Since its inception, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has penalised developers of 1,716 projects, with amounts ranging between Rs 50,000 and Rs 10 lakh, for delay in registering with the authority. This has helped it to earn over Rs 18 crore revenue only through fines. As per the RERA Act, it’s compulsory to register ongoing projects with the authority within 90 days, failing to which it restricts the sale of ready houses.
The authority came into existence on May 1 last year and has registered over 13,000 projects across the state. There are over 10,000 brokers registered with it, as mandated by the RERA Act. The regular fee charged to developers is Rs 10 per sqm, with Rs 10 lakh being the maximum amount charged as registration fee. Brokers, on the other hand, have to shell out Rs10,000 for registering with RERA. While those delaying in registration were charged between Rs 50,000 and Rs 10 lakh as penalty, the authority can also fine developers 10% of the total project cost.