The Maharashtra Real Estate Regulatory Authority (MahaRERA) has increased the fine on builders who failed to register their projects till July 31. MahaRERA has increased the fine from Rs 50,000 to Rs 1 lakh or the registration cost of the project, depending on the higher cost, for ongoing projects registration applications to be received between August 3 and August 16.
According to a report in Indian Express, the decision was taken in a meeting held on Thursday under the chairman Gautam Chaterjee and two other members Vijay Satbir Singh and Bhalchandra Kapadnis. An official told Indian Express, “We didn’t want to delay the entire process and it was thus decided that a flat rate of penalty will be levied on the projects. The builder will have to pay either Rs 1 lakh or the registration cost of the project whichever is higher.”
Till last day –July 31– of registration, 10,852 projects applied for registration with MahaRERA. During the two days immediately after the deadline, MahaRERA received 480 applications and to charge them a penalty of Rs 50,000. But now it has been decided that for entries after August 2, MahaRERA will levy a fine of Rs 1 lakh.