New Delhi/Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has imposed a fine of Rs 30 lakh on real estate developer Godrej Properties for flouting the RERA rules.
Godrej properties has been penalised with the above amount for publishing advertisement related to project work without prior registration of the project with RERA.
It has been alleged that at the time of recieving complaint, Godrej properties's Nirvana project was not pre-registered with Maharashtra RERA. Following this the MahaRERA under section 3 (1) of the state RERA act, penalised the builder.
Godrej Properties had reportedly installed 30 hoardings related to project Nirvana's pre-launch and promotional offers in Mumbai and Pune. Hence the builder was fined Rs 1 lakh for each hoardings by the MahaRERA.
The RERA Advertisement rule specifies that the promoter shall not issue any advertisement in any manner including by the way of issuance of brochures, pamphlets, words of mouth, or in any other manner, for booking of the apartment or plots or building in real estate project without getting their particular projectregistered under RERA. If the promoter is found advertising the project without getting it registered, he/she will face harsh penalties that are prescribed in the norms.
RERA being a central legislation is adopted by each state government in India. Maharashtra implemented RERA in the state on May 1, 2017.
Godrej Properties has released a statement, saying, "We believe in the importance of strong corporate governance and ensuring a culture of compliance with all statutory regulations. We regret the premature implementation of a marketing activity at one of our projects. Post our engagement with the RERA authorities, we have now received RERA Approval for the project."