Maha RERA imposes Rs 1.2 lakh fine on broker Sai Estate

MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA), in its first-ever ruling, has imposed a fine against property broker Sai Estate Consultants Chembur for advertising multiple unregistered residential projects.

The authority has also directed the property broker to stop the advertisements of unregistered projects with immediate effect and rectify all the hoardings by putting MahaRERA registration number on the same. A fine of total `. 1.20 lakh for a violation period of 12 days has been charged against the broker.

MahaRERA had issued its first show-cause notice to a property broker for violating provisions of the Real Estate (Regulation & Development) Act 2016 and the state rules formed under the Act.

The broker was issued a notice for advertising multiple resi dential projects that have not been registered under the authority.

The Act mandates brokers to sell or facilitate such activity in registered projects only.

It has restrained the broker from advertising any project for marketing, booking, and selling apartments in any project that needs to be registered with the authority, but has not been done yet. The broker is directed to put stickers on the future advertisements that the advertisement for unregistered projects is being withdrawn as per MahaRERA’s direction.

`Home Project Launches Down 8%’

NEW DELHI Housing sector witnessed 8% decline in new launches to 1,08,200 units in eight top cities during the last fiscal, mainly due to new real estate law and poor sales post demonetisation, according to a report. In its latest report, property consultant Cushman & Wakefield said that the top 8 cities saw residential launches of about 25,800 units in the first quarter of 2017 calendar year, down 16% from the year-ago period. These eight cities are Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad. “Launches in the residential sector have declined by about 8% during the period April 2016 to March 2017 compared to the same period in 2015-16,“ C&W said.

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