[ecis2016.org] The Maharashtra Real Estate Regulatory Authority, in its first action since it came into existence on May 1, 2017, has imposed a penalty on a real estate company for misleading consumers
The Maharashtra Real Estate Regulatory Authority (MahaRERA), on June 5, 2017, imposed a fine of Rs 1,20,000 on Sai Estate Consultants, for advertising an unregistered real estate project of Haware Builders and thereby, misleading the consumers. The agent has also been asked to tender an apology and refrain from indulging in such misleading advertisements.
You are reading: MahaRERA penalises firm for ‘misleading consumers’
Read also : Upcoming expressways in India
The Mumbai Grahak Panchayat (MGP) had brought these advertisements to the notice of MahaRERA, on which suo motu action has been taken by the housing regulator. “MGP welcomes this bold order by the MahaRERA and hopes that all builders and real estate agents, will learn a lesson from this order, which is the first of its kind under the newly-legislated RERA Act,” the MGP said.
[ecis2016.org] What is RERA and how will it impact the real estate industry and home buyers?
Read also : Perungudi property market: An overview
The advertisement was put up by Haware Builders, about their project in Thane and appeared in a leading Marathi newspaper, on June 1, 2017. In it, Sai Estate Consultants (SEC) had been mentioned as the project’s marketing agent. SEC’s registration number with MahaRERA, had also been mentioned.
The state RERA came into existence on May 1, 2017, with former bureaucrat Gautam Chatterjee as its chairman. Builders and real estate agents have been given three months, to register their projects with the regulator, before they are fined.
Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org
Source: https://ecis2016.org
Category: Lifestyle
