New Delhi/Mumbai: Maharashtra Real Estate Authority (MahaRERA) has imposed a fine of 30 rupees on Godrej Properties for ignoring RERA rules.
Godrej properties are penalized with the Rs. 30 lakh due to posting ads related to project work without prior registration of the project with RERA.
It was claimed that at the time of receiving a complaint, the Godrej Properties's Nirvana project was not previously registered in Maharashtra RERA. After this, MahaRERA, under Article 3 (1) of the RERA State Law, punished the originator.
According to reports, Godrej Properties has installed 30 billboards related to promotions and pre-launch offers for the Nirvana project in Mumbai and Bonn. Therefore, builder Rs 1 lakh was fined for each hoarding by MahaRERA.
RERA advertising rule determines that the developer will not make any advertisement in any way, including by issuing brochures, booklets, word of mouth or any other way, to reserve the apartment, plots, or construction in a real estate project without obtaining project registration under RERA. If the promoter is found to advertise the project without registering it, he will face severe penalties stipulated in the rules.
RERA is the central legislation adopted by every state government in India. Maharashtra RERA implemented in the state on May 1, 2017.
Godrej Properties released a statement saying: “We believe in the importance of strong corporate governance and a culture of compliance with all legal regulations. We regret the early implementation of marketing activity in one of our projects. Spreading our commitment with the RERA authorities, we have now received RERA approval for the project.”