Real Estate Regulatory Authority got an additional responsibility from the central government to regulate the realty sector of Dadar Nagar Haveli and Daman & Diu.